In the first 10 months of 2024, China’s total imports and exports reached a record 36.02 trillion yuan ($5 trillion). Amid complex and challenging global trade conditions, this stable growth demonstrates the resilience and vitality of China’s industrial and supply chains, serving as a crucial pillar for the country’s economic recovery and improvement.
China’s massive foreign trade volume establishes a competitive edge for its industrial and supply chains. In 2023, the country’s total imports and exports amounted to $5.9368 trillion, accounting for 12.6 percent of the global total. Specifically, exports stood at $3.38 trillion, making up 14.2 percent of global goods exports and securing China’s position as the world’s largest exporter for the 15th consecutive year.
By comparison, the United States reported imports and exports of $5.1631 trillion during the same period, contributing 10.9 percent to the global total. Its exports totaled $2.0195 trillion, representing 8.5 percent of the global total. Compared with the U.S., China maintains a leading edge in foreign trade scale, especially in exports. The sheer size and scale of China’s foreign trade have empowered its industrial and supply chains with significant strength, making the country the primary trading partner for over 150 countries and regions and an irreplaceable player in the global economic and trade landscape.
China’s foreign trade is characterized by a comprehensive range of product categories, showcasing the advantages of its industrial and supply chains. The country boasts the most complete industrial classifications globally, being the only nation with all 41 major industrial categories, 207 medium industrial categories, and 666 industrial subcategories, according to the United Nations’ industrial classifications.
This extensive industrial base allows China to provide a vast variety of products to countries worldwide. From tiny screws to large aerospace rockets, foreign buyers can find virtually any product they need in China, cementing its reputation as the ‘world’s factory.’
Moreover, China’s export products enjoy significant cost advantages, not only in production costs but also in its well-developed and efficient industrial and supply chains. These advantages enable Chinese industries to meet the product demands of buyers from various countries promptly, further highlighting their strength in efficiency.
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Growth in trade demonstrates vitality of China's supply chains
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