Value of exports from China by month 2017-2020
In December 2020, Chinese exports amounted to around 281.9 billion U.S. dollars. This indicated an increase in exports compared to the same period of the previous year.
Export trade in China
China overtook the United States as the world’s largest trading nation in 2013, when China’s export value of goods hit a record high of roughly two trillion U.S. dollars. According to the IMF, China’s total gross domestic product (GDP) had ranged at over nine trillion U.S. dollars that year. Thus, exports of goods had accounted for more than 24 percent of China’s total economic output in 2013. Meanwhile, China’s trade surplus amounted to 259 billion U.S. dollars and surged to record high of 594 billion U.S. dollars in 2015.
Since the implementation of various reform strategies in 1979, China’s economic development has largely profited from its export-led growth strategy. In 2019, the most important export partners for China were the European Union and the United States. Automatic data processing machines, textiles, and mobile phones were among China’s top export goods. It is noticeable that China’s comparative advantage nowadays lies not only in labor-intensive manufactured goods. Over the past years, China has steadily moved up the global value chain by increasing the export share of high technology products such as computers and power devices.
China has been frequently accused of currency manipulation by other countries. The country is criticized for deliberately keeping its currency yuan undervalued, in order to give Chinese goods export advantages.
Export trade in China
China overtook the United States as the world’s largest trading nation in 2013, when China’s export value of goods hit a record high of roughly two trillion U.S. dollars. According to the IMF, China’s total gross domestic product (GDP) had ranged at over nine trillion U.S. dollars that year. Thus, exports of goods had accounted for more than 24 percent of China’s total economic output in 2013. Meanwhile, China’s trade surplus amounted to 259 billion U.S. dollars and surged to record high of 594 billion U.S. dollars in 2015.
Since the implementation of various reform strategies in 1979, China’s economic development has largely profited from its export-led growth strategy. In 2019, the most important export partners for China were the European Union and the United States. Automatic data processing machines, textiles, and mobile phones were among China’s top export goods. It is noticeable that China’s comparative advantage nowadays lies not only in labor-intensive manufactured goods. Over the past years, China has steadily moved up the global value chain by increasing the export share of high technology products such as computers and power devices.
China has been frequently accused of currency manipulation by other countries. The country is criticized for deliberately keeping its currency yuan undervalued, in order to give Chinese goods export advantages.
