China International Trade Profile and Analysisby Amit Singh Import Globals
China is one of the booming manufacturing and economic hubs in the world. With developing political endeavours and stringent economic measures, the country has managed to overcome its colonial and war-torn past and emerge as a truly global economy of the 21st century with growing rates averaging over 10% for 30 consecutive years.
It is said about a third of all domestic products all across the global households are manufactured by China. A majority of products used by Indian households are from China. China has state-of-the-art and highly modernized, sophisticated and efficient industrial process. With trade routes spread all across the globe, the country is expected to retain its position as a global trading power house.
Relation of China with India
Both India and China are neighbours along India’s northern and north-eastern frontiers. However after subsequent border standoffs in Ladakh and Doklam region, political ties between two nations have been wracked in trouble. India has banned domestic operations of Chinese telecom companies and Chinese apps.
India suffers huge trade deficit with China at over $50 billion for the year 2021. This deficit is a concern for Indian traders as the economy is overly dependent on raw materials that come from China. As per the China Export Data, the leading Chinese exports to India are computer hardware, telecom instruments and organic chemicals.
China Export Analysis
The size of Chinese population has helped catapult its rapid economic development. The major trading partners of China are United States, Hong Kong, Japan, Vietnam, South Korea, and European Union. The top export commodities are machinery and related apparatus, fuels, electrical and electronic equipment, furniture, plastics, vehicles and chemicals.
China Import Analysis
China is an enormous nation with immense reserves of capital, human resource and mineral. The leading import partners of China are Japan, South Korea, Australia, United States and Germany. As per China Import Data the top import commodities are electrical equipment, mineral oils, machinery, slag and ores, optical apparatus and pharmaceuticals.
China and World
The government of China has extended risky and hefty lines of credit to nations in Africa, Central Asia, Eastern Europe and South America. Imports to India from China reached approximately $100 billion for the first time in the year 2021 as the import of electrical and electronic goods, especially smart phones, machinery, fertilizers and speciality chemicals including active pharmaceutical ingredients witnessed huge surge.
As per China Custom data, the value of goods imported by India from China crossed the total bilateral trade in the year 2019. Imports were up by 30% from 2019 while India’s exports to China amounting to $28.1 billion were up by as much as 56% from two years ago.
The country was United States 3rd largest goods exports market in 2020. US goods exports to China were $124.5 billion and total exports of agricultural goods to China valued $26.5 billion in 2020. China is a developed economy that has invested huge amount on innovations and new developments. The country is gearing to become the super power with its cutting-edge technology and cost-effective products.
Created on Jan 30th 2022 09:27. Viewed 226 times.
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