Trade Growth of China in 2023

China in the eastern portion of Asia is a rapidly influencing economy with vast manufacturing sectors working on a tremendous rate for the efficient production of the globally acquired demands from the country’s industrial sites. The nation spread over a land area of 9,596,961 square kilometers is mainly focused on the trade of machineries, textiles, automobiles and other industrial necessities for a suitable revenue generation to achieve the globally acquired demands. The presence of abundance of natural resources in its land area like different petroleum fuels, coal fuel, and mineral oil promotes the trade rate of China’s export.



China Customs Data says the cultural ethnicity of the influential economy was framed by different ethnic rulers of the Paleolithic era including the Xia Dynasty, Shang Dynasty, Zhou Dynasty, and Han Dynasty. The government increasing interest in the import and export trade rates of the nation along with the increasing investment in the development of the transportation ports have led to a total GDP value of 18.8 trillion US dollars n 2023. Import Globals China Trade Data showcases the entire key insights of the country’s upward growth in its economy to help the top business holders expand its business over the seas and top trade destinations.

TOP IMPORTS / ACQUIREMENTS OF CHINA IN 2023

Despite of the vast production sectors and high tech equipped advanced techniques used in the manufacturing industry for efficient production, the country still has to import more of the domestic needs due to the increasing consumer and industrial necessities recording a staggering import trade value of 3.8 trillion US dollars in 2023. China Import Data enlists the below mentioned products as the top imports,

• (HS code - 85)Integrated Circuits – Import trade cost rate of Integrated Circuits imports 2023 – 1 trillion US dollars.

IMPORT VARIATIONS OF INTEGRATED CIRCUITS

1. Microprocessors and Central Processing Units (CPUs)

2. Memory Chips (DRAM and NAND Flash)

3. Graphics Processing Units (GPUs)

4. Application-Specific Integrated Circuits (ASICs)

5. Analog Integrated Circuits

• (HS code - 27)Crude Petroleum – Import trade cost rate of Crude Petroleum imports 2023 – 350 billion US dollars.

IMPORT VARIATIONS OF CRUDE PETROLEUM

1. Light Sweet Crude Oil

2. Medium Sour Crude Oil

3. Heavy Sour Crude Oil

4. Condensates

5. High-Acid Crude (HAC)

• (HS code - 28)Iron ore – Import trade cost rate of Iron ore imports 2023 – 220 billion US dollars.

IMPORT VARIATIONS OF IRON ORE

1. Hematite Ore

2. Magnetite Ore

3. Lump Ore

4. Iron Ore Fines

5. Pelletized Iron Ore (Pellets)

• (HS code - 87)Cars – Import trade cost rate of Cars imports 2023 – 175 billion US dollars.

IMPORT VARIATIONS OF CARS

1. Luxury Cars

2. Electric Vehicles (EVs)

3. High-Performance Sports Cars

4. SUVs

5. Hybrid Vehicles

• (HS code - 71)Gold – Import trade cost rate of Gold imports 2023 – 156 billion US dollars.

IMPORT VARIATIONS OF GOLD

1. Bullion Gold (Gold Bars)

2. Gold Coins

3. Gold Jewelry

4. Industrial Gold

5. Gold Alloys

IMPORT TRADE STATISTICS OF CHINA FOR THE LAST 10 YEARS

1. Import trade value of China in 2013 – 2.02 trillion US dollars

2. Import trade value of China in 2014 – 2 trillion US dollars

3. Import trade value of China in 2015 – 1.68 trillion US dollars

4. Import trade value of China in 2016 – 1.59 trillion US dollars

5. Import trade value of China in 2017 – 1.84 trillion US dollars

6. Import trade value of China in 2018 – 2.14 trillion US dollars

7. Import trade value of China in 2019 – 2.25 trillion US dollars

8. Import trade value of China in 2020 – 2.56 trillion US dollars

9. Import trade value of China in 2021 – 2.78 trillion US dollars

10. Import trade value of China in 2022 – 2.87 trillion US dollars

TOP EXPORTS / PRODUCTIONS OF CHINA IN 2023

The increasing production rate of the industrial sectors and the development of the technologies used in the production of goods have led to a wide variant of exports from China worth 4 trillion US dollars in 2023. As per the China Export Data, the top industrial exports of China in 2023 are discussed below,

• (HS code - 85)Electrical Machinery and Equipment – Export trade cost rate of Electrical Machinery and Equipment  exports2023 – 2 trillion US dollars.

EXPORT VARIATIONS OF ELECTRICAL MACHINERY AND EQUIPMENT

1. Transformers

2. Electric Generators

3. Circuit Breakers and Switchgear

4. Electric Motors

5. Electrical Control Panels

• (HS code - 84)Machinery including computers – Export trade cost rate of Machinery including computers exports 2023 – 900 billion US dollars.

EXPORT VARIATIONS OF MACHINERY INCLUDING COMPUTERS

1. Computers and Computer Components

2. Industrial Robots

3. Machine Tools

4. Agricultural Machinery

5. Construction Machinery

• (HS code - 94)Furniture and bedding – Export trade cost rate of Furniture and bedding exports 2023 – 300 billion US dollars.

EXPORT VARIATIONS OF FURNITURE AND BEDDING

1. Office Furniture

2. Bedroom Furniture

3. Living Room Furniture

4. Dining Room Furniture

5. Bedding Products

• (HS code - 64)Footwear – Export trade cost rate of Footwear exports 2023 – 200 billion US dollars.

EXPORT VARIATIONS OF FOOTWEAR

1. Athletic Shoes

2. Casual Shoes

3. Dress Shoes

4. Sandals and Slippers

5. Work Boots

• (HS code - 95)Sports equipment – Export trade cost rate of SPORTS EQUIPMENT 2023 – 150 billion US dollars.

EXPORT VARIATIONS Of SPORTS EQUIPMENT

1. Fitness Equipment

2. Sports Balls

3. Racket Sports Equipment

4. Protective Gear

5. Camping and Outdoor Gear

EXPORT TRADE STATISTICS OF CHINA FOR THE LAST 10 YEARS

1. Export trade value of China in 2013 – 2.34 trillion US dollars

2. Export trade value of China in 2014 – 2.45 trillion US dollars

3. Export trade value of China in 2015 – 2.57 trillion US dollars

4. Export trade value of China in 2016 – 1.89 trillion US dollars

5. Export trade value of China in 2017 – 1.67 trillion US dollars

6. Export trade value of China in 2018 – 2.78 trillion US dollars

7. Export trade value of China in 2019 – 3.25 trillion US dollars

8. Export trade value of China in 2020 – 3.56 trillion US dollars

9. Export trade value of China in 2021 – 3 trillion US dollars

10. Export trade value of China in 2022 – 3.87 trillion US dollars

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