In 2020, China's total economic output was 101.6 trillion yuan, or 14.73 trillion dollars when translated into US dollars. Although China's economy is more than 6 trillion dollars less than that of the United States, it has overtaken the United States in some economic indicators, such as the volume of trade in goods and exports.
China's export volume remains the world's largest
China's exports accounted for 15.8 percent of the world's total exports in 2020, according to the world Trade Organization's trade Trends of Major Countries in 2020. This proportion can be said to be much higher than other countries, almost no surprise retained the top spot.
The second to seventh countries were the United States (8.8 percent), Germany (8.4 percent), the Netherlands (4.1 percent), Japan (3.9 percent), Hong Kong (3.4 percent), and Korea (3 percent). If Hong Kong's share is included, China's share of global exports is more than twice that of the United States.
In fact, our country ranks first in the world not only in terms of total exports, but also in terms of total trade in goods. China was also the only major economy to achieve positive growth in trade in goods in 2020.
According to customs data, China's total trade in goods in 2020 was 32.16 trillion yuan, up 1.9% year on year, which was about 4.66 trillion US dollars. The United States, whose trade in goods totaled $4.14 trillion in 2019, will be overtaken by China if there is no growth in 2020.
The growth of China's trade in goods in 2020 is mainly due to the strong export, which reached 18.59 trillion yuan, up 4% year on year. On the other hand, imports fell 0.7 percent.
In the economic aggregate is inferior to the United States, China's total export can be so much higher than the United States, and China is the world's largest manufacturing country inseparable. According to data released by the Ministry of Industry and Information Technology, China's industrial added value reached 31.3 trillion yuan in 2020, making it the world's largest manufacturing country for 11 consecutive years, giving the country a huge advantage in commodity exports.
What are the main export objects of our country?
1. The United States.
The United States is the largest export destination of our goods. China's total exports to the United States in 2020 were 3.13 trillion yuan, up 8.4% year on year, accounting for 16.8% of China's total exports, similar to 2019. This shows that even though the U.S. has imposed tariffs, its dependence on Korean products has not decreased. In addition, the United States is the largest source of China's trade surplus.
2. Japan.
Japan is China's third largest export target, with 988.3 billion yuan of exports, up only 0.1% year on year. As the second and third largest economies in the world, and the two countries are neighbors, China's trade with Japan will not be less. However, Japan is also a big manufacturing country, and its manufacturing level is only higher than that of China. Therefore, In the trade of goods with Japan, China does not have much advantage and often maintains a deficit.
3. Vietnam
In 2020, China's total export to Vietnam was 786.9 billion yuan, the fourth largest export object of China. Vietnam's total annual economic output is less than Guangxi's, about 1.9 trillion yuan, so it is somewhat surprising to be China's fourth largest export target. Obviously, with Vietnam's economic strength, it is difficult to digest so many goods on its own, mainly through processing and then sold to other countries.
4. South Korea
In 2020, China's exports to South Korea totaled 778.7 billion yuan, the fifth largest export target after Vietnam. In 2019, Korea was Korea's fourth largest export destination. However, Korea's export growth to South Korea was much lower than Vietnam's in 2020, so it surpassed Vietnam in total exports.
1/29/2022 01:06:00 AM
Tags :
economy
,
Made In China
Subscribe by Email
Follow Updates Articles from This Blog via Email
No Comments