China Trade and Export Update (2022 Edition)

According to JETRO's trade statistics database, Global Trade Atlas, China's exports to the United States in the first half of 2022 increased 15.7% from the same period last year to $292.81 billion, while China's imports from the United States increased 3.7% to $91.2237 billion.

Exports to the US slow down as people stay at home

Exports from China to the United States in the first half of 2022 increased 15.7% year-on-year to $292.81 billion. This is the fourth consecutive quarter of double-digit growth since the second half of 2020, but the growth rate is still on a downward trend.

The share of the United States in China's exports in the first half of the year was roughly the same as for the whole of last year, but the United States remains China's largest export destination, unchanged from 2014. Most of the top 15 export items saw an increase in exports, but items such as "notebook computers," which had been driving exports during the COVID-19 pandemic, only saw a slight increase.

Main export items to the US in 2022

The main export items to the United States in 2022 are as follows:

1st place: Notebook PC (weight under 10 kg)

2nd place: Smartphones

3rd place: Toys

4th place: Lithium-ion battery

5th place: Data (voice, image, etc.) reception, conversion, transmission, and playback machines

6th place: Small parcels below a certain amount

China's main trade items

So far we have looked at China's trade with the United States, but what are the overall trade items? China's main trade items include electrical equipment, general machinery, precision instruments, etc. See below for details on exports and imports.

export

Looking at China's major exports, they are electrical equipment (telephones, integrated circuits, televisions and monitors), general machinery (automatic data processing machines, office equipment parts, printers), furniture, clothing, and precision machinery (liquid crystal devices, medical equipment, automatic adjustment equipment). Machinery items account for the majority, but light industrial products also rank highly.

Import

On the other hand, China's main imports include machinery such as electrical equipment (integrated circuits), general machinery (automatic data processing machines, semiconductor manufacturing equipment, office machine parts), and precision machinery (liquid crystal devices), as well as resources such as mineral fuels and ores, and food such as soybeans.

China's main trading partners

So far we have looked at China's main trade items, but what countries are China's trading partners? As you might expect, China's main trading partners include the United States and Japan. See below for details on exports and imports.

export

China's main export destinations include the United States, Hong Kong, Japan, and South Korea. Of the total share, the United States accounts for about 20% and Hong Kong for about 10%. Countries other than the top four countries account for about 60%.

Import

China's main import partners include South Korea, Japan, the United States, Germany, Australia, etc. Of the total share, the top three countries each account for 10%, while countries other than the top five account for about 60%.

Japan-China trade

What is the current situation regarding Japan-China trade? For Japan, China is one of the most important trading partners. For China, Japan is the second largest trading partner after the United States. The number of overseas bases of Japanese companies in China is greater than in any other country, and the relationship between the Japanese and Chinese economies is becoming increasingly close.

Japan-China trade volume

Based on Japan's Ministry of Finance trade statistics and China's customs statistics compiled by JETRO, total trade volume for Japan-China trade in 2021 on a bilateral import basis increased 15.1% year-on-year to $391,440,490,000. This is the first year-on-year increase in three years since 2018, and the first record high in 10 years since 2011 ($378,424,900,000).

Exports (China's imports from Japan, same below) increased 17.1% from the previous year to $206,153,120,000, while imports increased 12.9% to $185,287,360,000. As a result, Japan's trade balance with China was a surplus of $20,865,760,000, marking the fifth consecutive year of surplus.

Main trade items

Japan's exports to China include electrical equipment, which accounts for about 40% of the total, as well as machinery, precision instruments, vehicles, and plastics.

Japan's imports from China include electrical equipment, machinery, clothing and accessories, vehicles, and textiles, which account for about 40% of the total, just like export items.

If you want to start trading with Japan, use DigiTrad

This time, we brought you "Basic knowledge of China trade and exports (updated 2022)".

STANDAGE uses its own trade cloud service to provide "Digitrad", a service that can "completely" handle trade for small and medium-sized enterprises. "Digitrad" allows you to develop overseas sales channels at low cost thanks to the application of IT introduction subsidies. We can also handle small-scale, low-value trade and domestic purchases that cannot be done by large trading companies, so please feel free to contact us.

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