China has been the largest exporter of goods in the world since 2009. Data from the World Bank indicates that the country’s total exports amounted to $3.51 trillion in 2023, with projections for greater growth in 2024.

In 2013, China became the largest trading nation in the world based on the value of its imports and exports. The United States previously held that position.ꦑ

The country with the title of largest exporter of goods in the world has changed numerous times in the past, and it will probably continue to do so. In the 19th century, Britain was known as the "workshop of the world" and ruled a global empire based on trade.

By the 21st century, China had become "the world's factory." However, the 澳洲幸运5官方开奖结果体彩网:Silk Route and the size of China's economy suggest that it was of🐠ten the largest exporter of goods in previous centuries as well.

The Growth of China's Exports

China’s growth into a global trading giant was ex༒ceptionally rapid. For several centuries, the Chinese government pursued isolationist policies. Thi♚s isolation continued under Chair Mao Zedong.

After his death in 1976, the country developed a new focus on trade and 澳洲幸运5官方开奖结果体彩网:foreign investment. China's 澳洲幸运5官方开奖结果体彩网:economic growth generally has been substantial since that time.

Deng Xiaoping launched 澳洲幸运5官方开奖结果体彩网:China's economic opening in the late 1970s. The role of state-owned enterprises (SOEs) declined as China pursued economic growth in tune with capitalism. Between 1983 and 2013, China averaged annual economic growth of about 10% per year. During this period, the country followed an 澳洲幸运5官方开奖结果体彩网:export-led growth strategy.

Special economic zones (SEZs) in China played a major role in the country's economic boom and the growth of exports. Within SEZs such as Shenzhen, China offered tax incentives to foreign investors. These incentives included the ab🌠ility to import equipment and technology tax-free.

President of the People's Republic of China Xi Jinping attempted to keep China's annual growth high by 澳洲幸运5官方开奖结果体彩网:increasing debt, but he encountered several challenges. Primarily, the rise of protectionism in the U.S. and China's persistently high 澳洲幸运5官方开奖结果体彩网:trade surplus with the U.S. brought about a 澳洲幸运5官方开奖结果体彩网:trade war. Furthermore, China suffered a severe economic downturn during early 2020.

China's Top Exports

China has a large number of dominant industries that create products and materials for export. In 2023, the top six product groups with the highest value of exports were:

The top 10 exports most in demand in 2023 and their value were:

China's Trading Partners

Two of China's main trading partners are its geographically close neighbors, Japan and South Korea. China has done a great deal of business with the U.S. as well, although the U.S. has labeled China a currency manipulator amid substantial trade tensions.

Due to those trade difficulties with the U.S., China lost its position as the top exporter of goods to the U.S. in 2023. U.S. goods imports from China fell to $427 billion in 2023, down over 20% from $536 billion in 2022. Mexico is the lead exporter of goods to the U.S. as of September 2024, followed by China and Canada.

China also has had significant trade relations with the EU. The EU was China's largest trading partner early in the 21st century, and China was second only to the U.S. among the EU's trading partners.

Accuracy of Data From China

There have been concerns about the accuracy of Chinese data collection when it comes to exports. Some observers suspect that China has overstated its total exports to avoid controls on international transactions in a bid to bring more money into the country.

The Bottom Line

The People's Republic of China is the largest exporter of goods in the world, with a total export value for 2023 of $3.51 trillion, and projections for greater growth in 2024. The nation claimed the top spot in 2009. Phones, including smartphones, were the primary product export in 2023, with an export value of $219.63 billion.

In 2023, C𒀰hina lost its place ♔to Mexico as the top U.S. trading partner.