China: Facts, Events, Opinions (05/2023/257)

chiny24.com 2 years ago

Chinese abroad trade in 2022

The last period of the past year is simply a succession of China's further economical "suffocation" of inheritances which began in October and caused 4th 4th of 2022 to be hard to classify as successful, but even under these circumstances Chinese abroad trade is inactive holding tight. In 2022 there were many fresh records.

The Chinese abroad trade in yuan for the first time in the past of the PRC exceeded the value of 40 trillion RMB (42.07 trillion RMB, or about 27.18 trillion PLN). This is 7.7% more than in 2021.

Last year's abroad trade turnover in US dollars amounted to USD 6.31 trillion (about PLN 27.33 trillion), an increase of 4.4% y/y.

These results mean that China is the planet leader of abroad trade 6 years in a row.

Chinese exports reached 3.59 trillion USD in 2022 (approx. PLN 15.56 trillion), while imports of 2.72 trillion USD (approx. PLN 111.76 trillion).

China is the largest exporter in the planet for 14 consecutive years. Their participation in global exports was 14.7% in 2022.

Once again, China has gained a surplus in the trade balance. Last year it amounted to over $877.6 billion (about PLN 3.8 trillion). It's a historical record.

China's exports are dominated by highly processed goods, energy equipment, electronics, machines and their parts. In 2022 they accounted for 49.1% of Chinese exports. peculiarly strong growth has been reported in exports:

solar panels (by 67.8% y/y),
lithium batteries (86.7% y/y) and
cars (by 82.2% y/y).

Labour-intensive products (requiring dense human labour) accounted for only 17.9% of all Chinese exports in 2022.

Data: General Administration nonsubjective of China (chin. 中国海关总署). Number Recording strategy – Chinese (based on Anglo-Saxon)

Last year, Chinese imports dominated energy resources: oil, gas, coal. Imports of copper, medical materials and pharmaceutical products increased by 17.6%. Imports of agricultural products (by 10.8% y/y) which account for 8.7% of the country's full imports increased greatly. It should be stressed that China presently imports mainly goods that are utilized to manufacture products that are exported in the vast majority are not consumed in China itself.

China's most crucial trading partner for 3 years has been the Southeast Asian States (ASEAN). The second is the European Union, the 3rd US, which is besides the largest single partner country in Chinese abroad trade.

Data: General Administration nonsubjective of China (chin. 中国海关总署). Number Recording strategy – Chinese (based on Anglo-Saxon)

Trade China – USA 2022

Last year's trade turnover of China from the US amounted to USD 759,43 billion (about PLN 3,29 trillion), including:

export USD 581.78 billion (about PLN 2.53 trillion),
import USD 177.64 billion (about PLN 769.44 billion).

China has again obtained a affirmative trade balance in trade with the US, this time at USD 404.14 billion (about PLN 1.75 trillion), i.e. within the limits that have persisted for many years and contain between USD 400 and 500 billion. This is besides the highest surplus in China's relations with the most crucial trading partners. It is worth recalling that for over 6 years the United States administration has imposed further sanctions, prohibitions, criminal import duties, etc., etc.

China trade – Russia 2022

Last year China's trade turnover with Russia amounted to USD 190.27 billion (about PLN 824.15 billion), which means an increase of 29.3% y/y. The dominant component in this commercial relation is Chinese imports of energy natural materials, which amounted to USD 114.15 billion (about PLN 494.43 billion) – an increase of 43.4% y/y. China besides increased its exports to Russia by 12.8% y/y, reaching an income of USD 76.12 billion (approximately PLN 329.72 billion). In 2022 Russia gained a surplus in trade with China worth over USD 38 billion (about PLN 164.59 billion).

China's most crucial trade directions 2022

The most crucial directions of Chinese exports in 2022 (volumen and valuable) were the United States, Hong Kong and Japan. In import, the most crucial sources were Taiwan, South Korea and Japan. The biggest growth dynamics was exports to Singapore and imports from Russia. Imports from India decreased to the top degree (percentage).

China's abroad trade related in 2022 was 598 000 Chinese companies, of which 50.9% were private companies. abroad trade is presently generating nearly 25% of China's GDP growth.