In 2023, China’s total import and export value reached 41.76 trillion yuan (approximately 5.88 trillion USD), showing a slight increase of 0.2% from the previous year. Specifically, exports grew by 0.6% to reach 23.77 trillion yuan, while imports decreased by 0.3% to 17.99 trillion yuan. The foreign trade performance in this year exhibited six main characteristics:
Thank you for reading this post, don't forget to subscribe!- Overall stability in foreign trade operations, with a significant improvement trend observed in the fourth quarter. Each quarter witnessed a continuous increase in import and export value, with the second, third, and fourth quarters exceeding 10 trillion yuan.
- Sufficient vitality among commercial entities, with a strengthened leading role of private enterprises. In 2023, there were more than 600,000 entities engaging in foreign trade for the first time, out of which 556,000 were private enterprises. These entities collectively contributed 22.36 trillion yuan in import and export value, marking a 6.3% increase.
- Diversification of trade partners, with increasing shares from countries involved in the Belt and Road Initiative. In 2023, China’s trade volume with Belt and Road participating countries reached 19.47 trillion yuan, accounting for 46.6% of China’s total foreign trade.
- Strong competitiveness of Chinese products, with active export momentum. In 2023, China’s exports of mechanical and electrical products reached 13.92 trillion yuan, growing by 2.9% and accounting for 58.6% of the total export value. Particularly, labor-intensive product exports amounted to 4.11 trillion yuan, making up 17.3% of the total export value.
- Continuous recovery of domestic demand, with structural adjustments in imports. In terms of imports of resource-based products, China actively expanded diversified import channels, effectively ensuring the safety and stability of the domestic supply chain.
For 2024, the Chinese government has announced adjustments to import and export tariffs aimed at addressing domestic supply and demand dynamics and promoting high-quality development of advanced manufacturing industries. These adjustments include tariff reductions on key medical supplies, resources facing shortages, critical equipment and components, certain agricultural products, and tariff increases on specific goods based on domestic demand.
These data and analyses demonstrate that China’s import and export supply chain has shown stable growth and structural optimization from 2023 to 2024, reflecting China’s significant role and influence in the global supply chain. For companies like Yesporting.com, understanding and leveraging these trends and advantages will help us better position and develop in the international market.
