Imports/Exports in China
Trade represents almost a half of the Chinese GDP. After having achieved a record trade surplus in 2006, China has become the world's primary exporter and ranks second among world’s largest importers. Chinese exports were increasing until a decrease due to the international financial crisis. For the first time in six years, China experienced a large trade deficit in March 2010, imports soaring due to a strong domestic demand, while exports were lagging behind due to the slowness of the global economic recovery. This phenomenon proved to be only temporary, the country again achieving a surplus the following month. This trend should continue in mid-term.
China's main trade partners are the countries of South East Asia, the United States and the European Union.
|Foreign Trade Indicators||2006||2007||2008||2009||2010|
|Imports of Goods (million USD)||791,461||956,116||1,132,570||1,005,920||1,395,099|
|Exports of Goods (million USD)||968,978||1,220,456||1,430,693||1,201,610||1,577,820|
|Imports of Services (million USD)||100,327||129,254||158,004||158,107||192,200|
|Exports of Services (million USD)||91,421||121,654||146,446||128,599||170,200|
|Imports of Goods and Services (Annual % Change)||16.0||13.9||3.8||4.1||-|
|Exports of Goods and Services (Annual % Change)||23.9||19.8||8.4||-10.3||-|
|Imports of Goods and Services (in % of GDP)||31.4||29.6||27.3||22.3||-|
|Exports of Goods and Services (in % of GDP)||39.1||38.4||35.0||26.7||-|
|Trade Balance (million USD)||217,746||315,381||360,682||249,509||-|
|Trade Balance (Including Service) (million USD)||208,912||307,477||348,870||-||-|
|Foreign Trade (in % of GDP)||70.6||68.0||62.2||49.1||-|
Source: WTO - World Trade Organization ; World Bank
Main Partner Countries
(% of Exports)
|United Arab Emirates||1.6%|
|Other partnersClose extended list||51.0%|
(% of Imports)
|China This flow is explained by the way local Customs Authorities report trade with overseas or special territories (e.g. Hong Kong or Taiwan in the case of China, French West Indies in the case of France, etc) as well as the treatment of re-imported (or re-exported) products, which get out (or enter) of the country for a limited time, with the intention of being re-imported (or re-exported) without significant transformation overseas.||8.6%|
|Other partnersClose extended list||54.9%|
Exchange Rate System
- Exchange Rate Regime
- Currency exchange controls have been maintained, but operations on current accounts are no longer subject to it. As for free conversion of currencies, the Renminbi is not freely convertible yet.
- Level of Currency Instability
- Foreign exchange rate is low and underestimated. Foreign exchange rate is 7.46 yuan for 1USD, whereas the IMF estimates the parity at 1.96CNY for 1USD. The volatility of the currency will increase with international pressures on the government for a revaluation of the currency.
|Chinese Yuan (Renminbi) (CNY) - Average Annual Exchange Rate For 1 USD||8.19||7.97||7.61||6.95||6.83|
Source: World Bank
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