Overview In March 2024 China exported $280B and imported $221B, resulting in a positive trade balance of $58.6B. Between March 2023 and March 2024 the exports of China have decreased by $-35.9B (-11.4%) from $316B to $280B, while imports decreased by $-6.27B (-2.76%) from $227B to $221B.
Trade In March 2024, the top exports of China were Telephones ($14.9B), Integrated Circuits ($14.6B), Computers ($13.7B), Cars ($7.31B), and Commodities not elsewhere specified ($5.27B). In March 2024 the top imports of China were Integrated Circuits ($31.4B), Crude Petroleum ($29.4B), Gold ($13.2B), Iron Ore ($12.7B), and Petroleum Gas ($7.19B).
Origins In March 2024 the exports of China were mainly from Guangdong Province ($59.5B), Jiangsu Province ($40.5B), Zhejiang Province ($38.8B), Shandong Province ($27.7B), and Shanghai Province ($20.4B), while imports destinations were mainly Beijing ($38.6B), Guangdong Province ($37.9B), Shanghai Province ($29.9B), Jiangsu Province ($22.4B), and Zhejiang Province ($16.1B).
Destinations In March 2024, China exported mostly to United States ($36.7B), Hong Kong ($25.9B), Vietnam ($14.9B), Japan ($13B), and South Korea ($13B), and imported mostly from Chinese Taipei ($15.4B), South Korea ($15B), Japan ($13.9B), United States ($13.8B), and Australia ($13B).
Growth In March 2024, the decrease in China's year-by-year exports was explained primarily by an decrease in exports to United States ($-6.95B or -15.9%), Netherlands ($-2.04B or -22.1%), and India ($-2.01B or -19.2%), and product exports decrease in Semiconductor Devices ($-2.14B or -30.3%), Electric Batteries ($-1.27B or -20.5%), and Telephones ($-1.27B or -7.84%). In March 2024, the decrease in China's year-by-year imports was explained primarily by an decrease in imports from United States ($-2.3B or -14.3%), Saudi Arabia ($-1.59B or -25.5%), and Chinese Taipei ($-1.54B or -9.12%), and product imports decrease in Other Mineral ($-1.55B or -80.9%), Soybeans ($-1.53B or -33.7%), and Crude Petroleum ($-1.05B or -3.45%).
FAQs
Comparison: In 2022, China ranked 22 in the Economic Complexity Index (ECI 1.12), and 1 in total exports ($3.73T). That same year, China ranked 22 in the Economic Complexity Index (ECI 1.12), and 1 in total exports ($3.73T).
What is the observation of economic complexity? ›
The Observatory of Economic Complexity (OEC) is the world's leading data visualization tool for international trade data. The OEC makes more than 50 years of international trade data available through dozens of millions of interactive visualizations.
What are China's largest imports and exports? ›
About
- Overview In May 2024 China exported $302B and imported $220B, resulting in a positive trade balance of $82.6B. ...
- Trade In May 2024, the top exports of China were Telephones ($15.5B), Computers ($12.9B), Integrated Circuits ($12.7B), Cars ($8.15B), and Commodities not elsewhere specified ($7.62B).
The main products that China exported to United States were Broadcasting Equipment ($59.3B), Computers ($51.9B), and Office Machine Parts ($17.2B). Over the past 5 years the exports of China to United States have increased at an annualized rate of 65.3%, from $37.5B in 2017 to $463B in 2022.
What is the economic problem in China? ›
A chunk of China's debt is owed by its local governments. Their finances are under growing pressure now that revenue from selling land to property developers—a crucial source of income—has dried up. Real-estate firms account for another sizable chunk of China's debt.
What is the complexity of doing business in China? ›
Market Access / Analyzing the Customer
Another one of the significant challenges of doing business in China is market access and customer analysis. While China presents a vast and lucrative market, it can be challenging for foreign companies to gain market access due to complex regulations and competition.
What is meant by economic complexity? ›
Economic Complexity. + A measure of the knowledge in a society as expressed in the products it makes. The economic complexity of a country is calculated based on the diversity of exports a country produces and their.
Why is economic complexity important? ›
Economic complexity methods are used to predict and explain the dynamics of economic activities and of economic aggregates, such as income per capita.
What is the indicator of economic complexity? ›
Economic complexity expresses the diversity and sophistication of the productive capabilities embedded in the exports of each country. The Economic Complexity Index (ECI) has been shown to explain income differences across countries and predict future growth better than any other single measure.
Who is China's biggest trade partner? ›
Among its most important export partners are the United States, the European Union and the ten ASEAN member countries, which overtook the U.S. as China's most important export market in 2023, following a drop in U.S. imports from China amid rising tensions.
The great bulk of China's exports consists of manufactured goods, of which electrical and electronic machinery and equipment and clothing, textiles, and footwear are by far the most important.
How much of China's economy relies on exports? ›
China exports of goods and services as percentage of GDP is 19.94% and imports of goods and services as percentage of GDP is 17.36%.
What do we sell to China? ›
While semiconductors and oil and gas remained among the top goods exports to China, both saw double-digit contractions. US services exports to China increased by 7 percent in 2021, with education and various types of royalties comprising the largest categories.
How much does the US rely on China? ›
In 2022, 7.5% of total U.S. exports of $2.1 trillion to the World were exported to China, 16.5% of total U.S. imports of $3.2 trillion were imported from China, and 32.4% of total U.S. trade deficit was with China. Mechanical Appliances, Sound Recorders and TV sets were the most traded commodity sectors.
What do we import the most from China? ›
Top 10 Most-Imported Products From China
- Lithium ion batteries ($7.3 billion)
- Monitors for automatic data processing machines ($7 billion)
- Pharmaceuticals in pre-measured doses ($6.9 billion)
- Accessories for computers and other data processors ($6.8 billion)
- Plastic items ($4.6 billion)
Over four decades of fast growth, China has become a global manufacturing hub. In 2022, it accounted for 18% of global GDP (vs. 2.7% in 1980), 15% of global merchandise goods exports, and 30% of global manufacturing value-added. Looking ahead, China will remain an important hub but its dominant role will likely weaken.
What is the economic environment of China? ›
Key points: China's 2023 GDP reached 5.2%, in line with our forecast and consensus, much higher than 3% in 2022 when the country was grappling with the pandemic. But considering base effect, 2022-23 two-year average GDP dipped to 4.1%, off the pre-pandemic track of “higher-than-6%”.
What is the economy type of China? ›
The Chinese Communist Party (CCP) officially refers to China's economic system as the socialist market economy. To guide economic development, the Chinese central government adopts five-year plans that detail its economic priorities and essential policies.
