Xina: Visió econòmica i política
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 37% of its GDP in 2022 (World Bank, 2023). China's main exports include Electrical and electronic equipment (27%), machinery, nuclear reactors, boilers (16%), furniture, lighting signs, prefabricated buildings (4,1%), plastics (3,9%), toys (3%), optical, photo, technical, medical apparatus (2,9%), vehicles other than railway, tramway (3.6%), articles of iron and steel (2,8%). On the other hand, the country mainly imports Electrical and electronic equipment (25%), Mineral fuels, oils, distillation products (15%), machinery, nuclear reactors, boilers (8,6%), iron ores slag and ash (10%), optical, photo, technical, medical apparatus (4,1%), vehicles other than railway, tramway (3.2%).
The country's main partners include the United States, Hong Kong, Japan, South Korea, Vietnam, Australia and Germany. Tensions in the U.S. - China economic relationship have heightened business uncertainties since 2020, given that the US is the country's main trade partner. China's trade surplus dropped to USD 78.01 billion in December 2022 from a revised USD 93.21 billion in the same month the prior year and compared to market forecasts of USD 76.2 billion. The data came in amid weakening global and domestic demand. Exports plunged 9.9%, the largest decline in nearly three years, while imports fell at a softer 7.5%, the third straight month of decrease. Considering 2022 full year, the country's trade surplus widened 31 percent year-on-year to USD 876.91 billion, the highest since records started in 1950, as exports rose 7% and imports increased by only 1%. (China General Administration of Customs, 2023).
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 2023, exports of goods in 2021 were USD 3,363.8 billion and imports USD 2,688.6 billion, while exports and imports of services in 2021 reached USD 390.6 billion and USD 438 billion respectively. China reported an overall 40% increase in exports and 16% decrease in imports for 2021.
| Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
| Imports of Goods (million USD) | 1,843,793 | 2,135,748 | 2,078,386 | 2,057,217 | 2,688,634 |
| Exports of Goods (million USD) | 2,263,345 | 2,486,695 | 2,499,457 | 2,590,221 | 3,363,835 |
| Imports of Services (million USD) | 464,133 | 520,683 | 496,967 | 377,528 | 441,312 |
| Exports of Services (million USD) | 226,389 | 269,697 | 281,651 | 278,084 | 392,198 |
Source: World Trade Organisation (WTO) ; Latest available data
| Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
| Foreign Trade (in % of GDP) | 37.6 | 37.6 | 35.9 | 34.8 | 37.5 |
| Trade Balance (million USD) | 475,941 | 380,074 | 392,993 | 511,103 | 562,724 |
| Trade Balance (Including Service) (million USD) | 217,010 | 87,905 | 131,844 | 358,573 | 462,808 |
| Imports of Goods and Services (in % of GDP) | 17.9 | 18.5 | 17.5 | 16.2 | 17.4 |
| Exports of Goods and Services (in % of GDP) | 19.7 | 19.1 | 18.4 | 18.6 | 20.0 |
Source: World Bank ; Latest available data
| Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
|---|---|---|---|---|---|
| Volume of exports of goods and services (Annual % change) | -1.3 | -1.6 | 2.3 | 3.0 | 3.0 |
| Volume of imports of goods and services (Annual % change) | -4.1 | 2.3 | 5.4 | 4.0 | 3.9 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
| Main Customers (% of Exports) |
2021 |
| United States | 17.2% |
| Hong Kong SAR, China | 10.4% |
| Japan | 4.9% |
| South Korea | 4.4% |
| Vietnam | 4.1% |
| Germany | 3.4% |
| Netherlands | 3.0% |
| India | 2.9% |
| United Kingdom | 2.6% |
| Malaysia | 2.3% |
| Thailand | 2.1% |
| Russia | 2.0% |
| Mexico | 2.0% |
| Australia | 2.0% |
| Indonesia | 1.8% |
| Philippines (the) | 1.7% |
| Singapore | 1.6% |
| Brazil | 1.6% |
| Canada | 1.5% |
| France | 1.4% |
| See More Countries | 59.0% |
| Main Suppliers (% of Imports) |
2021 |
| South Korea | 8.0% |
| Japan | 7.7% |
| United States | 6.7% |
| Australia | 6.1% |
China  This flow is explained by the way local Customs Authorities report trade with overseas or special territories (e.g. Hong Kong or Taiwan in the case of China, French West Indies in the case of France, etc) as well as the treatment of re-imported (or re-exported) products, which get out (or enter) of the country for a limited time, with the intention of being re-imported (or re-exported) without significant transformation overseas.
|
5.8% |
| Germany | 4.5% |
| Brazil | 4.1% |
| Malaysia | 3.7% |
| Vietnam | 3.4% |
| Russia | 2.9% |
| Indonesia | 2.4% |
| Thailand | 2.3% |
| Saudi Arabia | 2.1% |
| Chile | 1.5% |
| France | 1.5% |
| Singapore | 1.4% |
| Switzerland | 1.4% |
| South Africa | 1.2% |
| Canada | 1.1% |
| Italy | 1.1% |
| See More Countries | 65.7% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
| 208.0 bn USD of services exported in 2020 | |
| 33.58% | |
| 27.25% | |
| 18.74% | |
| 6.06% | |
| 4.78% | |
| 4.13% | |
| 2.33% | |
| 1.44% | |
| 1.21% | |
| 0.49% | |
| 377.6 bn USD of services imported in 2020 | |
| 34.71% | |
| 25.08% | |
| 13.33% | |
| 10.03% | |
| 8.62% | |
| 3.29% | |
| 2.14% | |
| 1.06% | |
| 0.94% | |
| 0.80% | |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: May 2023
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