That dollar amount reflects a 35.6% gain compared to $2.498 trillion five years earlier during 2019.
Year over year, the overall value of mainland China’s exports shrank -5.7% from $3.594 trillion in 2022.
According to exchange rate metrics from the International Monetary Fund, the Chinese yuan has depreciated by -2.5% against the US dollar since 2019 and fell by -5.1% from 2022 to 2023. China’s weakening local currency makes Chinese exports paid for in relatively stronger US dollars less expensive than in the prior years.
Mainland China’s biggest export products by value in 2023 were led by phone devices including smartphones, computers, electronic integrated circuits, cars, then electric storage devices. In aggregate, those major exports account for almost one-fifth (18.2%) of the China’s overall exports sales. That percentage plus the commodities themselves suggest a fairly diversified range of exported goods.
China ranks among world-leading nations for exporting cell phones, electronic circuit components and automotive parts or accessories.
Mainland China generated 13.8% of all globally exported goods based on the world’s 2022 total.
China’s Best Customers for its Exports
The latest available country-specific data shows that 51.4% of products exported from mainland China were bought by importers in: the United States of America (14.8% of China’s global total), Hong Kong (8.2%), Japan (4.7%), South Korea (4.4%), Vietnam (4.1%), India (3.5%), Russia (3.3%), Germany (3%), Netherlands (also 3%), then Malaysia (2.6%).
From a continental perspective, nearly half (47.8%) of mainland China’s exports by value was delivered to fellow Asian countries while another 21.1% was sold to importers in Europe. China shipped 18.6% worth of goods to buyers in North America.
Smaller percentages went to customers in Africa (5.1%), Latin America (4.8%) excluding Mexico but including the Caribbean, Africa (4.6%), and Oceania (2.6%) led by Australia and New Zealand.
Given China’s population of 1.41 billion people, its total $3.389 trillion in 2023 exported products translates to about $2,400 for every resident in the East Asian economic powerhouse. That per-capita dollar amount lags the average $2,500 one year earlier in 2022.
China’s Top 10 Exports
The following export product groups categorize the highest dollar value in Chinese global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from China.
- Electrical machinery, equipment: US$899 billion (26.5% of total exports)
- Machinery including computers: $512 billion (15.1%)
- Vehicles: $192.7 billion (5.7%)
- Plastics, plastic articles: $132.5 billion (3.9%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $121 billion (3.6%)
- Articles of iron or steel: $97.9 billion (2.9%)
- Toys, games: $89.1 billion (2.6%)
- Knit or crochet clothing, accessories: $83 billion (2.5%)
- Organic chemicals: $77.9 billion (2.3%)
- Clothing, accessories (not knit or crochet): $70.9 billion (2.1%)
China’s top 10 exports accounted for just over two-thirds (67.2%) of the overall value of its global shipments.
Vehicles was the lone gainer among the top 10 export categories, up by 28.3% from 2022 to 2023.
The severest decliner among China’s top 10 export categories was organic chemicals, thanks to a -23.5% year-over-year retreat.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of China’s Most Valuable Export Products further down near the bottom of this article.
Products Creating China’s Greatest Trade Surpluses
Mainland China garnered an overall US$829.4 billion trade surplus in 2023, down by -5.5% from $877.6 billion in black ink during 2022.
The following types of Chinese product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Electrical machinery, equipment: US$348.7 billion (Up by 12.4% since 2022)
- Machinery including computers: $314.2 billion (Down by -10.2%)
- Vehicles: $122 billion (Up by 75.7%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $118.6 billion (Down by -7.4%)
- Articles of iron or steel: $89.1 billion (Down by -11.6%)
- Toys, games: $86.5 billion (Down by -13.9%)
- Knit or crochet clothing, accessories: $79.1 billion (Down by -8.9%)
- Plastics, plastic articles: $70.5 billion (Up by 3.1%)
- Clothing, accessories (not knit or crochet): $65.6 billion (Down by -8.3%)
- Footwear: $47.1 billion (Down by -15.6%)
China has highly positive net exports in the international trade of electrical machinery including consumer electronics. In turn, these cashflows indicate China’s strong competitive advantages under the electrical machinery and equipment category.
Products Causing China’s Biggest Trade Deficits
Below are exports from China that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country China’s goods trail Chinese importer spending on foreign products.
- Mineral fuels including oil: -US$453.2 billion (Down by -3.8% since 2022)
- Ores, slag, ash: -$234.3 billion (Up by 6.1%)
- Gems, precious metals: -$82.6 billion (Up by 12.2%)
- Oil seeds: -$66.4 billion (Up by 1.6%)
- Copper: -$52.8 billion (Down by -8.9%)
- Pharmaceuticals: -$31.8 billion (Up by 22.7%)
- Meat: -$25.7 billion (Down by -13.9%)
- Woodpulp: -$23.6 billion (Up by 6.8%)
- Cereals: -$19.5 billion (Up by 6.2%)
- Salt, sulphur, stone, cement: -$18.4 billion (Up by 49.1%)
China has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products notably crude oil, petroleum gas and coal.
These cashflow deficiencies clearly indicate China’s competitive disadvantages in the international mineral fuels-related market, but also represent key opportunities for China to improve its position in the global economy through focused innovations.
Searchable List of China’s Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from the People’s Republic during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | China's Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Phone devices including smartphones | $219,634,546,000 | -7.8% |
| 2 | Computers, optical readers | $149,860,703,000 | -20.2% |
| 3 | Integrated circuits/microassemblies | $136,583,458,000 | -11.6% |
| 4 | Cars | $77,659,214,000 | +73.8% |
| 5 | Electric storage batteries | $69,863,656,000 | +22.1% |
| 6 | Solar power diodes/semi-conductors | $61,401,081,000 | -6.8% |
| 7 | Automobile parts/accessories | $53,329,321,000 | +7.2% |
| 8 | Processed petroleum oils | $48,395,083,000 | +0.2% |
| 9 | Electrical converters/power units | $46,621,936,000 | -1.8% |
| 10 | Lamps, lighting, illuminated signs | $41,204,916,000 | -10.6% |
| 11 | Models, puzzles, miscellaneous toys | $40,891,383,000 | -15.4% |
| 12 | Flat panel displays | $38,953,929,000 | +4.8% |
| 13 | Cases, handbags, wallets | $36,086,761,000 | +1.5% |
| 14 | Miscellaneous furniture | $34,695,532,000 | -6.6% |
| 15 | TV receivers/monitors/projectors | $32,397,262,000 | -10.5% |
| 16 | Miscellaneous plastic items | $32,269,241,000 | -7.5% |
| 17 | Seats (excluding barber/dentist chairs) | $30,462,205,000 | -7.9% |
| 18 | Electric water heaters, hair dryers | $29,293,645,000 | -1.9% |
| 19 | Computer parts, accessories | $28,783,728,000 | -17.6% |
| 20 | Insulated wire/cable | $28,343,845,000 | -9% |
| 21 | Footwear (rubber or plastic) | $26,496,904,000 | -7% |
| 22 | Cruise/cargo ships, barges | $25,114,117,000 | +30.7% |
| 23 | Women's clothing (not knit or crochet) | $25,106,558,000 | -2.3% |
| 24 | Air or vacuum pumps | $24,733,166,000 | -0.6% |
| 25 | Air conditioners | $21,517,563,000 | -1% |
| 26 | Table games, bowling equipment | $21,379,281,000 | +1.2% |
| 27 | Rubber tires (new) | $21,337,999,000 | +13% |
| 28 | Taps, valves, similar appliances | $21,243,939,000 | -5.2% |
| 29 | Lower-voltage switches, fuses | $20,872,454,000 | -9.6% |
| 30 | Jerseys, pullovers (knit or crochet) | $20,030,106,000 | -10.9% |
| 31 | Miscellaneous iron and steel structures | $19,890,340,000 | +3.6% |
| 32 | Synthetic yarn woven fabrics | $19,513,297,000 | -2.9% |
| 33 | Microphones/headphones/amps | $18,488,091,000 | -12.7% |
| 34 | Electrical machinery | $17,706,700,000 | -16.7% |
| 35 | Printed circuits | $17,535,119,000 | -11.6% |
| 36 | Flat-rolled iron or non-alloy steel products (plated/coated) | $17,137,712,000 | -12% |
| 37 | Miscellaneous iron or steel items | $16,170,350,000 | -10.5% |
| 38 | Hot-rolled iron or non-alloy steel products | $16,073,136,000 | +38.5% |
| 39 | Plastic tableware, kitchenware, toiletry | $15,947,904,000 | -7.1% |
| 40 | TV/radio/radar device parts | $15,891,312,000 | -1.1% |
| 41 | Women's clothing (knit or crochet) | $15,617,948,000 | -12.9% |
| 42 | Refrigerators, freezers | $15,568,333,000 | +3.6% |
| 43 | Sports equipment | $15,384,820,000 | -12.9% |
| 44 | Electric motors, generators | $14,670,604,000 | -7.5% |
| 45 | Jewelry | $14,380,902,000 | -8% |
| 46 | Machinery parts | $14,247,480,000 | -0.7% |
| 47 | Heavy machinery (bulldozers, excavators, road rollers) | $14,217,794,000 | +6.4% |
| 48 | Plastic packing goods, lids, caps | $14,197,774,000 | -6.5% |
| 49 | Printing machinery | $13,759,817,000 | -12.3% |
| 50 | Electrical/optical circuit boards, panels | $13,431,682,000 | +5% |
| 51 | Base metal mountings, fittings | $13,339,268,000 | -11.2% |
| 52 | Miscellaneous machinery | $13,213,087,000 | +9.6% |
| 53 | Centrifuges, filters and purifiers | $12,947,470,000 | +4.9% |
| 54 | Footwear (textile) | $12,602,568,000 | -20% |
| 55 | Liquid pumps and elevators | $12,184,971,000 | +6.2% |
| 56 | Heterocyclics, nucleic acids | $12,164,260,000 | -32.4% |
| 57 | Pneumatic hand tool | $11,935,655,000 | -13.7% |
| 58 | Trucks | $11,621,228,000 | +17.6% |
| 59 | Motorcycles | $11,590,892,000 | -3.1% |
| 60 | Electromechanic domestic appliances | $11,380,852,000 | +2.7% |
| 61 | Plastic plates, sheets, film, tape, strips | $11,249,957,000 | -3.6% |
| 62 | Men's suits, trousers (not knit or crochet) | $11,240,183,000 | -2.1% |
| 63 | Iron and steel tables, household items | $10,917,116,000 | -8% |
| 64 | Polyacetal/ether/carbonates | $10,750,920,000 | -9.4% |
| 65 | TV receiver/transmit/digital cameras | $10,738,105,000 | +1.1% |
| 66 | Electro-medical equip (e.g. xrays) | $10,430,624,000 | -0.4% |
| 67 | Mattresses, quilts | $10,421,153,000 | -0.1% |
| 68 | Other than warp-knit fabrics | $10,287,395,000 | -12.6% |
| 69 | Motorcycle parts/accessories | $10,097,632,000 | -14.6% |
| 70 | Transmission shafts, gears, clutches | $9,958,849,000 | -6% |
| 71 | Carnival items, magic tricks | $9,593,931,000 | -30.7% |
| 72 | Linens | $9,534,730,000 | -0.8% |
| 73 | Iron and steel screws, bolts, nuts, washers | $9,184,552,000 | -17.8% |
| 74 | T-shirts, vests (knit or crochet) | $9,101,584,000 | -2.6% |
| 75 | Piston engine parts | $8,590,145,000 | +6.7% |
| 76 | Aluminum plates, sheets, strips | $8,548,060,000 | -34.6% |
| 77 | Footwear (leather) | $8,526,027,000 | -23.8% |
| 78 | Temperature-change machines | $8,417,466,000 | +13.5% |
| 79 | Hydrazine, inorganic salts | $8,386,359,000 | +30.3% |
| 80 | Tobacco products, nicotine substitutes | $8,335,652,000 | +22.8% |
| 81 | Special containers | $8,296,799,000 | -43.5% |
| 82 | Iron or steel tubes, pipes | $8,205,012,000 | -0.3% |
| 83 | Packaged insecticides/fungicides/herbicides | $8,087,677,000 | -27.2% |
| 84 | Miscellaneous articles, dress patterns | $8,045,505,000 | -27.9% |
| 85 | Tractors | $7,551,567,000 | +109% |
| 86 | Synthetic filament yarn | $7,525,026,000 | -2.3% |
| 87 | Fork-lift trucks | $7,388,195,000 | +19.2% |
| 88 | Porcelain household items | $7,226,740,000 | -10.9% |
| 89 | Other measuring/testing machines | $7,128,755,000 | +7.9% |
| 90 | Electric motor parts | $7,121,506,000 | -4.3% |
| 91 | Lifting/loading machinery | $7,106,702,000 | +13.7% |
| 92 | Women's coats, jackets (not knit or crochet) | $7,047,908,000 | -18.9% |
| 93 | Plastic tile or roll coverings | $7,044,313,000 | -13.7% |
| 94 | Stockings, hosiery (knit or crochet) | $6,947,241,000 | -2.7% |
| 95 | Filament/discharge lamps | $6,883,183,000 | -24.2% |
| 96 | Brooms, brushes | $6,721,335,000 | -4.4% |
| 97 | Women's underwear, pajamas (knit or crochet) | $6,714,568,000 | -8% |
| 98 | Vacuum cleaners | $6,630,755,000 | +1.1% |
| 99 | Moulding boxes/base | $6,585,934,000 | +6.5% |
| 100 | Rubber/plastic article making machines | $6,535,966,000 | +1.7% |
These 100 exported goods were worth a subtotal of US$2.25 trillion or about two-thirds (66.3%) by value for all products exported from mainland China during 2023.
Mainland China’s Major Export Companies
China placed about 150 corporations on the Forbes Global 2000. Below is a sample of the major Chinese export companies that Forbes included.
- Aluminum Corporation of China (aluminum)
- BYD (cars, trucks)
- Dongfang Electric (electrical equipment)
- Dongfeng Motor Group (cars, trucks)
- Gree Electric Appliances (household appliances)
- Midea Group Co. Ltd. (household appliances)
- PetroChina (oil, gas)
- SAIC Motor (cars, trucks)
- Sinopec-China Petroleum (oil, gas)
- Sinopharm Group (pharmaceuticals)
- Tsingtao Brewery (beverages)
According to global trade intelligence firm Zepol, the following smaller companies are also examples of leading Chinese exporters.
- APLL (beddings, clothing)
- Carven Industries (furniture, building stone)
- Maersk Logistics China (footwear, bedding, clothing)
- UPS SCS China (chairs, beddings)
- Winners Products Engineering (cooking appliances, sheets, charcoal)
In macroeconomic terms, China’s total exported goods represent 10.3% of its overall Gross Domestic Product for 2023 ($32.898 trillion valued in Purchasing Power Parity US dollars). That 10.3% for exports to overall GDP in PPP in 2023 compares to 11.9% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for China’s total economic performance, albeit based on short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. China’s unemployment rate averaged 5.3% for 2023, down from an average 5.5% in 2022 per metrics from the International Monetary Fund.
See also China’s Top 10 Imports, China’s Top Trading Partners, Top Chinese Trade Balances, China’s Top 10 Major Export Companies and China’s Exported Services, Taiwan’s Top 10 Exports, Macau’s Top 10 Exports and Hong Kong’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on March 18, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 18, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 18, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 18, 2024
International Trade Centre, Trade Map. Accessed on March 18, 2024
Investopedia, Net Exports Definition. Accessed on March 18, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 18, 2024
Wikipedia, China. Accessed on March 18, 2024
Wikipedia, List of Companies of China. Accessed on March 18, 2024
Zepol’s company summary highlights by country. Accessed on March 18, 2024