Phones, computers and electronic integrated circuits were the top products exported by China in 2022, according to data from the World Trade Organization (WTO).
But Chinese exports of these three products recorded year-on-year declines of -8%, -8% and -1%, respectively.
With these results, China’s external sales of telephones totaled US$238 billion in 2022, those of computers totaled US$188 billion and those of electronic integrated circuits amounted to US$155 billion.
The People’s Republic of China (PRC) is the world’s second largest economy by gross domestic product (GDP), a position it has held since 2010.
While consumption and services have been an emphasis in its industrial policies, the PRC government continues to preserve investment and manufacturing as the main components of its economy, refers the U.S. Department of Commerce.
Top products exported
The PRC’s economy is larger than those of the next four economies (Japan, Germany, the United Kingdom and India) combined.
Its largest province, Guangdong, has a nominal GDP larger than that of Canada. Or, the Yangtze River Delta, centered around Shanghai, has a GDP roughly the size of Germany.
Other Chinese exported products that stood out in 2022 were: diodes and transistors ($66 billion, +35%), electrical accumulators ($57 billion, +70%) and tractor parts ($50 billion, +9 percent).
The list of the top 10 exported products is completed as follows: tricycles, scooters and toy pedal cars ($48 billion, +5%), petroleum oils except crude oil ($48 billion, +49%), electrical transformers ($47 billion, +20%), lighting fixtures ($46 billion, -7 percent).
After nearly 30 years of unprecedented growth, the People’s Republic of China now faces a slowing economy, notes Riverbridge Growth Fund.
The property market, which many observers believed to be inflated, has begun to decline.
Local governments, which had borrowed heavily to fuel growth, face a large debt burden and limited revenue sources.
As a result, demand for Chinese exports from the United States and countries in Europe, and demand for Chinese imports from those countries, may weaken due to the effects of more limited economic growth.
In addition, Chinese actions to reclaim disputed islands have damaged relations with China’s regional trading partners and could cause further disruptions in regional and international trade.
