Overview In February 2024 China exported $220B and imported $181B, resulting in a positive trade balance of $39.7B. Between February 2023 and February 2024 the exports of China have increased by $6.25B (2.92%) from $214B to $220B, while imports decreased by $-16.6B (-8.43%) from $197B to $181B.
Trade In February 2024, the top exports of China were Telephones ($12.5B), Integrated Circuits ($10.3B), Computers ($10B), Cars ($5.82B), and Commodities not elsewhere specified ($4.19B). In February 2024 the top imports of China were Crude Petroleum ($25.7B), Integrated Circuits ($24.6B), Iron Ore ($12.9B), Gold ($9.06B), and Petroleum Gas ($6.63B).
Origins In February 2024 the exports of China were mainly from Guangdong Province ($51.2B), Jiangsu Province ($33B), Zhejiang Province ($32.7B), Shandong Province ($16.9B), and Shanghai Province ($16.4B), while imports destinations were mainly Beijing ($32.3B), Guangdong Province ($28.7B), Shanghai Province ($24.1B), Jiangsu Province ($19.6B), and Zhejiang Province ($13.7B).
Destinations In February 2024, China exported mostly to United States ($30.8B), Hong Kong ($15.1B), Japan ($9.57B), South Korea ($9.05B), and Vietnam ($8.23B), and imported mostly from Taiwan ($12.6B), United States ($11.9B), South Korea ($11.7B), Australia ($11.4B), and Japan ($10.3B).
Growth In February 2024, the increase in China's year-by-year exports was explained primarily by an increase in exports to United States ($3.63B or 13.4%), Brazil ($2.44B or 74%), and Mexico ($1.43B or 31.5%), and product exports increase in Centrifuges ($1.2B or 141%), Light Fixtures ($1.19B or 71.7%), and Passenger and Cargo Ships ($1.12B or 132%). In February 2024, the decrease in China's year-by-year imports was explained primarily by an decrease in imports from United States ($-3.49B or -22.7%), Japan ($-2.24B or -17.8%), and Germany ($-2.11B or -25.3%), and product imports decrease in Soybeans ($-1.88B or -39.5%), Gold ($-1.11B or -10.9%), and Other Mineral ($-1.02B or -76.3%).
FAQs
Economic Complexity Ranking
During the last 20 years China's economy has become relatively more complex, moving from the 51st to the 22nd position in the ECI rank. These economic complexity rankings use 6 digit exports classified according to the HS96 classification.
Who are China's biggest trading partners? ›
List of largest trading partners of China
| Rank | Country / Territory | Total trade |
|---|
| - | ASEAN | 911.7 |
| - | European Union | 783.0 |
| 1 | United States | 664.5 |
| 2 | Japan | 318.0 |
20 more rowsThe great bulk of China's exports consists of manufactured goods, of which electrical and electronic machinery and equipment and clothing, textiles, and footwear are by far the most important. Agricultural products, chemicals, and fuels are also significant exports.
What are the top 3 imports of China? ›
This top 10 accounts for over 76% of the total US$ value for all imports to China.
- Electrical Machinery and Equipment – US$644.7 billion (23.7% of total imports to China)
- Mineral Fuels – US$535.3 billion (19.7% of total imports)
- Ores – US$224.7 billion (8.3% of total imports)
Once companies have hired employees, building a cohesive and productive team can also be challenging. Chinese business culture emphasizes harmony and avoiding confrontation, which can make it difficult to resolve conflicts and build effective teams.
What is the economic problem in China? ›
A consequence of weak consumption and private-sector investment in China is deflation, which stands in contrast to the inflation that has bedeviled much of the world for the past few years. Consumer prices have been flat or falling for months, and companies have been cutting prices for more than a year.
How many countries rely on China for trade? ›
However, the economic powerhouse remains a top trading partner to over 120 countries, and is still the largest trading partner to Japan, South Korea, Taiwan and Vietnam, according to U.S. think tank Wilson Center.
What does China buy from the United States? ›
The main products that United States exported to China are Soybeans ($18B), Integrated Circuits ($9.61B), and Crude Petroleum ($6.9B). During the last 27 years the exports of United States to China have increased at an annualized rate of 9.58%, from $12.7B in 1995 to $151B in 2022.
Is China a good trading partner? ›
China is the largest trading partner to Japan, South Korea, Vietnam, and Taiwan. Given their proximity, those countries are hardly a surprise. But it is also the top trader with Russia—and Ukraine.
What is China's main religion? ›
Religion in China is diverse and most Chinese people are either non-religious or practice a combination of Buddhism and Taoism with a Confucian worldview, which is collectively termed as Chinese folk religion.
In 2021, of $506.4 billion in the U.S. imports from China, the top commodity sectors were Machinery and Mechanical Appliances (47.7% of total U.S. imports from China), Furniture, Bedding, Lamps, Toys, Games, Sport Equipment, Paint, and Other Miscellaneous Manufactured Items (13.5%), and Chemicals, Plastics, Rubber, and ...
What food does China import? ›
Despite its domestic production, China has been a net importer [DOC] of agricultural products since 2004. Today, it imports more of these products—including soybeans, corn, wheat, rice, and dairy products—than any other country.
What country buys the most from China? ›
China's Top Trading Partners
- United States: US$502 billion (14.8% of China's total exports)
- Hong Kong: $276.4 billion (8.2%)
- Japan: $157.6 billion (4.7%)
- South Korea: $149.3 billion (4.4%)
- Vietnam: $138.2 billion (4.1%)
- India: $117.8 billion (3.5%)
- Russia: $111.1 billion (3.3%)
- Germany: $100.6 billion (3%)
Russia, Saudi Arabia, and Iraq were China's main sources of crude oil imports in 2023. Compared with 2022, China's 2023 crude oil imports increased the most from Russia, Iran, Brazil, and the United States.
What does China manufacture the most? ›
China is the world's leading manufacturer of chemical fertilizers, cement, and steel.
What is the economic condition of China? ›
China has an upper middle income, developing, mixed, socialist market economy incorporating industrial policies and strategic five-year plans. It is the world's second largest economy by nominal GDP, behind the United States, and the world's largest economy since 2016 when measured by purchasing power parity (PPP).
Which country has the highest economic complexity? ›
Economic Complexity In 2022, the world most complex economies were Chinese Taipei (2.19), Japan (2.17), Switzerland (2.02), South Korea (1.9), and Germany (1.8). In contrast, the world least complex economies were Democratic Republic of the Congo (-1.8), Liberia (-1.88), Chad (-2.04), Mali (-2.21), and Guinea (-2.29).
What is China's type of economic system? ›
The Chinese economic model is called a socialist market economy, and it is characterized by state and privately owned businesses (Asialink Business). Further, the Chinese government regulates the economy strictly, much more than what is seen in the United States and European Union.
What is China's greatest economic weakness? ›
Local governments have amassed “hidden debt” (or off-budgetary borrowing) estimated by the IMF to be as much as over half of China's annual GDP. The “hidden debt” problem of local governments is a major source of concern for the Chinese leadership, and a policy priority.
