International Trade Center released its report on November 13, 2018, declaring the trading relations of countries around the World, and the United States of America emerged as the best trading partner of China for the year 2017.
China is the world’s largest exporter in terms of value, and had shipped USD 2.263 trillion worth of products around the globe, in the same year. Out of it, USD 430.3 billion was exported to the USA. It was more than the record of the previous year. In 2016, the exports to the United States had totaled to USD 385.67 billion. Electrical machinery, machinery, furniture and bedding, toys and sports equipment, and plastics – being the top import categories. The country also exported numerous agricultural products to the USA.
However, tensions have been brewing between both the countries over trade. The present US-China Trade war has begun to show its impact on the industrial profits of the manufacturers in China. The diminishing growth is visible in private Chinese enterprises. In July, President of the United States, Donald Trump had imposed tariffs worth USD 34 billion in Chinese goods, and then an additional USD 16 billion in August. Trump had made a statement, “China has been taking advantage of the United States for a long time, and that’s not happening anymore.”
It has been 40 years since the introduction of economic reforms in China. Owing to them, China dragged millions of its citizens out of poverty. But, the trade war could result in dropping of the consumer confidence in Chinese products. The economy of the country has already depicted a decline, as the trade war has hurt the sales. The country is seeking a deal to bring an end to the ongoing struggle. China nudged its currency lower so that the USA receives products at a cheaper rate, but more drastic changes by the government of the United States could affect the reputation devastatingly. The other markets of the world, do not fare that well for the country. While 19% of its exports are to the USA, the next rank in terms of exports is with Hong Kong, but the value is almost half the total export value with the US. Exports to HK are worth USD 279.2 billion.
Find out in the table below, the export value in other countries for the year 2017:
|Rank||Country||Exports (in US $)||Percentage
|1||United States||430.3 billion||19.0%|
|2||Hong Kong||279.2 billion||12.3%|
|4||South Korea||102.7 billion||4.5%|
|9||United Kingdom||56.7 billion||2.5%|