CHINA’S ECONOMY AND IMPORT-EXPORT TRADE STATISTICS
The economy of China is one of the biggest and the most vibrant among all the economies of the major capitalist states and countries. The Imports and exports to and from the nation always remain high and generally are ranked at the top.
Below mentioned are the trends of international trade that happen every year with respect to China and are recorded in Import Export Data report of the same.
IMPORTS AND EXPORTS TRADE – CHINA (2018-2022)
YEAR
IMPORTS
EXPORTS
TOTAL TRADE
2018
USD 2.13 trillion
USD 2.49 trillion
USD 4.62 trillion
2019
USD 2.06 trillion
USD 2.49 trillion
USD 4.55 trillion
2020
USD 2.05 trillion
USD 2.58 trillion
USD 4.68 trillion
2021
USD 2.67 trillion
USD 3.36 trillion
USD 6.03 trillion
2022
USD 2.71 trillion
USD 3.59 trillion
USD 6.30 trillion
In the last five years, the trade insights of China are just commendable and very high due to which the ranking of China is amongst the top countries in the world.
CHINA’S TRADE SHOWS A DECLINE
In the recent few months, especially in May 2023, foreign trade to and from China has reduced considerably. The exports from China declined in the month of May much faster than estimates, whereas the imports to the country reduced but at a slower pace. This happened because the exporters from China were unable to locate and tap the demand for their products globally, and on the other hand, the domestic demand rose just by a few values.
Astonishing fact is that the exports from China as per Export Import Data reports for the month of May 2023, fell by almost 7.5% as compared to exports in previous months of the same year. This was one of the biggest declines in the year 2023 despite a growth of 8.5% in April 2023. Along similar lines, when we compare the imports of China in the month of May, then to our surprise, the database shows a decline of 4.5% compared to the previous few months. This poor performance of the nation in terms of imports and exports reflects that the demand for Chinese products and items has declined, and other countries of the world are reluctant to bring Chinese goods.
On looking at the major nations due to which the Chinese trade has been hit hard, the major hit was due to South Korea. Overall Chinese imports in South Korea tumbled by 20.8% in the month of May 2023. On the other side, the exports of semiconductor devices from South Korea to China also slipped by 36% in the same month.
If the same trend is continued in the future too, then it will not be surprising to discover that China is no more the biggest trade country in the world and the overall Global Trade Data statistics would get affected negatively.
CONCLUSION
After beating the forecasts and expectations of the various global organizations and groups, the experts and officials are now reducing their expectations and forecasts so that they can match with the actual statistics. From this, we can judge that the foreign trade to and from China would reduce more in the coming years. Moreover, the domestic factories and manufacturing units have also slowed down their production.
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