The United States, Hong Kong, Japan and Vietnam were, in descending order, the top destinations for Chinese exports of goods in 2023.
How much were the amounts of each of those shipments, according to data from the General Administration of Customs of China?
Chinese exports to the U.S. market totaled $502.004 million (down 13.9 percent year-on-year), while to Hong Kong they totaled $276.416 million (-7.1 percent).
China sells telephones, computers, electronic integrated circuits, cars, electric batteries, accumulators and petroleum oils to the world, among many other products.
On the other hand, Chinese shipments to Japan and Vietnam had year-on-year declines of 8.9 and 5.9 percent, to $157.584 billion and $138.245 billion, respectively.
In fact, China is the world’s largest exporter, with 3 trillion 388,716 million dollars in 2023, which represents a 5.7% drop, year on year.
Destinations for Chinese exports
While mainland China’s economy has experienced growth, it differs from the economies of most developed countries in many respects, including the level of government involvement, level of development, growth rate, foreign exchange management and fiscal measures and resource allocation.
Although the Chinese government has implemented measures since the late 1970s emphasizing the use of market forces for economic reform, the restructuring of state-owned assets and state-owned enterprises, and the establishment of better corporate governance in business enterprises, a significant portion of productive assets in China are still owned or controlled by the Chinese government.
What were the other major destinations for Chinese exports?
South Korea ($149.257 billion, -8.2%), India ($117.821 billion, -0.6%), Russia ($111.057 billion, +45.9%), Germany (100.633, -13.4%), Netherlands ($100.266 billion, -14.8%), Malaysia ($88.060 billion, -6%), Mexico ($81.501 billion, +5.1%) and Singapore ($77.576 billion, -4-4 percent).
In general, China stands out as a leading economy in the manufacture and export of a wide variety of products, from consumer goods to industrial products.