Xifres de comerç exterior de Xina

Foreign Trade in Figures

Thanks to its enormous trade surplus over the past few years, China has become the world's largest exporter and ranks second among the world’s largest importers. Despite its strict policies, the country is fairly open to foreign trade, which represented 35% of its GDP in 2020 (World Bank, 2022). China's main exports include Electrical and electronic equipment (27%), machinery, nuclear reactors, boilers (17%), furniture, lighting signs, prefabricated buildings (4,2%), plastics (3,7%), optical, photo, technical, medical apparatus (3,1%), vehicles other than railway, tramway (2.9%), other made textile articles, sets, worn clothing (2,9%). On the other hand, the country mainly imports Electrical and electronic equipment (27%), Mineral fuels, oils, distillation products (13%), machinery, nuclear reactors, boilers (9,3%), iron ores slag and ash (8.8%), optical, photo, technical, medical apparatus (4,8%), vehicles other than railway, tramway (3.6%). The International Monetary Fund (IMF) is forecasting a rebound of 5.7% in the volume of exports of goods and services of this country in 2022, after an increase of 4% in 2020; and an increase of only 3.2% of its imports in 2022 after a jump of 10.9% in 2021 and 0% in 2020 (IMF Country Report, 2021).

The country's main partners include the United States, Japan, South Korea, Vietnam, Australia and Germany. Tensions in the U.S. - China economic relationship have heightened business uncertainties in 2020 and 2021, given that the US is the country's main trade partner (China's 2020 trade surplus with the U.S. was USD 255.5 billion after an all-time record of 323.3 billion in 2018). Similar tensions were at play with Australia although with less consequences for China. However, the Chinese government has been adopting looser economic policies to mitigate mounting risks to future growth. On the 15th of November 2020 China has signed the Regional Comprehensive Economic Partnership (RCEP) with 14 other Indo-Pacific countries. This free trade agreement is the largest trade deal in history, covering 30 per cent of the global economy. It includes the Association of Southeast Asian Nations (ASEAN : Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and ASEAN’s free trade agreement partners (Australia, China, India, Japan, New Zealand and Republic of Korea). The RCEP covers goods, services, investment, economic and technical cooperation. It also creates new rules for electronic commerce, intellectual property, government procurement, competition, and small and medium sized enterprises.

Trade has become an increasingly important part of China’s overall economy, and it has been a significant tool used for economic modernisation. As reported by WTO in 2021, exports of goods in 2020 were USD 2,590.2 billion and imports USD 2,057.2 billion, while exports and imports of services in 2020 reached USD 278 billion and USD 377.5 billion respectively. China reported an overall 5% increase in exports and 8% decrease in imports for 2020. According to the World Bank data of 2021, China's trade surplus for goods stood at USD 535,37 billion in 2020, an increase from USD 425.2 billion in 2019. The overall trade balance (including services) was USD 369.67 billion in 2020, from 131.84 billion the previous year.