Annual growth rate of imported goods in China 2010-2020
In 2020, goods imports to China decreased by about 0.7 percent compared to the previous year. This indicated a significant import trade slowdown.
Goods import to China
In 2020, China’s total international trade value reached 32.15 trillion yuan, comprised of 17.93 trillion yuan merchandise export value and 14.22 trillion yuan import value. Imports accounted for nearly 14 percent of the gross domestic product (GDP) that year.
China is the world’s third largest merchandise importer after the United States and the European Union. Among the country’s major import goods are integrated circuits, crude oil, iron ore, plastics in primary forms, and motor vehicles. However, rolled steel was the fastest growing product category in 2020, in terms of import volume.
The ASEAN and the European Union were the major regions exporting to China in 2020, each accounting for over 12 percent of China’s total imports. The closest neighbors – South Korea, Taiwan, and Japan – each covered around eight percent of the total import value, followed by the United States with a share of approximately six percent.
Import growth
The last month of 2019 witnessed a surge in Chinese import growth, however, it was caused more by the higher import prices than growing import volume. On the other hand, it is likely that the positive progress in the China-U.S. trade talks is boosting corporate confidence and pickup in domestic demand. China has also promised to expand imports of American goods which might still affect the overall import growth in the future.
Goods import to China
In 2020, China’s total international trade value reached 32.15 trillion yuan, comprised of 17.93 trillion yuan merchandise export value and 14.22 trillion yuan import value. Imports accounted for nearly 14 percent of the gross domestic product (GDP) that year.
China is the world’s third largest merchandise importer after the United States and the European Union. Among the country’s major import goods are integrated circuits, crude oil, iron ore, plastics in primary forms, and motor vehicles. However, rolled steel was the fastest growing product category in 2020, in terms of import volume.
The ASEAN and the European Union were the major regions exporting to China in 2020, each accounting for over 12 percent of China’s total imports. The closest neighbors – South Korea, Taiwan, and Japan – each covered around eight percent of the total import value, followed by the United States with a share of approximately six percent.
Import growth
The last month of 2019 witnessed a surge in Chinese import growth, however, it was caused more by the higher import prices than growing import volume. On the other hand, it is likely that the positive progress in the China-U.S. trade talks is boosting corporate confidence and pickup in domestic demand. China has also promised to expand imports of American goods which might still affect the overall import growth in the future.
