China Import Export Information You Need To Know
China import export has changed the world as we know it. The ready availability of cheap Chinese labor means that often it is more cost effective to import goods from China than to purchase the same goods made domestically. For this reason, China is one of the biggest exporters of goods in the world. Getting involved in this lucrative trade is easy if you take a few simple variables into account.
Top China Import Export
Top Exports from China
Though most people think of Chinese export goods as being things like cheap toys, clothing, and shoes as China’s major exports, its most lucrative export products are actually transportation and machinery equipment, including data processing equipment and cell phones, at around 47% of the total export value. Other top products include apparel, textiles, iron and steel, and medical and optical equipment. Prepared food (3%), chemicals (5%), and minerals and fuel materials (2%) are also major exports.
Top Imports to China
While China is a net exporter of goods, it still imported about $921.5 billion worth of goods in 2010. The most important imports are electrical components, machinery, and transport equipment, which make up about 43% of the total imports. Mineral fuel and oil, power generation equipment, ores, optical and medical equipment, plastic items, chemicals, and vehicles are all in the top category of imports. China import export tends to import more raw materials and export more manufactured materials than most other large countries.
Top Trading Partners
China exported some $1.2 trillion worth of goods around the world in 2010. China’s top export partners are the United States (17.7 % of exports), HongKong (13.3%), Japan (8.1%), South Korea (5.2%), and Germany (4.1%). Its top import partners are Japan, South Korea, Taiwan, the United States, and Germany. While the US and many other countries maintain trade deficits with China, China has trade deficits with its Asian trading partners, especially Japan and South Korea.
China Import Export Regulations
Restrictions and regulations that apply to trade with China import export vary drastically from country to country, so make sure you check into your country’s rules before you get involved in China import export. Some countries may set restrictions on trade to China because of its history of human rights violations or may enact tariffs designed to protect local businesses. China is a member of the World Trade Organization since 2001. This has had a major impact on China’s trade network, allowing it to become even more dominant that it was previously.
Because China is so huge and offers such a wide variety of manufactured products and raw materials and because labor costs are so low, many entrepreneurs find that it is a great place to find import export connections. China import export does come with its own host of challenges, however. Language barriers and quality control are two of the biggest that non-Chinese companies may have in starting trade relationships. In addition, China’s internal transportation system is highly inadequate, which may increase the cost of getting your goods.
China import export can be highly lucrative, especially when you’re thinking about exporting Chinese goods elsewhere in the world. There may be challenges, however, so it is important to check out any applicable rules and regulations and do some research before getting involved.
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