Based on the average exchange rate for 2019, the Chinese yuan has depreciated by -10.9% against the US dollar since 2015 and retreated by -4.4% from 2018 to 2019. China’s weaker local currency make Chinese exports paid for in stronger US dollars relatively less expensive.
Located in East Asia near key trading partners including Japan, South Korea, Vietnam, India and Singapore, the People’s Republic of China shipped $2.494 trillion worth of goods around the globe in 2018. That dollar amount reflects a 6.5% gain since 2014 and a 10.2% increase from 2017 to 2018.
In addition, China furnished an estimated $266.8 billion worth of international services during 2018 encompassing about $42.3 billion from transport-related and $39.5 billion for travel-related services. The focus of this article is on exported goods.
Given China’s population of 1.385 billion people, its total $2.494 trillion in 2018 exported products translates to about $1,800 for every resident in the East Asian economic powerhouse.
China’s Top 10 Exports
Top 10
The following export product groups categorize the highest dollar value in Chinese global shipments during 2018. Also shown is the percentage share each export category represents in terms of overall exports from China.
- Electrical machinery, equipment: US$664.4 billion (26.6% of total exports)
- Machinery including computers: $430 billion (17.2%)
- Furniture, bedding, lighting, signs, prefab buildings: $96.4 billion (3.9%)
- Plastics, plastic articles: $80.1 billion (3.2%)
- Vehicles: $75.1 billion (3%)
- Knit or crochet clothing, accessories: $73.5 billion (2.9%)
- Clothing, accessories (not knit or crochet): $71.4 billion (2.9%)
- Optical, technical, medical apparatus: $71.4 billion (2.9%)
- Articles of iron or steel: $65.6 billion (2.6%)
- Organic chemicals: $59.8 billion (2.4%)
China’s top 10 exports accounted for approximately two-thirds (67.7%) of the overall value of its global shipments.
Organic chemicals represent the fastest-growing among China’s top 10 export categories from 2017 to 2018, thanks to a 20.2% gain. In second place for improving export sales was the 15.6% increase for the articles made from iron or steel category. China’s exported plastics and items made from plastic posted the third-fastest gain in value, up 14.5% year over year.
The sole decliner among the top 10 Chinese exports was unknitted and non-crocheted clothing and accessories which declined by -2.7%.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of China’s Most Valuable Export Products further down near the bottom of this article.
Advantages
Overall China posted a $359.2 billion trade surplus in 2018 down by -14.4% from $419.6 billion in black ink during 2017 and down by -6.2% from $383.1 billion five years earlier in 2014.
The following types of Chinese product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Machinery including computers: US$227.6 billion (Up by 6.5% since 2017)
- Electrical machinery, equipment: $142.9 billion (Up by 1.8%)
- Furniture, bedding, lighting, signs, prefab buildings: $92.4 billion (Up by 8.4%)
- Knit or crochet clothing, accessories: $70.1 billion (Up by 1.6%)
- Clothing, accessories (not knit or crochet): $67.3 billion (Down by -3.2%)
- Articles of iron or steel: $54.8 billion (Up by 17.3%)
- Toys, games: $54.6 billion (Up by 3.9%)
- Footwear: $42.5 billion (Down by -4.6%)
- Miscellaneous textiles, worn clothing: $27.4 billion (Up by 5.8%)
- Leather/animal gut articles: $26.4 billion (Up by 0.5%)
China has highly positive net exports in the international trade of machinery including computers. In turn, these cashflows indicate China’s strong competitive advantages under the machinery-related category.
Opportunities
Below are exports from China that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country China’s goods trail Chinese importer spending on foreign products.
- Mineral fuels including oil: -US$301.2 billion (Up by 40.6% since 2017)
- Ores, slag, ash: -$134.7 billion (Up by 7.1%)
- Gems, precious metals: -$41.8 billion (Down by -11.6%)
- Copper: -$40.7 billion (Up by 16.9%)
- Oil seeds: -$40.7 billion (Down by -2.9%)
- Optical, technical, medical apparatus: -$31.1 billion (Up by 15.8%)
- Aircraft, spacecraft: -$26.1 billion (Up by 19.4%)
- Woodpulp: -$23.9 billion (Up by 13.3%)
- Pharmaceuticals: -$19.0 billion (Up by 5.7%)
- Meat: -$10.2 billion (Up by 18.5%)
China has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products particularly crude oil, petroleum gas and coal.
These cashflow deficiencies clearly indicate China’s competitive disadvantages in the international mineral fuels-related market, but also represent key opportunities for China to improve its position in the global economy through focused innovations.
Companies
Chinese Export Companies
China placed about 150 corporations on the Forbes Global 2000. Below is a sample of the major Chinese export companies that Forbes included:
- PetroChina (oil, gas)
- Sinopec-China Petroleum (oil, gas)
- SAIC Motor (cars, trucks)
- Dongfeng Motor Group (cars, trucks)
- BYD (cars, trucks)
- Gree Electric Appliances (household appliances)
- Midea Group Co. Ltd. (household appliances)
- Tsingtao Brewery (beverages)
- Sinopharm Group (pharmaceuticals)
- Aluminum Corporation of China (aluminum)
- Dongfang Electric (electrical equipment)
According to global trade intelligence firm Zepol, the following smaller companies are also examples of leading Chinese exporters:
- APLL (beddings, clothing)
- UPS SCS China (chairs, beddings)
- Winners Products Engineering (cooking appliances, sheets, charcoal)
- Maersk Logistics China (footwear, bedding, clothing)
- Carven Industries (furniture, building stone)
Searchable List of China’s Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 200 of the most in-demand goods shipped from the People’s Republic during 2018. Shown beside each product label is its total export value then the percentage increase or decrease since 2017.
| Rank | China's Export Product | 2018 Value (US$) | Change |
|---|---|---|---|
| 1 | Phone system devices including smartphones | $240.4 billion | +9.7% |
| 2 | Computers, optical readers | $154.2 billion | +8.6% |
| 3 | Integrated circuits/microassemblies | $84.7 billion | +26% |
| 4 | Computer parts, accessories | $45.3 billion | +33.2% |
| 5 | Processed petroleum oils | $35.8 billion | +40.4% |
| 6 | Automobile parts/accessories | $34.8 billion | +12.4% |
| 7 | TV receivers/monitors/projectors | $33.4 billion | +6.2% |
| 8 | Lamps, lighting, illuminated signs | $30.6 billion | +7.4% |
| 9 | Solar power diodes/semi-conductors | $29.1 billion | +9.2% |
| 10 | Miscellaneous furniture | $28.1 billion | +5.8% |
| 11 | Cases, handbags, wallets | $27.4 billion | +2.9% |
| 12 | Electrical converters/power units | $26.7 billion | +5.7% |
| 13 | Seats (excluding barber/dentist chairs) | $25.9 billion | +11.2% |
| 14 | Liquid crystal/laser/optical tools | $25.7 billion | -9.5% |
| 15 | Models, puzzles, miscellaneous toys | $25.5 billion | +6.1% |
| 16 | Insulated wire/cable | $23.5 billion | +6.4% |
| 17 | Women's clothing (not knit or crochet) | $23 billion | -7.4% |
| 18 | Electric water heaters, hair dryers | $21.1 billion | +7.7% |
| 19 | Footwear (rubber or plastic) | $20 billion | -6.8% |
| 20 | Miscellaneous plastic items | $19.5 billion | +9.8% |
| 21 | Jerseys, pullovers (knit or crochet) | $18.1 billion | +4.8% |
| 22 | Printing machinery | $17.7 billion | -2.2% |
| 23 | Cruise/cargo ships, barges | $16.8 billion | -6.2% |
| 24 | Taps, valves, similar appliances | $16.6 billion | +13.5% |
| 25 | Air conditioners | $16.5 billion | +11.6% |
| 26 | Microphones/headphones/amps | $16.3 billion | +0.7% |
| 27 | Lower-voltage switches, fuses | $16.1 billion | +7.6% |
| 28 | Air or vacuum pumps | $15.4 billion | +12.8% |
| 29 | Printed circuits | $15.3 billion | +9.4% |
| 30 | Rubber tires (new) | $15.1 billion | +6.7% |
| 31 | Electric storage batteries | $14.8 billion | +27.8% |
| 32 | Women's clothing (knit or crochet) | $14.6 billion | -3.9% |
| 33 | Footwear (textile) | $13.8 billion | +2.6% |
| 34 | Flat-rolled iron or non-alloy steel products (plated/coated) | $13.8 billion | +12% |
| 35 | Synthetic yarn woven fabrics | $13.6 billion | +12% |
| 36 | Table games, bowling equipment | $13.4 billion | -4.1% |
| 37 | Jewelry | $13.3 billion | +22.5% |
| 38 | Electrical machinery | $13.2 billion | +22% |
| 39 | TV/radio/radar device parts | $13.2 billion | +0.7% |
| 40 | Men's suits, trousers (not knit or crochet) | $12.4 billion | +3.3% |
| 41 | Electric motors, generators | $11.8 billion | +9.8% |
| 42 | Miscellaneous iron and steel structures | $11.5 billion | +7% |
| 43 | Pneumatic hand tool | $10.8 billion | +11.4% |
| 44 | TV receiver/transmit/digital cameras | $10.7 billion | +18.2% |
| 45 | Transport containers | $10.4 billion | +24.4% |
| 46 | Sports equipment | $10.4 billion | +7.4% |
| 47 | Refrigerators, freezers | $10.1 billion | +12.6% |
| 48 | Other than warp-knit fabrics | $9.7 billion | +7% |
| 49 | Base metal mountings, fittings | $9.6 billion | +8% |
| 50 | Mattresses, quilts | $9.5 billion | +12.4% |
| 51 | Plastic packing goods, lids, caps | $9.3 billion | +10.8% |
| 52 | Flat-rolled other alloy steel products | $9.2 billion | +6% |
| 53 | Plastic tableware, kitchenware, toiletry | $9.2 billion | +13.2% |
| 54 | Machinery parts | $9.1 billion | +23.1% |
| 55 | Footwear (leather) | $9.1 billion | +0.5% |
| 56 | Electrical/optical circuit boards, panels | $9 billion | +17% |
| 57 | Miscellaneous iron or steel items | $9 billion | +16.5% |
| 58 | Cars | $8.6 billion | +20.2% |
| 59 | Heterocyclics, nucleic acids | $8.6 billion | +18.2% |
| 60 | Linens | $8.5 billion | +4.6% |
| 61 | Filament/discharge lamps | $8.4 billion | -8.3% |
| 62 | Women's coats, jackets (not knit or crochet) | $8.2 billion | -8.9% |
| 63 | T-shirts, vests (knit or crochet) | $8 billion | -2% |
| 64 | Liquid pumps and elevators | $7.9 billion | +13.2% |
| 65 | Transmission shafts, gears, clutches | $7.8 billion | +16% |
| 66 | Motorcycles | $7.6 billion | +13.4% |
| 67 | Woven cotton fabrics | $7.5 billion | -1.6% |
| 68 | Iron and steel tables, household items | $7.2 billion | +11.9% |
| 69 | Aluminum plates, sheets, strips | $7.2 billion | +37.3% |
| 70 | Polyacetal/ether/carbonates | $7 billion | +34.1% |
| 71 | Centrifuges, filters and purifiers | $6.9 billion | +5% |
| 72 | Miscellaneous machinery | $6.7 billion | +24.7% |
| 73 | Electro-medical equipment (e.g. xrays) | $6.7 billion | +12.4% |
| 74 | Plastic plates, sheets, film, tape, strips | $6.5 billion | +8.1% |
| 75 | Iron and steel screws, bolts, nuts, washers | $6.5 billion | +27.7% |
| 76 | Miscellaneous articles, dress patterns | $6.4 billion | +10.8% |
| 77 | Men's coats, jackets (not knit or crochet) | $6.3 billion | +7.2% |
| 78 | Light vessels, fire boats, floating docks | $6.2 billion | +80.3% |
| 79 | Stockings, hosiery (knit or crochet) | $6.2 billion | +7.7% |
| 80 | Piston engine parts | $6 billion | +12.4% |
| 81 | Electromechanic domestic appliances | $6 billion | +6.9% |
| 82 | Carnival items, magic tricks | $6 billion | +7% |
| 83 | Ceramic sinks, washbasins, baths | $5.9 billion | +38.2% |
| 84 | Motorcycle parts/accessories | $5.9 billion | +7.1% |
| 85 | Porcelain/china household items | $5.8 billion | +7.6% |
| 86 | Men's suits,trousers (knit or crochet) | $5.8 billion | +0.4% |
| 87 | Plastic tile or roll coverings | $5.6 billion | +29.7% |
| 88 | Alloy steel bars, rods | $5.6 billion | -7.2% |
| 89 | Ball, roller bearings | $5.6 billion | +10.5% |
| 90 | Synthetic filament yarn | $5.6 billion | +22.1% |
| 91 | Laminated wood (including plywood, veneer panels) | $5.6 billion | +8.9% |
| 92 | Textile fabrics with plastics | $5.5 billion | +7% |
| 93 | Iron or steel tubes, pipes | $5.4 billion | +22.6% |
| 94 | Women's underwear, pajamas (knit or crochet) | $5.4 billion | +5.4% |
| 95 | Flat-rolled stainless steel items | $5.3 billion | +1.1% |
| 96 | Packaged insecticides/fungicides/herbicides | $5.2 billion | +9.8% |
| 97 | Electrical capacitators | $5.2 billion | +31.9% |
| 98 | Vacuum cleaners | $5 billion | +15.2% |
| 99 | Monument/building stones, art | $5 billion | +6.5% |
| 100 | Iron or steel pipe fittings | $4.9 billion | +21.2% |
| 101 | Temperature-change machines | $4.9 billion | +6.6% |
| 102 | Heavy machinery (bulldozers, excavators, road rollers) | $4.8 billion | +23% |
| 103 | Moulding boxes/base | $4.8 billion | +10.1% |
| 104 | Electric motor parts | $4.8 billion | +12.2% |
| 105 | Chemical industry products/residuals | $4.7 billion | +21% |
| 106 | Lifting/loading machinery | $4.7 billion | +12.6% |
| 107 | Fertilizer mixes | $4.7 billion | +29.8% |
| 108 | Crustaceans, molluscs (preserved/prepared) | $4.6 billion | +13.6% |
| 109 | Paper containers, cellulose wadding | $4.5 billion | +14.8% |
| 110 | Electrical lighting/signaling equpment, defrosters | $4.5 billion | +8.9% |
| 111 | Fish fillets, pieces | $4.5 billion | +1.6% |
| 112 | Unrecorded sound media | $4.5 billion | +5.5% |
| 113 | Unglazed ceramic flags, tiles | $4.4 billion | -0.3% |
| 114 | Rubber/plastic article making machines | $4.4 billion | +8.9% |
| 115 | Aluminum foil (thin) | $4.3 billion | +19.5% |
| 116 | Regulate/control instruments | $4.3 billion | -0.4% |
| 117 | Trailers | $4.2 billion | +19% |
| 118 | Machinery brooms, brushes | $4.2 billion | +6% |
| 119 | Furskin clothing and accessories | $4.1 billion | +17.3% |
| 120 | Optical fiber cables, sheets, plates | $4.1 billion | +7.8% |
| 121 | Other measuring/testing machines | $4.1 billion | +5.3% |
| 122 | Garments from special fabric (not knit or crochet) | $4.1 billion | +2.5% |
| 123 | Iron and steel stoves, barbecues | $4.1 billion | +4.4% |
| 124 | Electric generating sets, converters | $4.1 billion | +22.2% |
| 125 | Electric circuit parts, fuses, switches | $4.1 billion | +9.7% |
| 126 | Locks, lock-keys | $4 billion | +4.9% |
| 127 | Dried vegetables | $4 billion | +1.1% |
| 128 | Tracksuits, swimwear (not knit or crochet) | $4 billion | +2.8% |
| 129 | Pile/terry fabrics | $4 billion | +17.4% |
| 130 | Bras, corsets (not knit or crochet) | $4 billion | -1.2% |
| 131 | Medication mixes in dosage | $3.9 billion | +28.1% |
| 132 | Carbon electrodes, brushes | $3.9 billion | +108.6% |
| 133 | Video recording equipment | $3.9 billion | +4.5% |
| 134 | Telecommunication receivers | $3.9 billion | -12.5% |
| 135 | Spray/dispersing mechanical appliances | $3.9 billion | +11.1% |
| 136 | Washing machines | $3.8 billion | +5.6% |
| 137 | Artificial flowers, foilage, fruits | $3.7 billion | +18.5% |
| 138 | Bridge structures, parts | $3.7 billion | +13% |
| 139 | Blankets, travel rugs | $3.7 billion | +0.6% |
| 140 | Fish, caviar (preserved/prepared) | $3.7 billion | +18.8% |
| 141 | Concrete/artificial stone items | $3.7 billion | +27.1% |
| 142 | Interchangeable hand/machine tools | $3.6 billion | +13.2% |
| 143 | Amino-compounds (oxygen) | $3.5 billion | +13.9% |
| 144 | Electric sound/visual signal bells or alarms | $3.5 billion | +5% |
| 145 | Turbo-jets | $3.5 billion | -11.8% |
| 146 | Antibiotics | $3.5 billion | +11.1% |
| 147 | Provitamins, vitamins | $3.4 billion | +8.8% |
| 148 | Miscellaneous aluminum items | $3.4 billion | +15.3% |
| 149 | Miscellaneous iron or steel tubes, pipes | $3.4 billion | +14.9% |
| 150 | Derricks, cranes | $3.4 billion | +5.3% |
| 151 | Mechano-therapy appliances | $3.4 billion | +15.3% |
| 152 | Bicycles, other non-motorized cycles | $3.3 billion | +4.6% |
| 153 | Moluscs | $3.3 billion | -3.4% |
| 154 | Self-adhesive plastic in rolls | $3.3 billion | +13.3% |
| 155 | Trucks | $3.2 billion | -4.6% |
| 156 | Chemicals used in electronics | $3.2 billion | -14.6% |
| 157 | Wide knit or crochet fabrics | $3.2 billion | +9.9% |
| 158 | Wigs, false beards, eyelashes | $3.2 billion | +19.8% |
| 159 | Piston engines | $3.1 billion | +21.3% |
| 160 | Magnets including electro-magnets | $3.1 billion | +11.8% |
| 161 | Glassware | $3.1 billion | +3.3% |
| 162 | Other organo-inorganic compounds | $3 billion | +36.4% |
| 163 | Heterocyclics, oxygen | $3 billion | +29.8% |
| 164 | Coke, semi-coke | $3 billion | +39.7% |
| 165 | Spectacles, goggles | $3 billion | -0.2% |
| 166 | Coated/laminated non-wovens | $3 billion | +12.6% |
| 167 | Aluminum bars/rods | $2.9 billion | +19.2% |
| 168 | Miscellaneous heterocyclics | $2.9 billion | +15.5% |
| 169 | Synthetic organic coloring | $2.9 billion | +11.9% |
| 170 | Miscellaneous preserved fruits | $2.9 billion | +6.3% |
| 171 | Men's shirts (not knit or crochet) | $2.9 billion | +0.4% |
| 172 | Miscellaneous engines, motors | $2.9 billion | +38.3% |
| 173 | Whole fish (frozen) | $2.9 billion | +5% |
| 174 | Gloves, mitts (knit or crochet) | $2.9 billion | +12.7% |
| 175 | Sort/screen/washing machinery | $2.9 billion | +6.8% |
| 176 | Fork-lift trucks | $2.8 billion | +25.4% |
| 177 | Miscellaneous wooden articles | $2.8 billion | +16.4% |
| 178 | Coated paper | $2.8 billion | -10.4% |
| 179 | Carboxylic acids | $2.8 billion | +6.1% |
| 180 | Knitted/crocheted hats, headgear | $2.8 billion | +5.1% |
| 181 | Woven fabrics (artificial staple fibres) | $2.8 billion | -9.8% |
| 182 | Plastic tubes, pipes, fittings | $2.8 billion | +12.9% |
| 183 | Other coloring matter, luminophores | $2.7 billion | +14.6% |
| 184 | Camp items including tents, sails | $2.7 billion | +11.2% |
| 185 | Base metal hand tools | $2.6 billion | +13.6% |
| 186 | Aluminum table/kitchen, other household items | $2.6 billion | +6% |
| 187 | Miscellaneous/adhesive paper | $2.6 billion | +23.8% |
| 188 | Polycarboxylic acids | $2.6 billion | +37.8% |
| 189 | Safety glasses | $2.6 billion | +6.9% |
| 190 | Coiled other alloy steel bars, rods | $2.6 billion | -13.9% |
| 191 | Saturated acyclic mono acids | $2.5 billion | +46.4% |
| 192 | Men's underwear, pajamas (knit or crochet) | $2.5 billion | +2.1% |
| 193 | Glass fibers | $2.5 billion | +8.5% |
| 194 | Aircraft, spacecraft | $2.5 billion | +33.8% |
| 195 | Machinery for making semi-conductors | $2.5 billion | +20.6% |
| 196 | Hydrocarbon derivatives | $2.5 billion | +21.8% |
| 197 | Lenses, prisms, mirrors | $2.5 billion | +11.2% |
| 198 | Woven fabrics (85%+ cotton) | $2.5 billion | +9% |
| 199 | Vulcanized rubber items | $2.5 billion | +10.3% |
| 200 | Beauty/makeup/skin care preparations | $2.5 billion | +21.7% |
These 200 exported goods were worth a subtotal of US$2.023 trillion or 81.1% by value for all products exported from China during 2018.
The latest available country-specific data shows that 62.3% of products exported from China were bought by importers in: United States (19.2% of the global total), Hong Kong (12.1%), Japan (5.9%), South Korea (4.4%), Vietnam (3.4%), Germany (3.1%), India (3.1%), Netherlands (2.9%), United Kingdom (2.3%), Singapore (2%), Taiwan (2%) and Russia (1.9%).
From a continental perspective, about half (47.8%) of Chinese exports by value in 2018 were delivered to fellow Asian countries while 22.4% were sold to North American importers. China shipped another 19.1% worth to clients in Europe. Smaller percentages of China’s total exported goods arrived in Africa (4.21%), Latin America (4.17%) excluding Mexico but including the Caribbean, Oceania (2.3%) led by Australia and New Zealand.
In macroeconomic terms, China’s total exported goods represent 9.9% of its overall Gross Domestic Product for 2018 ($25.270 trillion valued in Purchasing Power Parity US dollars). That 9.9% for exports to overall GDP per PPP in 2018 compares to 13.6% for 2014, seeming to indicate a relatively decreasing reliance on products sold on international markets for China’s total economic performance. And while this article focuses on exported goods, it is interesting to note that China also provided $266.8 billion worth of exports-related services to global customers for an additional 1.1% of GDP in PPP.
Another key indicator of a country’s economic performance is its unemployment rate. China’s unemployment rate was 3.62% as of December 2019 down from 3.9% in January 2018, according to Trading Economics.
See also China’s Top 10 Imports, China’s Top Trading Partners, Top Chinese Trade Balances, China’s Top 10 Major Export Companies and China’s Exported Services
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on January 22, 2020
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on January 22, 2020
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on January 22, 2020
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on January 22, 2020
International Trade Centre, Trade Map. Accessed on January 22, 2020
Investopedia, Net Exports Definition. Accessed on January 22, 2020
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on January 22, 2020
Wikipedia, China. Accessed on January 22, 2020
Wikipedia, List of Companies of China. Accessed on January 22, 2020
Zepol’s company summary highlights by country. Accessed on January 22, 2020