Is China the World’s Top Trader?
Is China the World’s Top Trader?Top
Over the past several decades, Chinese trade has expanded at a breakneck pace. In 1995, the value of China’s imports and exports of goods totaled $280.9 billion or 3 percent of global trade. By 2018, its total trade in goods had jumped to $4.6 trillion or 12.4 percent of global trade. The US is the world’s second-largest trader at 11.5 percent of total trade, followed by Germany at 7.7 percent.
The World’s Top Traders (2018)
| Countries | Import (Millions $) | % of Global Imports | Export (Millions $) | % of Global Exports | | China | 2,134,982 | 11.37 | 2,494,230 | 13.45 |
| US | 2,611,432 | 13.92 | 1,665,302 | 8.98 |
| Germany | 1,292,726 | 6.69 | 1,562,418 | 8.43 |
| Source: UN Comtrade |
The value of China’s exports in goods annually surpasses the amount it imports from the rest of the world.1 In 2018, China exported $2.49 trillion in goods while it imported $2.13 trillion. The majority of China’s surplus comes from trade with the US and Hong Kong. Despite significant trade tensions between Beijing and Washington, China’s trade with the US expanded in 2018 compared to 2017, and its exports to the US reached record levels. China exported $480 billion worth of goods to the US in 2018 (19 percent of all its exports), but only imported $156 billion (7.3 percent of all its imports). In the case of Hong Kong, China exported $303 billion in 2017 (12.2 percent of total exports) and imported just $9 billion (0.4 percent of total imports).
The stacked area chart below depicts the value of China’s imports and exports with the world. The trend line represents China’s global trade balance. Hover over the interactive to see additional details.
China’s Global Trade Balance
China’s trade with the rest of the world is more balanced. When excluding trade with the US and Hong Kong, China exported $1.71 trillion and imported $1.97 trillion in goods in 2018. Use the tool below to explore China’s trade surplus with key partners besides the US and Hong Kong. The interactive can also be used to explore the economies with which China has a trade deficit, such as South Korea. The “customize” option allows users to compare up to nine trading partners of interest.
Breaking Down the Rest of China’s Trade
Explore China’s bilateral trade. Sort by:
To view the full dataset, please view on a desktop computer.
It is also important to consider the value of China’s trade in services. As China’s economy has matured, the demand for services has grown. Between 2000 and 2017, the value of services imported by China grew from $36 billion to $470 billion.
China’s Trade in Services
Much of these services come from advanced economies. In 2017, China’s trade in services with the US totaled $75 billion, which makes up between 10-12 percent of total trade between the two economic powerhouses. In contrast to their trade in goods, trade in services tips heavily in favor of the US. China imported $57.6 billion in services from the US in 2017 while it exported only $17.4 billion to the US.
Hong Kong and the European Union are also major services providers. Services imports from Hong Kong hit $39.6 billion in 2017. China imported $42.9 billion in services from the EU in 2016.
FAQs
The World's Top Traders (2018)
Is China the world's top trader? ›
Even so, China continued to play an outsized role in the global economy, accounting for 18% of global GDP and is regarded still as the world's largest trading economy.
Who is the biggest trader country in the world? ›
The United States is the 2nd largest goods exporter in the world, behind only China. U.S. goods exports to the world totaled $2.1 trillion in 2022, up 17.5 percent ($307.3 billion) from 2021.
What is the rank of China in trade? ›
Yearly Trade
In 2022, China exported a total of $3.73T, making it the number 1 exporter in the world. During the last five reported years the exports of China have changed by $1.17T from $2.56T in 2017 to $3.73T in 2022.
Who dominates world trade? ›
Who dominates global trade? It is well recognised that China has become the world's largest trading nation. Less appreciated is the effect this has had in displacing the United States from its traditional dominance as a trading partner for other countries around the world.
Who is the top 1 trader? ›
Top Traders in India: Navigating the Market with Skill and Strategy
- Top 10 Traders in India.
- Premji and Associates. ...
- Radhakrishnan Damani. ...
- Rakesh Jhunjhunwala. ...
- Raamdeo Agrawal. ...
- Mukul Agrawal. ...
- Sunil Singhania. ...
- Ashish Dhawan.
China, Canada and Mexico are the country's largest trading partners, accounting for nearly $1.9 trillion worth of imports and exports.
Who is China's biggest trading partner? ›
China top 5 Export and Import partners
| Market | Trade (US$ Mil) | Partner share(%) |
|---|
| United States | 577,125 | 17.16 |
| Hong Kong, China | 349,442 | 10.39 |
| Japan | 165,823 | 4.93 |
| Korea, Rep. | 148,847 | 4.43 |
1 more rowTrade In January 2024, the top exports of United States to China were Soybeans ($3.46B), Crude Petroleum ($676M), Petroleum Gas ($481M), Integrated Circuits ($469M), and Packaged Medicaments ($443M).
What does China supply to the world? ›
The People's Republic of China is the largest exporter of goods in the world, with a total export value for 2022 of $3.71 trillion. The nation claimed the top spot in 2009. Phones, including smartphones were the primary product export in 2022, with an export value of $238.08 billion.
China's main innovation strengths are Creative goods exports, % total trade (rank 1), Domestic market scale, bn PPP$ (rank 1) and Labor productivity growth, % (rank 1).
What is China ranked number 1 in? ›
China is the highest ranked country on two measures: economic relationships and diplomatic influence. China has consistently led the Index's ranking for economic relationships, reflecting its strong trade and investment ties with other countries in the region.
Where does China get most of its money? ›
Driven by industrial production and manufacturing exports, China's GDP is actually now the largest in terms of purchasing power parity (PPP) equivalence. Despite this growth, China's economy remains strictly controlled by its government where there are accusations of corruption, unfair dealings, and falsified data.
What would happen if the US stopped trading with China? ›
The costs to the U.S. economy if we were to prohibit domestic companies (impacting companies such as GE, Honeywell, Collins, and Parker Aerospace) from engaging with COMAC would be significant: The U.S. Chamber of Commerce estimates that losing access to China's aviation market would translate into a loss of $38 ...
How much does the world rely on China? ›
According to the World Bank, China's $18 trillion economy accounts for just under 18 percent of global GDP, making it the world's second-largest economy after the United States, which accounts for about 25 percent.
Who controls US trade? ›
The Office of the United States Trade Representative (USTR) was created in 1962 to advise the President on trade issues, lead international trade negotiations, and oversee the resolution of disputes, enforcement actions and other matters before global trade policy organizations such as the World Trade Organization.
How much of the world's trade is China? ›
Over the past several decades, Chinese trade has expanded at a breakneck pace. In 1995, the value of China's imports and exports of goods totaled $280.9 billion or 3 percent of global trade. By 2018, its total trade in goods had jumped to $4.6 trillion or 12.4 percent of global trade.
What percentage of world trade is China? ›
As a result, China's share of global trade increased further during 2020, to nearly 15%. In 2021, China's trade recovery from the crisis has been impressive. In the first quarter of this year, its exports surged by almost 50% year-over-year, to about $710 billion.
Which country has the most trading? ›
This statistic shows the 20 countries with the highest trade surplus worldwide in 2022. In 2022, China was the country with the highest trade surplus with approximately 877.6 billion U.S. dollars. Typically a trade surplus indicates a sign of economic success and a trade deficit indicates an economic weakness.
