IMPORTS AND EXPORTS OF CHINA

Oct 23, 2013 No Comments by

Chinese economy is benefiting from progressive strengthening of demand in the U.S. and other important export markets. China is also continuing to stock up on raw materials for its industrial sector. The value of imported goods in China is $1.817 trillion (2012 estimates), and the value of exported goods is $2.05 trillion (2012 estimate). China became the world’s largest exporter in 2009, surpassing both the United States and Germany, and now accounts for over one tenth of world merchandise exports by value.

CHINA IMPORTS:

Imports in China decreased to 1620.90 USD Hundred Million in August of 2013 from 1681.73 USD Hundred Million in July of 2013. China Imports averaged 388.30 USD Hundred Million from 1983 until 2013.

China’s main imports are:

  • Electromechanical products (43 percent of total imports).
  • The country is also one of the biggest consumers of commodities in the world. Among commodities the biggest demand is for crude oil (12 percent of total imports), iron ore (5 percent), copper, aluminum and soybeans.
  • Others include mineral fuel and oil, power generation equipment, ores, optical and medical equipment, plastic items, chemicals, and vehicles

China’s main import partners are:

  • European Union, ASEAN, Japan, South Korea and Taiwan.
  • Others include: Australia, South Africa and Brazil.

 CHINA EXPORTS:

Exports in China increased to 1906.08 USD Hundred Million in August of 2013 from 1859.91 USD Hundred Million in July of 2013 (General Administration of Customs). China Exports averaged 443.77 USD Hundred Million from 1983 until 2013. .

Exports of goods and services constitute 30% of GDP.

 China major exports are:

  • Electromechanical products (57 percent of total exports)
  • Labor-intensive products like clothing, textiles, footwear, furniture, plastic products, bags and toys (20 percent)
  • Other exports includes-

 Machines, engines, pumps, Furniture, Lighting, Signs  Knit or crochet clothing, Footwear, Clothing (not knit or crochet)  Toys and game, Plastic ,Vehicles, Steel products

In recent years, the exports of high tech products have been also growing and in 2012 accounted for 29 percent of total exports.

China’s main export partners are:

  • The United States (17 percent)
  • European Union (16 percent)
  • ASEAN (10 percent)
  • Japan (7 percent) and
  • South Korea.

China’s Top 10 Exports in 2012:

  1. Electronic equipment: $487,462,307,000 (23.8% of total exports)
  2. Machinery: $376,002,094,000 (18.3%)
  3. Knit or crochet clothing and accessories: $87,059,741,000 (4.2%)
  4. Furniture, lighting , signs and prefabricated buildings: $77,904,042,000 (3.8%)
  5. Optical, technical and medical apparatus: $72,816,793,000 (3.6%)
  6. Non-knit and non-crochet clothing and accessories: $61,237,963,000 (3%)
  7. Iron or steel articles: $56,202,059,000 (2.7%)
  8. Plastics: $55,218,364,000 (2.7%)
  9. Vehicles excluding trains and streetcars: $55,174,251,000 (2.7%)
  10. Footwear: $46,817,564,000 (2.3%)

Some of the industries supporting these exports, such as manufacturing electronic equipment and producing clothing, are labour intensive. This may explain why China’s unemployment rate is just 4.1 per cent.

Top 10 Chinese Exports to India in 2012:

China’s exports to India amounted to $47.7 billion or 2.3% of overall Chinese exports in 2012.

1. Machines, engines, pumps: $11.1 billion

2. Electronic equipment: $10 billion

3. Organic chemicals: $4.8 billion

4. Fertilizers: $3 billion

5. Iron or steel products: $1.8 billion

6. Iron and steel: $1.4 billion

7. Plastics: $1.4 billion

8. Medical, technical equipment: $1.1 billion

9. Vehicles: $1 billion

10. Furniture, lighting, signs: $892.1 million

Interpretation:

China is the fastest growing economy in the world today, and China exports are surpassed by no other country. It is impossible to be involved in the world market without trade with China.

With the world’s second largest economy and the fastest growing financial system, China imports and exports are also growing quickly and offer some of the most lucrative opportunities available to individuals in the import export business.

The Global Financial Crisis of 2007 affected China as well, but the country’s Economic Stimulus Plan provided an effective boost and the country continues to move forward. World economic crisis has caused the rate of economic growth to slow, but China imports and exports are still growing rapidly. As development continues throughout the country, import export businesses will see more and more profitable opportunities in the China imports and exports market, even if the economic growth process is slow.

 

 

Economy

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