Thanks to the liberalization policy, the export import China business is now highly progressive and contributes greatly to the economic growth of the country in the last few years. China was included in the World Trade Organization back in 2001 which opened doors for global trading. The figures can speak well for itself. In the past 30 years, the average gross domestic product (GDP) was at 8%, a very significant growth rate. Overall, China now stands as the largest economy after USA. Experts predict that China could very well overtake USA after a few more years.
The significant economic growth in China is recognized worldwide. This proved to be very beneficial for China export business whose global market share to date reaches 58 to 60 percent. That is more than half of the market pie. The rest is distributed to other export players in Asia, Europe and America. As for China import, the country ranks third overall in the world after USA and Germany China’s silk road economic belt.
It is not always a smooth road for the export import China business. In 2008, the International Monetary Fund analyzed China’s economy and computed a marked decline in GDP in the last five years (2003 to 2008). Approximately, they recorded a 12.7% decline rate in 2007 and 9.6% decline rate in 2008.
More particularly, the import industry recorded at least US$ 40 billion in gross revenue for December 2008, while the export figure is US$ 111 billion also on December 2008. This is at least 3% lower than the figures recorded on December 2007.
The World Trade Organization was a big help in the export import China business. It bridged China to many international traders especially in Southeast Asia. Hong Kong played a major role too. After the British turned over Hong Kong to China in 1997, Hong Kong became the major shipping port for mainland China and facilitated trading with other countries. Both the World Trade Organization and Hong Kong contributed largely to the China export business.
China mostly exports their main industrial products. The Chinese are excellent in the production of garments, textiles, electronics, automobiles, ammunitions and firearms. They also export products like mercury, magnesium, manganese, tungsten, tin, antimony, salt and barite. They rank fourth place around the globe in producing zinc, antimony, tungsten and tin. They are ranked second for salt production, and sixth place in gold production. They are also a leading player in aluminum production.
China is steadily surging forward and making economic reforms to further inscribe their name in international trade. You can expect export import China business to still move ahead and beyond other major players after a few more years.