China’s status as the world’s top exporter will never be challenged because of the affordable prices of the commodities and goods it exports. China, on the other hand, tilts its balance of trade to equilibrium by importing raw materials all over the world to support its awesome manufacturing industry.
According to online sources, the United States exports to China are electrical machinery and equipment, power generation equipment, air and spacecraft, plastics, optics and medical equipment, iron steel, and oil seeds, oleaginous fruits. The rest of the world supplies China’s need for mineral and fuel oil, power generation equipment, ores and medical equipment. This statistics show that China also needs raw materials that can be converted into finished products, which they would later export to developing countries.
In the mean time, China is also active in importing medical and aircraft technology to address its rapid progress. The number of nouveau rich is increasing in China’s society especially coming from the trading business sector. According to these statistical offices, PRC National Bureau of Statistics, PRC General Administration of Customs, China’s Customs Statistics, the country’s import decreased by 16% compared to that of 2008. The worldwide recession caused a slowdown in production hence the decrease in the need to import.
It is significant to look at the balance of trade statistics of China if they are interested in doing business with them. It can give an idea as to what products are still required by China. There are a lot of countries that trade with China, from its Asian-pacific neighbors like Australia, Japan, South Korea, Malaysia, India, Singapore, Hong Kong, to western countries like United States, and Germany.
There are many sources of statistics online that can provide good data about China’s imports. The web and some universities are the sources for statistics online. Trade associations also give reliable statistical data about China’s exports and imports. The other sources of statistical data are bank sites online and the chamber of commerce.