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China’s Top Import And Exports
Hello viewers, welcome to the Big Man Business Youtube channel, Here is another highly informative video. in this video, we’re going to be talking about China’s Top Import And Exports. Keep watching, we got it all covered.
In 2021, the People’s Republic of China imported goods worth 2.056 trillion dollars from all over the world.
This figure represents a 29.4 percent increase from 2016 to 2019, but a minus 0.6 percent decrease from 2019 to 2020.
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China’s Top Trading Partners
China exported 2.591 trillion dollars worth of goods around the world in 2020, making it the world’s largest exporter by value.
This is a 22.3 percent increase from 2016 to 2019 and a 3.7 percent increase from 2019 to 2020.
This sum also accounts for 13.8 percent of total global exports based on a total of 19.709 trillion dollars in 2019.
Using a continental lens, almost half of China’s exports which is 47.6 percent by value went to other Asian countries, while 20.8 percent went to North American importers.
Another 20.7 percent of China’s exports went to Europe.
Africa got 4.4 percent, Latin America excluding Mexico but including the Caribbean got 4.1 percent, and Oceania led by Australia received smaller percentages of 2.5 percent.
Here is a list of China’s top 15 trading partners in terms of export sales.
That is, in terms of dollar value, these countries imported the most Chinese shipments in 2021
.
The percentage of total Chinese exports for each import country is also shown.
United States: 452.6 billion dollars account for 17.5 percent of total Chinese exports
272.7 billion dollars in Hong Kong account for 10.5 percent
142.6 billion dollars in Japan account for 5.5 percent
Vietnam has a GDP of 113.8 billion dollars which stands at 4.4 percent
112.5 billion dollars in South Korea which account for 4.3 percent
Germany with 86.8 billion dollars accounting for 3.4 percent
79 billion dollars in the Netherlands account for 3 percent
The United Kingdom has a budget of 72.6 billion dollars accounting for 2.8 percent
Trade with India is worth 66.7 billion dollars accounting for 2.6 percent
Taiwan trade is worth 60.1 billion dollars which is 2.3 percent
57.5 billion dollars in Singapore account for 2.2 percent
Malaysia is worth 56.4 billion dollars with 2.2 percent
53.5 billion dollars for Australia accounting for 2.1 percent
50.6 billion dollars for Russia accounts for 2 percent
Trade with Thailand is worth 50.5 billion dollars which stands at 2 percent
In 2022, the previously mentioned 15 trade partners will account for two thirds of Chinese exports at 66.7 percent.
From 2019 to 2021, the United Kingdom increased its import purchases from China at the fastest rate, up 16.6 percent.
Importers in Vietnam came in second with a 16.1 percent increase, followed by Australia with 11.2 percent, Thailand with 10.8 percent, and Taiwan with 10.8 percent up by 9.2 percent.
India went down by minus 10.9 percent, Hong Kong went down by minus 2.5 percent, and Japan was the three decliners year over year down by 0.4 percent.
China’s Top 10 Imports
The Chinese yuan has depreciated by minus 3.9 percent against the US dollar since 2016, according to the average exchange rate for 2020, but has increased by 0.1 percent from 2019 to 2020.
Due to China’s weaker local currency in 2020 compared to 2016, imports paid in stronger US dollars will be relatively more expensive when converted from Chinese yuans.
From a continental perspective, fellow Asian countries accounted for 56.3 percent of China’s total imports by value in 2020.
China purchased 18 percent of its imported goods from European trading partners.
Suppliers from North America got 8.5 percent, Latin America with 7.2 percent excluding Mexico but including the Caribbean with 7.2 percent, Australia and other Oceanian sources with 6.4 percent, and Africa with 6.4 percent accounted for a smaller percentage of total Chinese imports.
With a population of 1.4 billion people, China’s total imports of 2.056 trillion dollars in 2020 equates to roughly 1,500 dollars in annual product demand for each person in the Asian superpower.
The following product groups account for the majority of China’s import purchases in 2020.
The percentage share of each product category in terms of total imports into China is also shown.
548.7 billion dollars in electrical machinery and equipment accounts for 26.7 percent of total imports
Mineral fuels, including oil, are worth 267.6 billion dollars accounting for 13 percent
192 billion dollars in machinery, including computers, accounts for 9.3 percent
180 billion dollars in ores, slag, and ash accounts for 8.8 percent
99.1 billion dollars in optical, technical, and medical equipment accounts for 4.8 percent
74 billion dollars in vehicles account for 3.6 percent
71 billion dollars in plastics and plastic articles account for 3.5 percent
48.5 billion dollars in copper account for 2.4 percent
45.6 billion in organic chemicals account for 2.2 percent
45 billion dollars in oil seeds account for 2.2 percent
Over three quarters or 76.4 percent of China’s overall product purchases from other countries are made up of its top ten imports.
The cost of imported copper increased the most among China’s top ten import categories, rising 19 percent from 2019 to 2020.
Imported oil seeds came in second up by 12 percent, followed by electrical machinery and equipment up by 10.4 percent.
Mineral fuels, including oil was down by minus 22.1 percent, and organic chemicals led the annual declines among China’s top import categories which was down by minus 21.2 percent.
China’s Top 10 Exports
The People’s Republic of China, which is located in East Asia near key trading partners such as Japan, South Korea, Vietnam, India, and Singapore, shipped 2.591 trillion dollars worth of goods around the world in 2020.
This is a 22.3 percent increase from 2016 to 2020, and a 3.7 percent increase from 2019 to 2021.
Mobile phones, computers, electronic integrated circuits, solar power diodes, semi conductors, and automotive parts or accessories were China’s top export products by value in 2020.
These major exports together account for 22.4 percent of China’s total export sales.
The commodities themselves point to a variety of technology based exports.
The Chinese yuan has depreciated by minus 3.9 percent against the US dollar since 2016, according to the average exchange rate for 2020, but has increased by 0.1 percent from 2019 to 2020.
Because China’s currency is weaker than it was in 2016, Chinese exports paid in relatively stronger US dollars are less expensive.
Cell phones, electronic circuit components, and automotive parts and accessories are all exported in large quantities from China.
According to the most recent available country specific data, importers in the United States had 17.5 percent of global total, Hong Kong with 10.5 percent, Japan with 5.5 percent, Vietnam with 4.4 percent, South Korea with 4.3 percent, Germany with 3.4 percent, the Netherlands with 3 percent, the United Kingdom with 2.8 percent, India with 2.6 percent, Taiwan with 2.3 percent, Singapore with 2.2 percent, and Malaysia with 2.2 percent purchased 60.7 percent of products exported from China.
On a continental level, 47.6 percent of China’s exports were delivered to other Asian countries, while 20.8 percent were sold to North American importers.
Another 20.7 percent of China’s exports went to Europe.
Africa got 4.4 percent, Latin America excluding Mexico but including the Caribbean got 4.1 percent, and Oceania led by Australia received smaller percentages of 2.5 percent.
With a population of 1.4 billion people, China’s total export revenue of 2.591 trillion dollars in 2020 equates to about 1,850 dollars per person in the East Asian economic powerhouse.
The following export product groups are the most valuable in terms of dollars in Chinese global shipments in 2020.
The percentage share of each export category in terms of total Chinese exports is also shown.
710.1 billion dollars in electrical machinery and equipment account for 27.4 percent of total exports
440.3 billion dollars in machinery, including computers which accounts for 17 percent
109.4 billion dollars in furniture, bedding, lighting, signs, and prefabricated buildings account for 4.2 percent
96.4 billion dollars in plastics and plastic articles account for 3.7 percent
80.2 billion dollars in optical, technical, and medical equipment account for 3.1 percent
76.3 billion dollars in vehicles account for 2.9 percent
75.6 billion dollars in miscellaneous textiles and worn clothing account for 2.9 percent
71.5 billion dollars in toys and games account for 2.8 percent
71.1 billion dollars in iron and steel articles account for 2.7 percent
62.3 billion dollars in clothing and accessories account for 2.4 percent
China’s top ten exports accounted for more than two thirds of the total value of its global shipments valued at 69.2 percent.
China’s fastest growing export category among the top ten was miscellaneous textiles and worn clothing, which increased by 170.9 percent from 2019 to 2021.
Plastics, including articles made of plastic, came in second with a 14.2 percent increase in export sales.
Toy and game shipments from China increased by 13.9 percent, the third fastest increase in value.
Unknitted and non crocheted clothing and accessories were the lone decliner among China’s top 10 export categories, falling by minus 6.7 percent year over year.
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