Exports and Imports

Exports - China ranked 3rd in the World

$1.435 trillion (2008 est.)
$1.22 trillion (2007 est.)

Export Commodities

  • Electrical and other machinery, including data processing equipment
  • Apparel
  • Textiles
  • Iron and steel
  • Optical and medical equipment

Export Partners (2008)

  • US 18.6%
  • Hong Kong 12.7%
  • Japan 8.2%
  • South Korea 5.1%
  • Germany 4.2%

Imports - China ranked 4th in the World

$1.074 trillion (2008 est.)
$904.6 billion (2007 est.)

Import Commodities

  • Electrical and other machinery
  • Oil and mineral fuels
  • Optical and medical equipment
  • Metal ores
  • Plastics
  • Organic chemicals

Import Partners (2008)

  • Japan 12.2%
  • South Korea 10%
  • US 6.6%
  • Hong Kong 4.9%
  • Germany 4.5%

Before economic reforms began at the end of 1978, China conducted minimal trade with the outside world, exporting just enough raw materials and simple manufactured goods to cover payments for imports of strategic minerals and other necessities not available at home.

Deng Xiaoping's policy of opening up to the outside world produced a steady increase in China's trade with the rest of the world. During the 1980s, the value of imports exceeded that of exports as capital goods were brought in to equip manufacturing industry. During the 1989-91 slowdown, demand for imports fell below that of exports, and China's external trade has since remained in surplus (except in 1993), resulting in the accumulation of a mountain of foreign exchange reserves.

In 2004, total two-way trade was valued at US$1.154.8 billion, an increase of 35.7% year on year. Merchandise exports rose 35.4% to US$593.4 billion while imports increased at almost the same rate, by 36%, to reach US$561.4 billion, leaving a trade surplus of US$32 billion, 25.3% higher than in 2003. While export growth remained buoyant as US consumption continued to expand, the manufacturing boom in China sucked in increasing quantities of production inputs, including fuels.

 

Others

Reserves of foreign exchange and gold - China ranked 1st in the World

$1.968 trillion (31 December 2008 est.)
$1.534 trillion (31 December 2007 est.)

External Debt - China ranked 20th in the World

$379.8 billion (31 December 2008 est.)

Stock of direct foreign investment (Local) - China ranked 7th in the World

$758.9 billion (2007 est.)

Stock of direct foreign investment (Abroad) - China ranked 22nd in the World

$149.3 billion (31 December 2008 est.)
$95.8 billion (31 December 2007 est.)

Exchange rates - Renminbi yuan (RMB) per US dollar

  • 6.9385 (2008 est.)
  • 7.61 (2007)
  • 7.97 (2006)
  • 8.1943 (2005)
  • 8.2768 (2004)