The General Administration of Customs of China released data on the 12th showing that China is set to remain the world’s largest goods trading nation for the seventh consecutive year in 2023. The data anticipates a 0.2% increase from the previous year, reaching 41.76 trillion yuan (approximately US$6 billion).
The World Trade Organization predicts that China’s share of the global export market in 2023 will remain robust, at around 14%. Notably, the total export figure of 23.77 trillion yuan (approximately US$3.34 trillion) comprises 23.51 trillion yuan (approximately US$3.30 trillion) in manufactured goods. Among these, the equipment manufacturing industry’s exports grew by 2.8%, constituting nearly 60% of the overall exports.
China’s shipbuilding and automotive sectors have garnered international attention as rising stars. China leads the world in three key shipbuilding indicators: completed shipbuilding, new orders, and existing orders. The China Automobile Industry Association reports that China will surpass Japan and become the world’s top auto exporter in 2023. Furthermore, the export of the New 3 Model, encompassing electric vehicles, lithium-ion batteries, and solar cells, surged by nearly 30%, surpassing the 1 trillion yuan mark for the first time.
In 2023, China also saw the emergence of a thriving domestic manufacturing sector. Exports of Chinese brand products increased by 9.3%, contributing to a 1.7 percentage point increase in the overall export growth.
In 2024, China will further benefit global companies by implementing the Regional Comprehensive Economic Partnership (RCEP) and accelerating negotiations for the China-ASEAN Free Trade Area Version 3.0. Toward the end of the previous year, China proposed at the Central Economic Work Conference to accelerate the development of new trade-driving forces, bolster domestic demand, and enhance its openness to the world.
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