China’s Export Makes Breakthrough
In 2023, China’s export underwent significant structural changes. According to data from the National Bureau of Statistics, the combined export value of products such as electric vehicles, lithium-ion batteries and solar cells reached 1.06 trillion yuan, surpassing the trillion-yuan mark for the first time and growing by 29.9%. Chinese e-commerce platforms like SHEIN, AliExpress, along with Temu and TikTok expand to more overseas markets, especially in North America, Japan and South Korea. However, China saw a decline in exports in the same year in many industries, including tea, rare earths, pharmaceutical materials and drugs, clothing, footwear, umbrellas, daily ceramics, furniture and toys.
Despite orders from European and American buyers reduced, intermediate trade with countries such as Vietnam, Mexico, Indonesia and India grow significantly. With profound changes in China’s foreign trade structure, Chinese enterprises are shifting from traditional product exports to going global in the industrial chain.
