Global imports and exports make up the worldwide trade market, but there is a clear player in the field. Modern China holds the title as the largest trading nation in the world, and for good reason. Goods and services worth trillions of dollars enter and exit this Asian nation on an annual basis, and there’s no other country in close pursuit. Once they overtook the United States less than a decade ago, they’ve pulled into an unquestionable lead.
China’s top exports include cotton, tea and rice. They’re also major exporters of electrical machinery and equipment, furniture, clothing and accessories. People all over the world are familiar with the token “Made in China” labels, and it’s no surprise given that their export levels are incredibly high.
In terms of imports, China’s top commodity imports include mineral fuels, metal ores, and oil, but they are also major importers of electronics and vehicles. In fact, China’s imports comprise approximately 10% of total global imports with a mind-blowing $17 trillion passing into its borders.
The import/export business is a hugely profitable space where China is an evident leader. With a massive population, the potential customer base for products is extensive, as is the manufacturing industry for creating and developing products to send elsewhere.
Partnering with a reliable sourcing company with top contacts is crucial for your business if you need to import or export to or from China. With a well-managed business plan, you can even start your own profitable import/export business from home. In the meantime, we watch in wonder as their import and export numbers continue to soar.