Chinese global exports declined by 16.4% to an estimated US$1.19 trillion in 2009. China imported $922 billion worth of products from the rest of world last year, down 18.5% from 2008.
Worldwide, China earned an estimated $273-billion surplus for 2009. That amount is 8.6% lower than the $298-billion positive trade balance in the prior year.
Chief trade partners providing imported products to China include Japan (13.3% of total Chinese imports), South Korea (5.2%), Taiwan (9.2%), United States (7.2%) and Germany (4.9%). The largest customers for Chinese exports are the U.S. (17.7% of total Chinese exports), Hong Hong (13.3%), Japan (8.1%), South Korea (5.2%) and Germany (4.1%).
Chinese Trade with USA in 2009
According to the latest US Census Bureau statistics, the value of Chinese exports to the U.S. fell 12.2% to $296.4 billion for 2009.
China imported $69.6 billion worth of American goods in 2009, down only 0.2% from $69.7 billion in the prior year.
So while China maintains a healthy $226.8 billion surplus in its trade with America, the U.S. improved its trade deficit with the People’s Republic by 15.4% during 2009.
Below is an analysis of the bestselling exports and imports that Chinese and American trading partners exchanged during the year.
Most Popular Chinese Exports
Only 2 of the top 10 exports from China to the U.S. in 2009 showed any percentage gain from the prior year. Many of the leading exports from China involve technology. Other major shipments involve mass-produced items including toys, clothing and shoes.
- Computers … US$28.3 billion, up 13% from 2008 (9.5% of exports)
- Other household goods … $27.1 billion, down 1.5% (9.1%)
- Toys and sporting goods … $25.1 billion, down 14% (8.5%)
- Computer accessories … $22.1 billion, down 18.3% (7.4%)
- Video equipment … $15.1 billion, down 0.1% (5.1%)
- Cotton apparel and household goods … $14.45 billion, up 8% (4.9%)
- Other apparel and household goods… $14.38 billion, down 6% (4.9%)
- Telecommunications equipment … $11.8 billion, down 18.8% (4%)
- Furniture and household items … $11 billion, down 17.2% (3.7%)
- Leather or rubber footwear … $10.97 billion, down 5.7% (3.7%).
Fastest-Growing Exports from China
The fastest-growing products shipments to America from the People’s Republic were either for relatively small amounts or involved percentage gains of 13% or less.
- Other commercial vessels … US$12.8 million, up 191.8% from 2008
- Nickel … $10.3 million, up 110.6%
- Farming materials … $62.7 million, up 56.5%
- Numismatic coins (collectibles) … $30.4 million, up 44.2%
- Alcoholic beverages other than wine … $6.1 million, up 22.4%
- Civilian aircraft including parts … $228.1 million, up 13.1%
- Computers … $28.3 billion, up 13%
- Cotton apparel and household goods … $14.45 billion, up 8%
- Cotton, wool and other natural fibers … $7.6 million, up 6.9%
- Medicinal, dental and pharmaceutical preparations… $1.5 billion, up 5.6%.
Top Chinese Imports from U.S.
Among America’s top 10 exports to China during 2009, 6 product categories had double-digit sales increases. Among the remaining 4 import products, U.S. semiconductors and copper suffered the steepest slowdowns in sales to China.
- Soybeans … US$9.2 billion, up 26.9% from 2008 (13.2% of imports)
- Civilian aircraft including parts … $5.3 billion, up 36.6% (7.7%)
- Semiconductors … $5.2 billion, down 20.3% (7.4%)
- Plastic materials … $3.6 billion, up 17.3% (5.2%)
- Steelmaking materials … $2.7 billion, up 40% (3.9%)
- Pulpwood … $2.5 billion, up 12% (3.6%)
- Other industrial machines … $2.4 billion, down 15.9% (3.4%)
- Organic chemicals … $2.1 billion, up 16.3% (3%)
- Copper … $2 billion, down 19.6% (2.8%)
- Measuring, testing and control instruments … $1.5 billion, down 7.2% (2.2%).
Fastest-Growing Chinese Imports from America
Out of 142 product categories, over 50 American exports to China showed positive growth in sales during 2009. Among the 10 leading growth imports into the People’s Republic last year, 4 of the American exports below had percentage gains over 1,000% while 8 imports had triple-digit increases.
- Metallurgical grade coal … US$110.5 million, up 79,958% from 2008
- Wheat … $88.1 million, up 9,222%
- Natural gas liquids… $44.6 million, up 1,321%
- Corn … $76.6 million, up 1,231%
- Sorghum, barley and oats … $10 million, up 315.6%
- Audio and visual tapes … $30.5 million, up 255.5%
- Unmanufactured agriculture industry goods … $178 million, up 137.6%
- Parts for military-type goods … $20.7 million, up 104.4%
- Toys and sporting goods … $148.8 million, up 93.5%
- Jewelry (spelled Jewellery in Canada) … $51.4 million, up 91%.
China's Competitive Trade Advantages and Disadvantages
During 2009, China exported $50.4 billion worth of computers and computer accessories to the U.S. while paying $2 billion for similar products imported from America.
Given that Chinese exporters sold $48.4 billion more in computer products than Chinese importers paid out to American computer makers, clearly China has a strong comparative advantage in the trade of computer technology hardware with the U.S.
Conversely, the U.S. sold $9.2 billion worth of American soybeans to China and imported no Chinese soybeans. In this, American strong trade advantage is in agricultural products.
Sources:This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
Daniel Workman - A senior business and finance writer who also does French translations, notably international trade and insurance materials.
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