The silk routes helped in the civilization of the countries around the trade route including China. One of the oldest trade routes in the world was a transcendental network. Though silk was one of the major items traded, other goods such as ivory, gold, cotton, salt, sugar, spices, teas, and porcelain were also traded. Trade is a vital part of China’s overall economy. Since 1978 China’s economy has modernized tremendously. China joined the World Trade Organization in 2001. In 2013 China surpassed the US and became the largest trading nation in the world. China has signed free trade agreements with various countries around the world such as China-Australia Free Trade Agreement, China-South Korea Free Trade Agreement, ASEAN-China Free Trade Agreement, China-Switzerland Free Trade Agreement, and China-Pakistan Free Trade Agreement.
Today China is the world’s largest exporter and the second-largest importer in the world. China has an enormous trade surplus. According to China’s export-import data China exported 2.486.7 billion USD and imported 2,135.7 billion USD. China's trade surplus was 395.2 billion USD. By 2018 China contributed to 12.4% of the total global trade.
China export-import data is collected from custom ports all over China. The data is collected from the information the bill of lading and shipping manifest submitted to custom at custom ports across China. The information collected usually contains product information (product description, HS codes), product quantity ( unit quantity and total quantity), the value of the consignment, name and contact details of importer and exporter, the port of origin with the date of dispatch and destination port and port of transshipment if any.
China export-import data is used by importers and exporters to formulate business tool. The data can help them in the following ways:-
Import-export data is used by countries to formulate policies about the economy including taxation, fiscal and monetary policy, infrastructure policy, foreign policy, and trade negotiations.
According to China’s export data was 2.499 trillion USD. Overall China showed a 19.5% increase in exports from 2.486 trillion USD in 2018. Exports in China have increased by 2.5% per annum from 2002 to 2017. Exports formed 19.51% of the GDP.
The major products exported from China are:-
China export data revealed that the top ten export commodities accounted for 67.7% of the total products exported by China. Toys and games were the fastest-growing segments showing a 10.7% growth. The second and third fastest export sectors were iron and steel (6.1%) and plastics (5.3%) respectively. The knit and non-crotchet clothing category saw a 6.5% drop in exports.
Analysis China export data revealed that approximately 49% (by value) of Chinese exports were to Asia, 20.1% of commodities were exported to North America and 19.9% of commodities were exported to Europe. Top exporting partners of China are:-
China has become a manufacturing hub of the world. China accounts for a major portion of global trade in natural resources such as iron ore, aluminum, coal, and copper. The dependence on agricultural commodities has increased significantly in the last decade. According to China import data was 2.069 trillion USD in 2019. During the last five years, China’s imports have increased by 1.3% per annum.
Major products exported to China -
Analysis of China import data showed the top import commodities accounted for 77.3% of total products imported to China. Imported ores, slag, and china were the fastest-growing segment showing 20.4% of growth. Crude oil imports went up by 4.5% and while coal imports went up 18.5%. While Copper imports went down by 14.4% and organic chemicals imports went down by 14.2%.
Top importing partners of China are:-
A study of China’s import data shows 55.4% of China’s total imports are from Asian countries, while 18.1% of were from Europe. North America accounted for 8% of total imports. China has 34 major ports and 2000 minor ports. Most of the major seaports open up to the Yellow Sea, Taiwan Strait, Pearl River, and the South China Sea. Chinese port has world-class infrastructure, seven of the top ten ports in the world are in China. Port capacities are mentioned in TEU. Where TEU is Twenty-Foot equivalent is used to describe the capacity of Cargo ships and container terminals.
The major ports in China are:-
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