Last Updated: April 28, 2024
China, known as the “world’s factory,” has been a dominant player in global trade for decades. China already produces a third of the world’s manufactured goods, more than the United States, Germany, Japan and South Korea combined, according to the United Nations Industrial Development Organization. In this blog, we will explore China’s top 10 exports, delving into the intricacies of each sector and understanding their impact on the global stage.
Annual Statistics on Exports of Goods in China
According to the General Administration of Customs of the People’s Republic of China, the country’s total value of imports and exports reached 41.76 trillion yuan in 2023, increasing 0.2%. The total import value was 17.99 trillion yuan while the export was 23.77 trillion yuan.
China’s Top 10 Exports in 2023
1. Electrical Machinery and Equipment
China has become a global leader in the production and export of this category. In 2023, the export of mechanical and electrical products from China reached an impressive 13.92 trillion yuan (approximately $1.98 trillion), which accounted for 58.6% of the total export value.
2. Clothing and Accessories
Clothes and related accessories were the second-largest category of merchandise exports for China. China exported clothing and accessories worth $293.6 billion, accounting for 9% of the total export value.
3. Automobile
China exported 5.22 million automobiles, marking a 57.4% increase from the previous year. Among the top ten exporters, SAIC Motor achieved a significant milestone by selling over one million units overseas.
4. Steel Products
In 2023, China’s steel exports saw a substantial increase, reaching their highest levels since 2016 and marking the fourth highest in history. The total volume of steel exported amounted to 90.264 million tons, representing a 36.2% increase from the previous year. However, the average export unit price dropped to $936.8 per ton, reflecting a 32.7% decrease compared to the prior year.
5. Phones
China exported 802 million units of mobile phones, experiencing a year-on-year decline of 2%. The export value also decreased by 2.7% from the previous year to $138.8 billion, representing about 4% of China’s total exports.
6. Plastics and Plastic Products
China stands as the world’s largest producer of plastics, contributing approximately one-third of the global plastics production. In 2023, the export of plastic products from China totaled $100.81 billion, a decrease of 3.9%.
7. Agricultural Products
China’s exports of agricultural products achieved a total of $98.9 billion, a slight increase of 0.7%, positioning the country as the fifth-largest exporter of agricultural goods globally. The primary destinations for these exports are Hong Kong, Japan, and the United States. Notably, among the top ten export markets, the United Kingdom recorded the most significant surge in export value from China, with an increase of 16.9%.
The ‘New Three’ Revolutionizing Global Exports
In recent years, China has been making significant strides in transforming its economic landscape, focusing on high-tech green industries. This transformation is being led by what experts are calling the “new three”: electric vehicles (EVs), lithium batteries, and solar cells. The “new trio” of industries has replaced an “old trio” of clothing, furniture, and appliances, not only becoming pivotal in shaping China’s economy but also playing a crucial role in driving the country’s exports to unprecedented heights.
In 2023, the combined exports of these three products reached a staggering 1.06 trillion yuan (about $147 billion), marking a 29.9% increase from the previous year. This was a milestone moment, as it was the first-time exports in these new fields exceeded one trillion yuan. These products have found their way into over 200 countries and regions, showcasing their global appeal and competitiveness.
Electric Vehicles (EVs)
Electric vehicles, in particular, have seen a remarkable surge in popularity. In 2023, China exported 1.2 million units, a 77.6% increase from the year before. This means that for every three vehicles exported from China, one is an electric vehicle. This trend highlights the growing global demand for cleaner, more sustainable modes of transportation, and China’s ability to meet this demand.
Lithium Batteries
China’s total output of lithium-ion batteries exceeded 940 gigawatt-hours (GWh) last year. The export of lithium batteries has been equally impressive. The country’s total export value reached 457.4 billion yuan in 2023, up 33%.
Chinese companies have also dominated the global EV battery market, commanding a 63.7 percent share in 2023. Leading companies like CATL, BYD, CALB, Gotion, EVE, and Sunwoda have become household names in the industry. The top three export destinations for these batteries were the U.S., Germany, and South Korea, indicating the wide-reaching influence of Chinese technology in major global markets.
Solar Cells
Solar cells are another area where China has established clear global dominance. In 2023, the country’s solar cell output reached 56.37 billion units, up 38.%. The total export value was 43.6 billion dollars. The country’s solar cell output reached 540 million kilowatts, accounting for over 80 percent of the world’s production capacity. This achievement marks China’s 16th consecutive year as the global leader in solar cell production. The total installed capacity of these solar cells is equivalent to 24 Three Gorges power stations, illustrating the massive scale of China’s contribution to renewable energy.
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