China’s Top Exports: The Leading Trading Nation

China’s Top Exports: The Leading Trading Nation

By 2009, China became the world’s largest exporter of goods. By 2013, Chinese exports amounted to an estimated $1.904 trillion. Since that same year, China outranked the United States as the largest trading nation in the world. In 2017, China had exported an estimated $US2.272 trillion worth of goods, reflecting a 2.8% increase since 2013 with an 8.3% increase between 2016 and 2017.

Almost half of China’s total exports, by value, are shipped to its fellow Asian trading partners (i.e. Japan, South Korea, Vietnam, India, Singapore, the People’s Republic of China), while 22% was sold to North American importers, 18.9% to European countries, 4.2% to Latin America (Mexico not included), and the Caribbean with 4.1% of China’s exported goods going to Africa.

Based on estimated OEC figures in 2016, these are China’s top 5 exported goods:

  1. Cotton
  2. Tea
  3. Rice
  4. Potatoes
  5. Soybeans

Following this list is the next top 10 exported goods:

  1. Electrical machinery, equipment: US$599 billion (26.4% of total exports)
  2. Machinery including computers: $382.9 billion (16.9%)
  3. Furniture, bedding, lighting, signs, prefab buildings: $89.8 billion (4%)
  4. Clothing, accessories (not knit or crochet): $73.6 billion (3.2%)
  5. Knit or crochet clothing, accessories: $72 billion (3.2%)
  6. Optical, technical, medical apparatus: $70.6 billion (3.1%)
  7. Plastics, plastic articles: $70.6 billion (3.1%)
  8. Vehicles: $67.4 billion (3%)
  9. Articles of iron or steel: $57.3 billion (2.5%)
  10. Toys, games: $55.3 billion (2.4%)

The following is a list ranking China’s top 15 exports (by value) by country in 2017:

  1. United States: US$431.7 billion (19% of total Chinese exports)
  2. Hong Kong: $281 billion (12.4%)
  3. Japan: $137.4 billion (6%)
  4. South Korea: $102.8 billion (4.5%)
  5. Vietnam: $72.1 billion (3.2%)
  6. Germany: $71.2 billion (3.1%)
  7. India: $67.9 billion (3%)
  8. Netherlands: $67.3 billion (3%)
  9. United Kingdom: $57 billion (2.5%)
  10. Singapore: $45.7 billion (2%)
  11. Taiwan: $43.9 billion (1.9%)
  12. Russia: $43.1 billion (1.9%)
  13. Malaysia: $42 billion (1.8%)
  14. Australia: $41.6 billion (1.8%)
  15. Thailand: $38.8 billion (1.7%)

The following is a list of the fastest-growing Chinese exports in 2017 (since 2013):

  1. Ores, slag, ash – Up 89.9% ($719.6 million).
  2. Aircraft, spacecraft – Up 89.2% ($3.7 billion).
  3. Beverages – Up 65.6% ($2.2 billion).
  4. Toys, games – Up 54.2% ($55.3 billion).
  5. Vegetable products – Up 45% ($129.4 million).
  6. Vegetables – Up 41.8% ($11.2 billion).
  7. Coffee, tea, spices – Up 41.8% ($3.2 billion).
  8. Animal/vegetable fats and oils – Up 38.8% ($842 million).
  9. Other food preparations – Up 36.2% ($3.4 billion).
  10. Perfumes, cosmetics – Up 33.9% ($4.8 billion).

Trade is critical to making our globalized economy work. Though China is currently the leading trade nation, there are universal problems all trading partners face. One is the process of international money transfers.

The following is a non-chronological list of what to look for when paying your exporters

Efficient & easy-to-use platform

To get ahead in our globalized economy, you have to think and operate faster and smarter. That’s why researching and deciding on a payment system for all your products and services is a foundation-setting keystone to being a better trade partner. Blockchain-based payment methods are now the way to go if you want to simplify and speed up your money-sending protocol.

Ability to make mass payouts

On your side of operations, it’s more productive for you to be able to automatically make multiple payments at once. It saves you time and energy, so you can focus on other pressing business matters. Many payment systems now use API technology to make this possible, so make sure to find a payment platform that includes this feature.

Maximum affordability

You need a business payments service that won’t suck out unnecessary and accumulating expenditures from your financial pool. Many payment platforms are designed to pull more money from you, whether that be through increasing margins, charging a percentage of your payment sums, or adding on additional and hidden service or inward-remittance fees.

It’s hard to find one you can trust when it comes to selecting the least costly way to pay your exporters. However, REMITR is a money service business that fills in for that scarce resource. Trustworthy when it comes to cost claims, it only costs $5-10 per international transfer. Truly designed to help you save more, it’s more than 6x cheaper than transfer wires and offers the best live exchange rates compared to its competitors

Reliable, flexible service

REMITR is also a fintrack secured service that’s open 24/7 for you to make payments. You’re safely unrestricted by bank hours or policies that can delay your operations and put you through headachy bureaucratic regulations. Send money when you want with the guarantee that your beneficiaries will receive their funds at no cost within 1-2 business days. The last thing you want is to troubleshoot payment complications and errors from a payment platform. They’re meant to make your payment procedure simpler and streamlined for you, not wrap up time-consuming tasks in a different way.

REMITR can transfer funds to the following banks in China:

  1. Bank of China
  2. China Construction Bank
  3. China Merchants Bank
  4. ICBC (Industrial and Commerce Bank of China)
  5. Agricultural Bank of China
  6. China CITIC Bank
  7. Hua Xia Bank
  8. BoCom (Bank of Communications)
  9. China Guangfa Bank
  10. Bank of Shanghai
  11. AND MORE!

Don’t see your bank on this list? Feel free to contact REMITR.

Remitr is the better alternative to cheques, bank visits and wire transfers (they all suck). The Remitr Global Network allows fast, often 1-day, business payments worldwide. Remitr also offers businesses a free Global Business Account for receiving online sales payouts in USD, GBP and EUR – all without the bank fees or the delays.

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