China Export Statistics 2022 — 18 Key Figures
China’s export statistics show you the situation of its export as it is the number one exporter in the world. However, is its export growing?
For this article, we will show you statistical figures that will allow you to know the growth of China’s exports in 2022. Additionally, we will tackle factors that affect its export nowadays.
After reading this article, you will know if its export is slowing or growing in 2022 and next year. Thus, it will allow you to check for opportunities in China regarding its export.
China’s COVID-19 Challenges
The recent lockdowns in Shenzhen and Shanghai have reignited the concerns of supply chain disruption as China’s need to control its recent outbreak of the Omicron variant of the coronavirus.
Many experts expect the effects of the current supply chain disruption on regional shipping networks to be strongly felt in April 2022. Additionally, the closing of road transport networks and some manufacturing operations will remain a source of stress for China. Thus, creating a backlog of shipments that many companies have worked through in April and June of 2022.
The backlog yielded a higher volume of delayed shipments which hit US and European ports up to the third quarter of 2022.
If China will not fully abandon its “zero-covid” policies before the end of 2022, the risk of recurrent disruption to China-based logistics will continue to be felt throughout the year.
Slowing Chinese Exports
An article published by South China Morning Post claims that shipping agents across China are struggling to find cargo during what is normally seen as the peak shipping season ahead of Western Holidays.
The article says that it is happening due to the rapid fall in expected demand which the articles call “plummeting demand” from Europe and the United States for Chinese imports.
One of the ways for China to balance the decline in their net exports is to have an initial rise in investment that is driven by rising business inventories. Thus, the contraction in net exports will match the rise of unwanted investment.
If Chinese exports unexpectedly find themselves unable to sell everything that they produced, the unsold production will accumulate as unwanted inventory. Thus, it is enough to satisfy the identity linking net exports with excess savings, resulting in an increase in investment.
The Future is Unknown for US and China
Neither of the two powerful countries has imposed any new duties since the truce with former President Trump’s trade war in early 2020. However, neither of the two countries has also lifted any trade war tariffs.
This year, the high US inflation created an opening for President Biden’s Administration to offer at least a partial reset of US-China economic policy. Yet, any political will to seize it was impossible as Beijing’s response to Speaker Pelosi’s Taiwan visit was aggressive. Thus, making the trade conditions worse.
Additionally, the United States finished implementing legislation to restrict imports from China’s Xinjiang region due to concerns that products were being made out of forced labor.
The Biden Administration has also chosen not to renew many exclusions to the trade war tariffs that were imposed from 2018 to 2019 that had previously been granted. Thus, the economic effect is essentially a tariff increase.
Today, as commerce is increasingly based on geopolitical blocs, countries like the United States and China may continue to trade but just a lot less than before. Hence, less policy engagement and economic interdependence will carry their own risks, costs, and unknown consequences.
China’s Export Statistical Figures in 2022 That You Should Know
1. China’s main export is an electrical and electronic equipment which accounts for more than 27% of its exports.
2. Exports from China grew by 16.3% year-on-year to $544.7 billion in January and February combined.
3. In March 2022, Exports from China grew 14.7% year-on-year to $276.08 billion.
4. China’s export growth is at 3.9% year-on-year to $273.62 billion in April 2022 which is lower than the previous month.
5. China’s exports grew by almost 16.9% year-on-year to $208.25 billion in May of 2022.
6. In June of 2022, China’s export rose by 17.9% year-on-year to $331.3 billion.
7. China’s exports increased by 18% year-on-year to a seven-month high of $332.96 billion in July 2022.
8. China’s surprisingly strong export growth in July has lifted its trade surplus to another record.
9. The export strength in July is mainly supported by steel products, automobiles, and textile-related products.
10. In August 2022, China’s export unexpectedly grew by 7.1% year-on-year to $314.92 billion.
11. China’s exports rose by 5.7% from a year earlier to $322.76 billion in September 2022.
12. China’s GDP increased by 2.9% year-on-year.
13. In the third quarter of 2022, China’s GDP grew by 3.9% year-on-year.
14. The largest trade partner of China in the third quarter of 2022 remained the ASEAN region which accounts for 15.1% of all imports and exports between the months of January and September.
15. The second largest trade partner of China is the European Union (EU) which accounts for 13.6% of all imports and exports in 2022.
16. The United States is the largest export market and the third largest trade partner of China. Thus, making the exports grow by 10.1%,
17. The fourth largest trade partner of China is South Korea which accounts for more than 5.8% of its total imports and exports.
18. Mechanical and electrical products accounted for 56.8% of all exports from January to September of 2022.
+ What country is the largest exporter of goods in the world?
China is the leading exporter of goods in the world.
+ What is the US-China trade war?
This is when both countries have imposed additional tariffs on goods with each other.
+ What is the largest port in the world?
The Port of Shanghai in China is the largest port in the world.
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