In the first 10 months of 2024, the Chinese mainland's total imports and exports reached 36.02 trillion yuan ($5 trillion), setting a new record for the period. Despite complex and challenging global trade conditions, the stable growth of foreign trade underscores the resilience and vitality of the Chinese mainland's industrial and supply chains, serving as a crucial pillar for the country's economic recovery and improvement.
The Chinese mainland's total foreign trade volume is immense, establishing a competitive edge for its industrial and supply chains. In 2023, the total imports and exports amounted to $5.9368 trillion, accounting for 12.6 percent of the global total. Specifically, exports stood at $3.38 trillion, making up 14.2 percent of global goods exports and securing the Chinese mainland's position as the world's largest exporter for the 15th consecutive year. In comparison, the United States reported imports and exports of $5.1631 trillion for the same period, contributing 10.9 percent of the global total, with exports totaling $2.0195 trillion, or 8.5 percent of the global total. This comparison highlights the Chinese mainland's leading edge in foreign trade scale, especially in exports. The sheer size and scale of foreign trade have empowered the Chinese mainland's industrial and supply chains, making the country the primary trading partner for over 150 countries and regions and an irreplaceable player in the global economic and trade landscape.
The Chinese mainland's foreign trade is characterized by a comprehensive range of product categories, showcasing the strengths of its industrial and supply chains. It boasts the most extensive industrial classifications globally, being the only country with all 41 major industrial categories, 207 medium industrial categories, and 666 industrial subcategories, according to the United Nations' industrial classifications. This comprehensive classification allows the Chinese mainland to provide a diverse array of products to countries worldwide, from small items like screws to large ones like aerospace rockets, reinforcing its reputation as the \"world's factory.\" Furthermore, leveraging its extensive industrial sectors, the Chinese mainland's export products enjoy significant cost advantages. These advantages extend beyond production costs, reflecting the well-developed and efficient industrial and supply chains that enable industries to meet the product demands of buyers from various countries swiftly, further highlighting their efficiency and strength.
Reference(s):
Growth in trade demonstrates vitality of China's supply chains
cgtn.com
