China’s exports continued to grow in 2020, despite the unprecedented disruption to the global economy caused by the COVID-19 pandemic.
In 2020, China’s exports increased by 3.6 percent for a total of US$2.59 trillion, making it responsible for about 15 percent of global exports. The previous year, in 2019, China’s exports increased by just 0.5 percent.
This growth came despite diminished demand from a global economic downturn, and logistical trade constrains caused by the pandemic. China’s biggest export partners in 2020 were the US (US$46.5 billion), Hong Kong (US$34.3 billion), Japan (US$13.4 billion), Vietnam (US$13 billion), and South Korea (US$11.7 billion).
Beyond China’s largest trade partners, however, it is rapidly increasing exports to a number of other countries across the world. In this article, we look at China’s 10 fastest growing trade partners in 2020, and the most valuable goods sent to these markets.
Interestingly, six of China’s 10 fastest growing export markets were in the Middle East and Africa, showing China’s interest in developing trade in these areas, while the rest were in Europe. While China has a number of free trade agreements, none of them were with countries on this list.
Leading exports to these markets are dominated by electrical machinery, equipment, and machinery. Products in these categories include phones, computers, video displays, air pumps, air conditioners, heaters, and the like.
This list is based on data provided by the Observatory for Economic Complexity. The sample excludes countries that received less than US$1 billion worth of Chinese exports.
We rank countries based on the rate of trade value growth. To be noted, trade value is not just affected by quantity, but also price and currency fluctuations.
1) Nuclear reactors, boilers, machinery, and mechanical appliances:
2) Electrical machinery, equipment, and parts:
3) Textiles and worn clothing:
1) Electrical machinery, equipment, and parts:
2) Nuclear reactors, boilers, machinery, and mechanical appliances:
3) Vehicles and parts:
3) Footwear, gaiters, and parts:
3) Organic chemicals:
3) Furniture, bedding mattresses, cushions, etc.:
3) Optical, photographic, cinematographic, measuring, checking, medical or surgical instruments and apparatus:
China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done so since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at email@example.com.
Dezan Shira & Associates has offices in Vietnam, Indonesia, Singapore, United States, Germany, Italy, India, and Russia, in addition to our trade research facilities along the Belt & Road Initiative. We also have partner firms assisting foreign investors in The Philippines, Malaysia, Thailand, Bangladesh.
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