In 2014, China’s top 10 exports accounted for 66.9% of the overall value of its global shipments. Exports from the People’s Republic of China amounted to US$2.343 trillion, up 48.5% since 2010.
Based on statistics from the International Monetary Fund’s World Economic Outlook Database, China’s total Gross Domestic Product amounted to $17.632 trillion in 2014.Therefore, exports accounted for about 13.3% of China’s total economic output.Given China’s population of 1.36 billion people, the total $2.343 trillion in 2014 Chinese exports translates to roughly $1,728 for every person in the country.
The following export product groups represent the highest dollar value in Chinese global shipments during 2014. Also shown is the percentage share each export category represents in terms of China’s overall exports.
1. Electronic equipment: US$571,045,520,000 (24.4% of total exports)
2. Machines, engines, pumps: $400,910,983,000 (17.1%)
3. Furniture, lighting, signs: $93,390,874,000 (4.0%)
4. Knit or crochet clothing: $92,002,609,000 (3.9%)
5. Clothing (not knit or crochet): $81,453,227,000 (3.5%)
6. Medical, technical equipment: $74,020,496,000 (3.2%)
7. Plastics: $66,816,299,000 (2.9%)
8. Vehicles: $64,243,754,000 (2.7%)
9. Gems, precious metals, coins: $63,212,400,000 (2.7%)
10. Iron or steel products: $60,685,405,000 (2.6%)
Some of the industries supporting these exports, such as manufacturing electronic equipment and producing clothing, are labor intensive. This may explain why China’s unemployment rate was just 4.1% in 2014 — compared to the estimated 9% global average.
China’s exceptionally high levels of exports are due to its competitive edge within manufacturing. China remain the ‘Workshop of the world’ make it the perfect place to manufacture your product. If you are looking to manufacture your product in China get in contact us at China2West so we are able to optimize your experience of manufacturing in China