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China Exports And Imports in 2014

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Updated: Monday April 13, 2020

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Detailed introduction

Economy Of China

China has a socialist market economy, dominated by government-owned industry in an open market. This economic approach is sometimes referred to as state capitalism. The economy in China is the second largest in the world by gross domestic product (GDP) and the largest in the world by purchasing power parity (PPP). For about 30 years, the economy in this country was the fastest growing in the world, compared to other large economies. During this time, it experienced an annual growth rate of 10%. China is also the largest trading country in the world. This article takes a look at some of its major exports and imports.

In 2014, China imported $1.53 trillion worth of goods, placing China as the second largest importer in the world. This gave the country a trade surplus of $834 billion. Its largest import category is mineral products which represent $403 billion of total imports, a little less than one-third. Within this category, the most imported product is crude petroleum, making up 13% of all imports. After mineral products, machines and transportation are its next largest import categories, representing $383 billion and $117 billion respectively.

China’s top three import partners are South Korea ($142 billion, or 9.3%), the US ($134 billion, or 8.8%), and Other Asia ($131 billion, or 8.6%). The major suppliers of crude petroleum, the country’s number 1 import, to China are Saudi Arabia (16%), Angola (13%), and Russia (11%). Its second largest imported product is integrated circuits, which makes up 8.8% of all imports. Major suppliers of this product are Other Asia (49%), South Korea (16%), and Japan (6.5%). The third largest imported good to China is cars, which makes up 3.6% of all imports. These cars originate in Germany (30%), the US (21%), and the UK (17%)

Over the last five years, imports to China have increased by 14.4% annually

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