China’s international trade relations – additional information
In 2012, China surpassed the United States to become to the world’s largest trading country in terms of export sums and imports of goods. As of 2013, while the United States remained the largest import nation with an import value of around 2.3 trillion U.S. dollars, China ranked first in global exports with an export value of some 2.2 trillion US dollars.
According to the National Bureau of Statistics of China, Hong Kong was the most important export partner of China as of 2013. Hong Kong plays a unique role in intermediating and facilitating trade between China and the rest of the world. Mainland Chinese companies sell goods to Hong Kong which re-exports them at marked up prices. In 2013, more than 98 percent of exports from Hong Kong were re-exports.
The United States was the most significant export partner of China as of 2015 with a share in total exports of about 18 percent. China is also one of the United States’ most potential markets for exports. As of 2013, exports from the United States to China had expanded more than fivefold since China joined the World Trade Organization in 2001.
The European Union (EU) was the third largest export partner of China in 2013. Exports to the EU were dominated by industrial and consumer goods such as machinery and equipment, as well as footwear and clothing. Chinese imports from the EU are mainly machinery and equipment, chemical products and motor vehicles. The