China trade balance, exports, imports by country 2021 (2024)

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What is the balance of trade in China 2021? ›

Development Indicators 2021

China Trade balance: as % of GDP was 2.59. Trade balance in current US$ was 460,829.00 million. Trade as percentage of GDP was 37.30 . Trade in services as percentage of GDP was 4.38 .

China imports from Japan worth US$ 205,524 million, with a partner share of 7.66 percent. China imports from United States worth US$ 180,972 million, with a partner share of 6.74 percent. China imports from Australia worth US$ 163,730 million, with a partner share of 6.10 percent.

In 2022, the trade surplus surged 31% to USD 876.91 billion, the highest since records started in 1950, with exports rising 7% and imports up 1%. China's trade surplus widened to USD 82.62 billion in May 2024 from USD 65.55 billion in the same period a year earlier, surpassing market expectations of USD 73 billion.

China trade balance for 2022 was $576.65B, a 25.13% increase from 2021. China trade balance for 2021 was $460.83B, a 29.76% increase from 2020. China trade balance for 2020 was $355.15B, a 167.45% increase from 2019. China trade balance for 2019 was $132.79B, a 45.14% increase from 2018.

The value of China's exports in goods annually surpasses the amount it imports from the rest of the world. In 2018, China exported $2.49 trillion in goods while it imported $2.13 trillion. The majority of China's surplus comes from trade with the US and Hong Kong.

China has at least a 70% dependence on about 412 items imported from the U.S. and allied countries, at a value of roughly $47 billion annually, according to the analysis.

Imports The top imports of China are Crude Petroleum ($287B), Integrated Circuits ($232B), Iron Ore ($103B), Petroleum Gas ($72.7B), and Gold ($67.6B), importing mostly from United States ($151B), South Korea ($150B), Japan ($135B), Australia ($123B), and China ($123B).

China is the world's largest manufacturing economy and exporter of goods. However, exports as a percentage of GDP has steadily dropped to just around 20%, reflecting its decreasing importance to the Chinese economy.

The U.S. goods trade deficit with China was $382.3 billion in 2022, a 8.3 percent increase ($29.4 billion) over 2021. U.S. exports of services to China were an estimated $41.5 billion in 2022, 5.2 percent ($2.1 billion) more than 2021, and 39 percent greater than 2012 levels.

How much does China owe the US? ›

Total U.S. Trade in Goods with China

In 2021, U.S. exports to China were $151.1 billion, a 21.4% ($26.6 billion) increase from 2020; the U.S. imports from China were $506.4 billion, a 16.5% ($71.6 billion) increase; and the trade deficit with China was $355.3 billion, a 14.5% ($45.0 billion) increase.

Among its most important export partners are the United States, the European Union and the ten ASEAN member countries, which overtook the U.S. as China's most important export market in 2023, following a drop in U.S. imports from China amid rising tensions.

Not only does China supply a tremendous amount of our consumer and commercial goods, medical supplies, pharmaceuticals, and vital raw materials, but it also controls a huge share of the world's shipping fleet and commercial shipbuilding capabilities.

Foreign exchange reserves may be viewed as a sign of national strength, but also represent a form of forced savings on the people. China was the country with the highest trade surplus of approximately 877.6 billion U.S. dollars as of 2022.

In 2022, it amounted to 3.6% of worldwide exports and 0.7% of global GDP – a level that had yet only been reached in 2015. In absolute terms, China's merchandise trade surplus had reached an all-time high of nearly US $890 billion in 2022.

Considering full 2023, China recorded a current account surplus of USD 253 billion, much lower than a USD 443 billion surplus in 2022. China's current account surplus sharply decreased to USD 55.2 billion in Q4 of 2023 from USD 103.1 billion in the same period the previous year, a preliminary estimate showed.

In the US dollar terms, in 2023, China's current account recorded a surplus of USD 264.2 billion, including a surplus of USD 608.0 billion under trade in goods, a deficit of USD 229.4 billion under trade in services, a deficit of USD 129.6 billion under primary income, and a surplus of USD 15.2 billion under secondary ...