Top 5 import products of China in 2020
China dominates world trade, second only to the United States of America, China’s GDP is about $13.6 trillion, only behind the United States at $20.5 trillion.
With the COVID-19 originating in a province in China, it is interesting to note how the pandemic affected the country. But, as we’ve seen, China has been more efficient the pandemic when compared to many other countries in the world. They were quick to contain their infected people and stop the spread of the virus.
Therefore, imports in China increased by 6.5 per cent year-on-year to a record high of USD 203.7 billion in December of 2020. With a 4.5 per cent rise in November and above market consensus of a 5 per cent increase, China seems to be doing well.
As domestic demand improved and there was a rise in domestic demand and higher commodity prices, it was the fourth straight month of rose in inbound shipments.
Purchases for both coal and natural gas increased in China. But with the pandemic gravely affecting other countries, crude oil, refined products, unwrought copper, copper ore and concentrates, iron ore, soybeans, and rubber fell this yeat. In the whole of 2020, purchases in China fell by 1.1 per cent. Imports from the US, however, went up 9.8 per cent.
China’s biggest importing partners are the European Union, Taiwan, Japan, the United States, and South Korea.
The top 5 imports for 2020 is as follows.
Mechanical & Electrical Products
The value of imports of mechanical and electrical products was 99989200.00 USD THO. Unsurprisingly, the numbers are so high as China is a leading country for the manufacture of mechanical and electrical products. Pretty much everything you can think of is made in China and then outsourced to other parts of the world, especially the United States, European Union, and India.
Why was China so efficient at handling the pandemic? The simple answer: technology. China imported the newest technology to identify and treat those people infected with the COVID-19. Thus, the imports of high and new technology products add up to 70939900 USD THO.
In recent years, China has undertaken a multi-billion dollar buying spree to promote its tech and communications industry. Thus, the imports for 2020 add up to 34795800 USD THO.
Fuels & Related Materials
While China flourishes in the production and manufacture of many goods, it falls short in fuels, as they don’t have many natural deposits of materials like coal or natural gas. Thus, the imports of these materials add up to 20272504 USD THO for 2020.
The agricultural industry in China suffered the most with the onset of the pandemic. China had to import agricultural products to meet the demands of its people. At the end of the year, the value of these imports added up to 17263100 USD THO.
Pandemic or not, China will continue to dominate world trade in the years to come. Experts have also foreseen that the country will surpass the United States in the next decade, so it is safe to assume the numbers will only go up.