The China Trade record 2023

China’s trade balance was positive at $56.5 billion in October 2023, after $275 billion in exports and $218 billion in imports. China’s exports fell by $-23.5 billion (-7.89%) from $298 billion to $275 billion between October 2022 and October 2023, while its imports rose by $5.08 billion (2.38%) from $213 billion to $218 billion. Guangdong Province ($63.9B), Jiangsu Province ($40.6B), Zhejiang Province ($38.4B), Shandong Province ($22B), and Shanghai Province ($20.1B) accounted for the majority of China’s exports in October 2023, while Beijing ($36.9B), Guangdong Province ($35.7B), Shanghai Province ($28.3B), Jiangsu Province ($23.2B), and Zhejiang Province ($17.2B) were the principal import destinations.

 

Phones ($25.5B), Computers ($12.7B), Integrated Circuits ($11.2B), Automobiles ($8.39B), and Electric Batteries ($5.93B) were China’s top exports in October 2023. China’s main imports in October 2023 were gold ($5.82B), integrated circuits ($31.1B), iron ore ($11.2B), petroleum gas ($6B), and crude petroleum ($32.4B). China’s top export destinations in October 2023 were the United States ($43.2B), Hong Kong ($24.9B), Japan ($12.9B), South Korea ($11.8B), and Vietnam ($11.8B). Taiwan ($18.9B), South Korea ($14.3B), Japan ($13.5B), the United States ($12.3B), and Australia ($12B) were China’s top import destinations. The decline in exports to the United States ($-3.85B or -8.19%), Singapore ($-2.67B or -33.3%), and South Korea ($-2.42B or -17%), as well as a decline in computer product exports ($-3.55B or -21.9%), integrated circuits ($-2.25B or -16.7%), and electrical transformers ($-1.64B or -33.6%), were the main causes of China’s year-over-year decline in exports in October 2023. October 2023: Imports from Brazil ($2.97B or 39%), Vietnam ($1.73B or 20.1%), and Malaysia ($1.52B or 18%) accounted for the majority of China’s year-over-year increase in imports. Product imports increased in the following areas: computers ($2.35B or 104%), iron ore ($2.03B or 22.1%), and crude petroleum ($2.51B or 8.41%).

 

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