What are the major commodities in China?
The nations economy is ranked #2 in the world after the United States, but China has been the world's #1 biggest exporter of goods since 2009. China accounts for a significant proportion of global trade in natural resources such as aluminum, coal, copper, and iron ore.
The nations economy is ranked #2 in the world after the United States, but China has been the world's #1 biggest exporter of goods since 2009. China accounts for a significant proportion of global trade in natural resources such as aluminum, coal, copper, and iron ore.
Exports The top exports of China are Broadcasting Equipment ($231B), Computers ($192B), Integrated Circuits ($158B), Office Machine Parts ($101B), and Telephones ($53.9B), exporting mostly to United States ($530B), Hong Kong ($323B), Japan ($168B), South Korea ($140B), and Germany ($134B).
The great bulk of China's exports consists of manufactured goods, of which electrical and electronic machinery and equipment and clothing, textiles, and footwear are by far the most important. Agricultural products, chemicals, and fuels are also significant exports.
- Electrical Machinery and Equipment – US$644.7 billion (23.7% of total imports to China)
- Mineral Fuels – US$535.3 billion (19.7% of total imports)
- Ores – US$224.7 billion (8.3% of total imports)
- Machinery including Computers – US$202.1 billion (7.4% of total imports)
The country is now one of the largest producers and consumers of a wide range of commodities, including oil, steel, copper, corn, wheat and soybean.
- Electrical Machinery and Equipment – US$804.5 billion (26.6% of total exports from China)
- Machinery including Computers – US$492.3 billion (16.3% of total exports)
- Furniture, Bedding, Lighting, Signs & Prefabricated Buildings – US$126.3 billion (4.2% of total exports)
| Top Six Export Product Groups in 2022 | |
|---|---|
| Electrical machinery & equipment | $954.8 billion |
| Machinery, including computers | $552 billion |
| Vehicles | $150.2 billion |
| Plastics | $143.5 billion |
In addition to its low labor costs, China has become known as "the world's factory" because of its strong business ecosystem, lack of regulatory compliance, low taxes and duties, and competitive currency practices. Here we review each of these key factors.
Machinery such as computers, broadcasting technology, and telephones as well as transport equipment make up the largest part of Chinese exports. This category amounted to approximately 1.69 trillion U.S. dollars in export value in 2022.
Who is China's biggest trading partner?
In 2021, China major trading partner countries for exports were United States, Hong Kong, China, Japan, Korea, Rep. and Vietnam and for imports they were Other Asia, nes, Korea, Rep., Japan, United States and Australia.
| China Exports By Country | Value | Year |
|---|---|---|
| United States | $582.76B | 2022 |
| Hong Kong | $297.54B | 2022 |
| Japan | $172.93B | 2022 |
| South Korea | $162.62B | 2022 |
China is the world's biggest importer of a number of agricultural products, including meat, dairy, soybeans and corn.
Mechanical and electronic products made up 40 percent of the country's goods imports. In 2022, China's major import products included integrated circuits, crude oil, and iron ore. China's agricultural sector has been increasingly relying on imports in the last few years as well.
China's main exports include Electrical and electronic equipment (27%), machinery, nuclear reactors, boilers (16%), furniture, lighting signs, prefabricated buildings (4,1%), plastics (3,9%), toys (3%), optical, photo, technical, medical apparatus (2,9%), vehicles other than railway, tramway (3.6%), articles of iron ...
Natural resources include coal, iron ore, petroleum, natural gas, mercury, tin, tungsten, antimony, manganese, molybdenum, vanadium, magnetite, aluminum, lead, zinc, uranium, and the world's largest hydropower potential.
From these beginnings developed interactions with civilizations across Asia and consequently the exchange of goods, especially of China's most precious commodity, silk.
History of the Dalian Exchange
It is a non-profit, self-regulating entity with about 200 members and over 160,000 investors. The exchange has the largest volume of any commodities exchange in China, in part due to the fact that the exchange is an important venue for the circulation of soybeans grown in mainland China.
In 2021, the U.S. government estimated Buddhists comprise 18.2 percent of the country's total population, Christians 5.1 percent, Muslims 1.8 percent, followers of folk religions 21.9 percent, and atheists or unaffiliated persons 52.2 percent, with Hindus, Jews, and Taoists comprising less than 1 percent.
China is the largest trading partner to Japan, South Korea, Vietnam, and Taiwan. Given their proximity, those countries are hardly a surprise. But it is also the top trader with Russia—and Ukraine.
What is the minimum wage in China?
Minimum wages in China continue to rise. As of January 30, 2024, Shanghai has the highest monthly minimum wage among 31 provinces (RMB 2,690/US$370 per month), and Beijing has the highest hourly minimum wage (RMB 26.4/US$3.7 per hour).
1. Electronics and High-Tech Gadgets. China is renowned for its prowess in manufacturing consumer electronics and high-tech gadgets. With a booming tech industry and a vast network of suppliers, importing electronics from China can be highly lucrative.
Undoubtedly, the most valuable products have to be their crafts, because China is known worldwide for its ceramics, especially its porcelain. Also for its embroidery, chopsticks and for its great variety of teas. Most of these products can be found in cities such as Beijing, Shanghai or Hong Kong.
- Services. China's services sector represents more than 54% of the economic output in 2020. ...
- Manufacturing. China's manufacturing and industrial sector represented nearly 38% of China's GDP in 2020. ...
- Agriculture.
