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Foreign trade of the People's Republic of China
China's foreign trade turnover in January–June of this year decreased by 6.6%, amounting to $2.02 trillion.
The country's exports decreased year-on-year by 6.2% to $1.09 trillion. Imports fell 7.1% to $930.94 billion. China's six-month surplus amounted to $167 billion, down about 7.7% compared to the same period last year. At the same time, from January to June 2021, the indicator, on the contrary, showed a significant increase (by 29.7%).
“Our foreign trade relations are developing in conditions of increasing instability. Moreover, due to the negative impact of Sino-US tensions, the situation in the second half of this year will continue to be difficult,” commented Li Kuiwen. “We have taken a number of incentive measures and believe that we will be able to ensure stability in foreign trade.”
In 2021, China's total trade turnover decreased by 6.8%, to $3.68 trillion. At the end of 2021, this figure increased by 11.4% in annual terms, to $4.11 trillion. In 2021, China's trade volume with other countries increased by 12.6%, to $4.62 trillion; in 2021, it decreased by 1%, to $4.57 trillion.
Trade ties between China and countries around the world
This article provides data on merchandise trade volumes between China and its key partners for 2021. The source of the Directorate of Trade Statistics is the IMF, link below. For a number of key Chinese partners, figures for their trade in goods with the United States are also provided.
General data based on the PRC Balance of Payments
- Positive balance of the entire Current Account = $141 billion, while
- Positive balance of the Trade in Goods and Services Account = 164 billion (the balance of the remaining accounts is negative)
- Trade in goods account balance = 425 billion.
- Trade in services account balance = -261 billion
- China sold $2.4 trillion worth of goods. Purchased - for 1.97 trillion.
Now let's look at where and how much China is selling, as well as where and how much it is buying.
The IMF provides statistics on exports of goods on FOB terms, and imports on CIF terms.
China sold in 2021:
[in square brackets is the position of the country in the general list]
- world - by 2.5 trillion dollars (different from the previously indicated figure from the balance of payments of 2.4 trillion. Explanation - the volume is shown here on an FOB basis)
- Of these, 1.56 trillion goes to developed countries (62.6%)
- To the Euro zone - by 300 billion (12%)
- In the Euro zone, the main buyer is [6] Germany (80 billion, 3.2% of total exports) and [8] Holland (74 billion, 3%); followed by Italy (33.5 billion, 1.3%), France (33 billion) and Spain (27 billion, 1.1%).
- Goods worth $280 billion (11.2%) were shipped to Hong Kong [2]
- To Japan [3] - by 143 billion (5.7%)
- To Korea [4] - by 111 billion (4.4%)
- In the USA [1] - by 418 billion (16.8%)
- In South Korea [9] - 62 billion (2.5%)
- Taiwan [10] and Singapore [11] — 55 billion each (2.2% each)
- Sales to India [7] amounted to 75 billion, to Malaysia [12] 52.5, to Indonesia [16] and Thailand [17] 46 billion each, to Vietnam [5] 98 billion.
- To Russia [13] for 49.5 billion . To Australia [14] at 48. To Poland at 24. To Brazil at 35.5. To Mexico [15] at 46.5. To Canada - 36. To Pakistan, Nigeria and South Africa - 16 each. To Turkey - 17. To Saudia - 24. To Ukraine - 7.5 billion. To Angola - 2.
Now about where China purchases (CIF):
- the world - by $2.07 trillion.
- China spends 1.15 trillion (55.5%) on products from developed countries.
- In the Euro zone - by 222.5 billion, of which:
- Germany [6] - 105 billion. The Netherlands - only 11. France - 32.5. Italy - 21.5.
- Australia [5] - by 120 billion. Japan [3] - by 171.5. Korea [1] - at 173.5. Taiwan [2] - 173 billion.
- UK - 24 billion. USA [4] - 123 billion.
- Malaysia [8] - 72 billion. Vietnam [9] - 64. Thailand - 46. Indonesia - 34. Singapore - 35. Hong Kong - 9.
- Russia [10] - 60 billion . Saudi Arabia - 54. Angola - 23. South Africa - 26. Brazil [7] - 79. Chile - 26. Iran - 13. Oman - 19. Kuwait - 13. UAE - 15. India - 18.
We can now assess the relative importance of partners for China.
And also highlight the partners with whom China has the most significant imbalances:
- USA = 418 - 123 = 295
- Taiwan = 55 – 173 = -118
- Australia = 48 - 120 = -72
- Korea = 111 – 174 = -63
- Japan = 143 - 171 = -28
- India = 75 - 18 = 57
- Brazil = 35.5 - 79 = -43.5
- Netherlands = 74 – 11 = 63
- Hong Kong = 280 - 9 = 271
- Saudi Arabia = 24 - 54 = -30
- Angola = 2 - 23 = -21
I propose to look at the trade balances of these countries with the United States (volume of purchases in the United States versus volume of supplies to the United States).
History of the indicator
| date | Importance | Previous | Forecast | Fact |
| November 8, 2021, 00:00 | ||||
| 13 October 2021, 06:03 | 417 billion | 420 billion | 258 billion | |
| 7 September 2021, 06:01 | 442 billion | 385 billion | 417 billion | |
| 7 August 2021, 06:03 | 329 billion | 291 billion | 442 billion | |
| 14 July 2021, 05:53 | 443 billion | 410 billion | 329 billion | |
| 7 June 2021, 06:06 | 318 billion | 283 billion | 443 billion | |
| 7 May 2021, 06:01 | 139 billion | 82 billion | 318 billion | |
| 14 April 2021, 06:49 | -43 billion | 175 billion | 139 billion | |
| 9 March 2021, 02:50 | ||||
| 7 March 2021, 06:04 | 329 billion | -43 billion |
Trade turnover between Russia and China
In 2021, trade turnover between Russia and China
was $110,918,574,885, an increase of 2.43% ($2,635,084,489) compared to 2021.
Russian exports to China in 2021
was $56,791,577,364, an increase of 1.30% ($726,080,128) compared to 2021.
Russian imports from China in 2021
was $54,126,997,521, an increase of 3.66% ($1,909,004,361) compared to 2021.
Russia's trade balance with China in 2021
there was a positive amount of USD 2,664,579,843. Compared to 2021, the positive balance decreased by 30.75% ($1,182,924,233).
China's share in Russia's foreign trade turnover in 2019
amounted to 16.6405% versus 15.7362% in 2021. In terms of share in Russian trade turnover in 2021, China took 1st place (in 2018 – also 1st place).
China's share in Russian exports in 2021
amounted to 13.4330% versus 12.4600% in 2021. In terms of share in Russian exports in 2021, China took 1st place (in 2021 – also 1st place).
China's share in Russian imports in 2021
amounted to 22.2032% versus 21.9264% in 2021. In terms of share in Russian imports in 2021, China took 1st place (in 2021 – also 1st place).
Who are China's main trading partners? With whom is it profitable for the Chinese to trade, and with whom is it not so profitable?
Good afternoon, dear reader!
The Chinese economy is the largest in the world ($27,307 billion, 2019, IMF data) based on purchasing power parity and ranks second in the world after the United States in nominal terms.
China is the world's largest exporter. In 2021, it exported goods worth $2,499 billion, increasing the volume of exports in monetary terms by 10% over the past 5 years. Chinese manufacturers sent half of the exported goods to Asian countries and 20% each to North America and Europe.
The Forbes Global ranking, published on March 14, 2021, lists 150 Chinese companies. However, China's domestic market is so huge that most of China's largest companies operate primarily in the domestic market. Largest Chinese companies:
- Alibaba Group (e-commerce) - $539.7 billion.
- Tencent Holdings (conglomerate, investments, IT) - $533.9 billion.
- ICBC (commercial bank) - $258 billion.
- Kweichow Moutai (alcoholic beverages) – $237 billion.
- China Construction Bank (commercial bank) - $225 billion.
- China Mobile (telecommunications) - $173 billion.
- Petro China (oil, gas) - $116 billion.
Here, the market capitalization of companies is as of May 11, 2021.
But let's get back to the topic. The largest buyers of Chinese goods in 2019 were the United States ($418.6 billion), Hong Kong ($279.6 billion), and Japan ($143.2 billion). Let me explain about Hong Kong:
China has a policy of “One country, two systems”, within which Hong Kong has its own economic system, including a currency system. Therefore, China and Hong Kong are different states from an economic point of view, as noted by international organizations. Later, in a separate article, we will look at China-Hong Kong trade relations and try to find out whether Hong Kong is a Chinese trade “proxy hub”.
More details about importers of Chinese products according to WTO data:
Source
Russian export to China
In the structure of Russian exports to China in 2021 (and in 2018), the main share of supplies fell on the following types of goods:
- Mineral products (HS codes 25-27) - 73.09% of the total volume of Russian exports to China (in 2021 - 76.19%);
- Wood and pulp and paper products (HS codes 44-49) - 7.66% of the total volume of Russian exports to China (in 2021 - 8.62%);
- Food products and agricultural raw materials (HS codes 01-24) - 5.62% of the total volume of Russian exports to China (in 2018 - 4.50%);
- Machinery, equipment and vehicles (HS codes 84-90) - 4.77% of the total volume of Russian exports to China (in 2021 - 3.26%);
- Products of the chemical industry (HS codes 28-40) - 3.40% of the total volume of Russian exports to China (in 2021 - 2.83%);
- Metals and products made from them (HS codes 72-83) - 2.94% of the total volume of Russian exports to China (in 2021 - 2.38%).
The largest increase in Russian exports to China in 2021 compared to 2021 was recorded for the following product groups:
- Ores, slag and ash (HS code 26) – increase by USD 456,911,052;
- Electrical machines and equipment, their parts; sound recording and sound reproducing equipment, equipment for recording and reproducing television images and sound, their parts and accessories (HS code 85) – an increase of USD 396,569,054;
- Ferrous metals (HS code 72) – increase by USD 358,028,891;
- Nuclear reactors, boilers, equipment and mechanical devices; their parts (HS code 84) – increase by USD 338,603,174;
- Fertilizers (HS code 31) – increase by USD 242,439,298;
- Fats and oils of animal or vegetable origin and their breakdown products; prepared edible fats; waxes of animal or plant origin (HS code 15) – increase by USD 232,065,342;
- Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) – increase by USD 194,756,895.
The largest reduction in Russian exports to China in 2021 compared to 2021 was recorded for the following product groups:
- Mineral fuel, oil and their distillation products; bituminous substances; mineral waxes (HS code 27) – reduction by USD 1,636,010,120;
- Pulp of wood or other fibrous cellulosic materials; regenerated paper or cardboard (waste paper and waste) (HS code 47) – reduction by USD 345,509,366.
Russian exports to China in 2021 by product groups
| HS Code | Name of product group | Exports in 2021, US dollars | Share in total exports, % | Exports in 2021, US dollars | Changes in 2021 relative to 2021, % |
| 01 | Live animals | 1 110 702 | 0,00 | 2 224 826 | -50,08 |
| 02 | Meat and edible meat by-products | 144 225 420 | 0,25 | 86 683 | 166 282,59 |
| 03 | Fish and crustaceans, molluscs and other aquatic invertebrates | 1 687 698 716 | 2,97 | 1 492 941 821 | 13,05 |
| 04 | Milk products; bird eggs; natural honey; edible products of animal origin, not elsewhere specified or included | 4 116 657 | 0,01 | 2 816 009 | 46,19 |
| 05 | Animal products not elsewhere specified or included | 24 977 615 | 0,04 | 15 803 451 | 58,05 |
| 06 | Living trees and other plants; bulbs, roots and other similar parts of plants; cut flowers and decorative foliage | 17 | 0,00 | 0 | ∞ |
| 07 | Vegetables and some edible roots and tubers | 967 177 | 0,00 | 687 463 | 40,69 |
| 08 | Edible fruits and nuts; citrus fruit peel or melon rind | 6 432 176 | 0,01 | 11 269 784 | -42,93 |
| 09 | Coffee, tea, mate, or Paraguayan tea, and spices | 915 389 | 0,00 | 552 164 | 65,78 |
| 10 | Cereals | 33 941 611 | 0,06 | 24 900 728 | 36,31 |
| 11 | Products of the flour and cereal industry; malt; starches; inulin; wheat gluten | 47 878 611 | 0,08 | 28 951 738 | 65,37 |
| 12 | Oilseeds and fruits; other seeds, fruits and grains; medicinal plants and plants for technical purposes; straw and fodder | 364 729 498 | 0,64 | 338 525 002 | 7,74 |
| 13 | Natural shellac, unrefined; gums, resins and other plant juices and extracts | 300 819 | 0,00 | 299 037 | 0,60 |
| 14 | Plant materials for making wickerwork; other products of vegetable origin, not elsewhere specified or included | 1 605 | 0,00 | 339 164 | -99,53 |
| 15 | Fats and oils of animal or vegetable origin and their breakdown products; prepared edible fats; waxes of animal or vegetable origin | 601 951 127 | 1,06 | 369 885 785 | 62,74 |
| 16 | Prepared products of meat, fish or crustaceans, molluscs or other aquatic invertebrates | 3 149 843 | 0,01 | 2 799 195 | 12,53 |
| 17 | Sugar and sugar confectionery | 6 120 020 | 0,01 | 8 356 789 | -26,77 |
| 18 | Cocoa and cocoa products | 112 032 957 | 0,20 | 92 897 031 | 20,60 |
| 19 | Prepared products from cereal grains, flour, starch or milk; flour confectionery products | 27 903 462 | 0,05 | 24 156 513 | 15,51 |
| 20 | Processed products of vegetables, fruits, nuts or other plant parts | 1 817 830 | 0,00 | 1 760 087 | 3,28 |
| 21 | Various food products | 8 377 819 | 0,01 | 9 022 428 | -7,14 |
| 22 | Alcoholic and non-alcoholic drinks and vinegar | 36 086 025 | 0,06 | 32 954 994 | 9,50 |
| 23 | Residues and waste from the food industry; ready-made animal feed | 67 071 013 | 0,12 | 53 524 861 | 25,31 |
| 24 | Tobacco and industrial tobacco substitutes | 7 888 663 | 0,01 | 8 878 260 | -11,15 |
| 25 | Salt; sulfur; earth and stone; plastering materials, lime and cement | 66 319 377 | 0,12 | 97 760 260 | -32,16 |
| 26 | Ores, slag and ash | 1 851 372 329 | 3,26 | 1 394 461 277 | 32,77 |
| 27 | Mineral fuel, oil and their distillation products; bituminous substances; mineral waxes | 39 590 428 149 | 69,71 | 41 226 438 269 | -3,97 |
| 28 | Inorganic chemical products; compounds, inorganic or organic, of precious metals, rare earth metals, radioactive elements or isotopes | 311 773 323 | 0,55 | 178 603 643 | 74,56 |
| 29 | Organic chemical compounds | 191 804 448 | 0,34 | 224 557 881 | -14,59 |
| 30 | Pharmaceutical products | 623 203 | 0,00 | 1 310 156 | -52,43 |
| 31 | Fertilizers | 838 904 872 | 1,48 | 596 465 574 | 40,65 |
| 32 | Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other coloring substances; paints and varnishes; putties and other mastics; printing paint, ink, ink | 1 935 135 | 0,00 | 1 345 352 | 43,84 |
| 33 | Essential oils and resinoids; perfume, cosmetic or toilet preparations | 10 046 417 | 0,02 | 6 761 862 | 48,57 |
| 34 | Soaps, organic surfactants, detergents, lubricants, artificial and prepared waxes, cleaning or polishing compounds, candles and similar products, modeling pastes, plasticine, “dental wax” and dental compositions based on plaster | 6 656 386 | 0,01 | 1 300 437 | 411,86 |
| 35 | Protein substances; modified starches; adhesives; enzymes | 62 503 | 0,00 | 114 657 | -45,49 |
| 36 | Explosives; pyrotechnic products; matches; pyrophoric alloys; some flammable substances | 2 445 | 0,00 | 279 204 | -99,12 |
| 37 | Photo and film products | 0 | 0,00 | 370 | -100,00 |
| 38 | Other chemical products | 108 821 310 | 0,19 | 100 494 967 | 8,29 |
| 39 | Plastics and products made from them | 246 613 600 | 0,43 | 257 994 414 | -4,41 |
| 40 | Rubber, rubber and products made from them | 213 156 703 | 0,38 | 215 744 639 | -1,20 |
| 41 | Unprocessed hides (except natural fur) and tanned leather | 7 203 156 | 0,01 | 4 921 002 | 46,38 |
| 42 | Leather products; saddlery and harness; travel accessories, handbags and similar products; products made from animal intestines (except silkworm fibroin fiber) | 60 961 | 0,00 | 43 140 | 41,31 |
| 43 | Natural and artificial fur; products made from it | 1 437 182 | 0,00 | 968 039 | 48,46 |
| 44 | Wood and products made from it; charcoal | 3 399 238 581 | 5,99 | 3 553 207 003 | -4,33 |
| 45 | Cork and products made from it | 80 | 0,00 | 0 | ∞ |
| 46 | Products made of straw, alfa or other weaving materials; basketry and wickerwork | 0 | 0,00 | 1 119 | -100,00 |
| 47 | Pulp of wood or other fibrous cellulosic materials; regenerated paper or cardboard (waste paper and waste) | 711 383 349 | 1,25 | 1 056 892 715 | -32,69 |
| 48 | Paper and cardboard; products made from paper pulp, paper or cardboard | 169 515 606 | 0,30 | 210 727 363 | -19,56 |
| 49 | Printed books, newspapers, reproductions and other products of the printing industry; manuscripts, typescripts and plans | 68 603 364 | 0,12 | 13 919 770 | 392,85 |
| 50 | Silk | 0 | 0,00 | 1 700 | -100,00 |
| 51 | Wool, fine or coarse animal hair; yarn and fabric, horsehair | 2 301 258 | 0,00 | 6 121 354 | -62,41 |
| 52 | Cotton | 1 164 | 0,00 | 0 | ∞ |
| 53 | Other vegetable textile fibers; paper yarn and fabrics made from paper yarn | 4 312 968 | 0,01 | 2 148 013 | 100,79 |
| 54 | Chemical threads; flat and similar yarns of chemical textile materials | 19 269 | 0,00 | 212 487 | -90,93 |
| 55 | Chemical fibers | 217 566 | 0,00 | 641 869 | -66,10 |
| 56 | Cotton wool, felt or felt and non-woven materials; special yarn; twine, ropes, ropes and cables and products made from them | 79 399 | 0,00 | 408 117 | -80,55 |
| 57 | Carpets and other textile floor coverings | 484 | 0,00 | 40 067 | -98,79 |
| 58 | Special fabrics; tufted textile materials; lace; tapestries; Decoration Materials; embroidery | 2 851 | 0,00 | 34 053 | -91,63 |
| 59 | Textile materials, impregnated, coated or laminated; textile products for technical purposes | 469 070 | 0,00 | 408 151 | 14,93 |
| 60 | Knitted or crocheted fabrics | 60 | 0,00 | 0 | ∞ |
| 61 | Articles of clothing and clothing accessories, knitted or crocheted | 395 176 | 0,00 | 380 759 | 3,79 |
| 62 | Items of clothing and clothing accessories, except knitted or hand-knitted items | 161 066 | 0,00 | 193 384 | -16,71 |
| 63 | Other finished textile products; sets; used clothing and textiles; rags | 612 040 | 0,00 | 986 425 | -37,95 |
| 64 | Shoes, gaiters and similar articles; their details | 149 641 | 0,00 | 82 872 | 80,57 |
| 65 | Hats and their parts | 417 | 0,00 | 4 642 | -91,02 |
| 66 | Umbrellas, sun umbrellas, walking sticks, seat sticks, whips, riding crops and parts thereof | 638 | 0,00 | 0 | ∞ |
| 68 | Articles made of stone, plaster, cement, asbestos, mica or similar materials | 5 737 548 | 0,01 | 8 478 246 | -32,33 |
| 69 | Ceramic products | 1 602 863 | 0,00 | 1 300 941 | 23,21 |
| 70 | Glass and products made from it | 2 370 584 | 0,00 | 2 116 877 | 11,98 |
| 71 | Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metals, and products made from them; bijouterie; coins | 57 890 873 | 0,10 | 43 627 594 | 32,69 |
| 72 | Black metals | 381 576 031 | 0,67 | 23 547 140 | 1 520,48 |
| 73 | Ferrous metal products | 18 897 865 | 0,03 | 22 525 116 | -16,10 |
| 74 | Copper and products made from it | 1 100 569 093 | 1,94 | 1 097 055 452 | 0,32 |
| 75 | Nickel and products made from it | 14 746 047 | 0,03 | 31 716 866 | -53,51 |
| 76 | Aluminum and products made from it | 95 242 586 | 0,17 | 90 435 999 | 5,31 |
| 78 | Lead and products made from it | 35 579 | 0,00 | 3 103 | 1 046,60 |
| 79 | Zinc and products made from it | 200 517 | 0,00 | 6 491 156 | -96,91 |
| 80 | Tin and products made from it | 391 | 0,00 | 7 128 | -94,51 |
| 81 | Other base metals; metal ceramics; products made from them | 55 790 236 | 0,10 | 62 730 192 | -11,06 |
| 82 | Tools, utensils, cutlery, spoons and forks made of base metals; their parts are made of base metals | 451 735 | 0,00 | 299 967 | 50,59 |
| 83 | Other products made of base metals | 807 778 | 0,00 | 788 931 | 2,39 |
| 84 | Nuclear reactors, boilers, equipment and mechanical devices; their parts | 1 847 866 924 | 3,25 | 1 509 263 750 | 22,43 |
| 85 | Electrical machines and equipment, their parts; sound recording and reproducing equipment, equipment for recording and reproducing television images and sound, their parts and accessories | 491 727 112 | 0,87 | 95 158 058 | 416,75 |
| 86 | Railway locomotives or tram motor cars, rolling stock and parts thereof; track equipment and devices for railways or tramways and parts thereof; mechanical (including electromechanical) signaling equipment of all types | 1 596 701 | 0,00 | 523 181 | 205,19 |
| 87 | Ground transport vehicles, except railway or tram rolling stock, and their parts and accessories | 116 397 964 | 0,20 | 19 943 436 | 483,64 |
| 89 | Vessels, boats and floating structures | 4 376 385 | 0,01 | 15 509 771 | -71,78 |
| 90 | Optical, photographic, cinematographic, measuring, control, precision, medical or surgical instruments and apparatus; their parts and accessories | 245 223 541 | 0,43 | 189 029 482 | 29,73 |
| 91 | Watches of all types and their parts | 322 388 | 0,00 | 323 711 | -0,41 |
| 92 | Musical instruments; their parts and accessories | 106 474 | 0,00 | 52 146 | 104,18 |
| 94 | Furniture; bedding, mattresses, mattress bases, cushions and similar stuffed furnishings; lamps and lighting fixtures not elsewhere specified or included; illuminated signs, illuminated name or address plates and similar products; prefabricated building structures | 3 327 037 | 0,01 | 7 716 819 | -56,89 |
| 95 | Toys, games and sports equipment; their parts and accessories | 1 704 680 | 0,00 | 263 006 | 548,15 |
| 96 | Various finished products | 591 925 | 0,00 | 279 240 | 111,98 |
| 97 | Artworks, collectibles and antiques | 3 235 292 | 0,01 | 6 586 346 | -50,88 |
| SS | Secret code | 1 344 800 897 | 2,37 | 1 150 112 763 | 16,93 |
