Chinas 10 Fastest Growing Export Markets in 2020

Source: Dezan Shira

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Chinas 10 Fastest Growing Export Markets in 2020

We look at Chinas 10 fastest growing trade partners in 2020, and the most valuable goods sent to these markets.

202010

Alexander Chipman Koty

Advisor to Dezan Shira & Associates

Chinas exports continued to grow in 2020, despite the unprecedented disruption to the global economy caused by the COVID-19 pandemic.

In 2020, Chinas exports increased by 3.6 percent for a total of US$2.59 trillion, making it responsible for about 15 percent of global exports. The previous year, in 2019, Chinas exports increased by just 0.5 percent.

This growth came despite diminished demand from a global economic downturn, and logistical trade constrains caused by the pandemic. Chinas biggest export partners in 2020 were the US (US$46.5 billion), Hong Kong (US$34.3 billion), Japan (US$13.4 billion), Vietnam (US$13 billion), and South Korea (US$11.7 billion).

Beyond Chinas largest trade partners, however, it is rapidly increasing exports to a number of other countries across the world. In this article, we look at Chinas 10 fastest growing trade partners in 2020, and the most valuable goods sent to these markets.

Interestingly, six of Chinas 10 fastest growing export markets were in the Middle East and Africa, showing Chinas interest in developing trade in these areas, while the rest were in Europe. While China has a number of free trade agreements, none of them were with countries on this list.

Leading exports to these markets are dominated by electrical machinery, equipment, and machinery. Products in these categories include phones, computers, video displays, air pumps, air conditioners, heaters, and the like.

This list is based on data provided by the Observatory for Economic Complexity. The sample excludes countries that received less than US$1 billion worth of Chinese exports.

We rank countries based on the rate of trade value growth. To be noted, trade value is not just affected by quantity, but also price and currency fluctuations.

1. Serbia

Trade value: US$1.59 billion
Trade value growth: 62.7%
Trade value growth value: US$614 million

Leading products

1) Nuclear reactors, boilers, machinery, and mechanical appliances:

Trade value: US$463 million (29.1%)
Trade value growth value: US$188 million (68.5%)

2) Electrical machinery, equipment, and parts:

Trade value: US$327 million (20.5%)
Trade value growth value: US$72.5 million (+28.5%)

3) Textiles and worn clothing:

Trade value: US$101 million (6.37%)
Trade value growth value: US$88.7 million (+697%)

2. Ghana

Trade value: US$6.46 billion
Trade value growth: 32.8%
Trade value growth value: US$1.59 billion

Leading products

1) Electrical machinery, equipment, and parts:

Trade value: US$780 million (12.1%)
Trade value growth value: US$233 million (+42.5%)

2) Nuclear reactors, boilers, machinery, and mechanical appliances:

Trade value: US$686 million (10.6%)
Trade value growth value: US$209 million (+43.8%)

3) Vehicles and parts:

Trade value: US$491 million (7.6%)
Trade value growth value: US$149 million (+43.6%)

3. Cameroon

Trade value: US$2 billion
Trade value growth: 23.4%
Trade value growth value: US$381 million

Leading products

1) Electrical machinery, equipment, and parts:

Trade value: US$233 million (11.7%)
Trade value growth value: US$19.8 million (+9.28%)

2) Nuclear reactors, boilers, machinery, and mechanical appliances:

Trade value: US$153 million (7.63%)
Trade value growth value: US$20.7 million (+15.7%)

3) Footwear, gaiters, and parts:

Trade value: US$135 million (6.75%)
Trade value growth value: US$21.3 million (+18.7%)

4. Ireland

Trade value: US$3.78 billion
Trade value growth: 19.3%
Trade value growth value: US$611 million

Leading products

1) Nuclear reactors, boilers, machinery, and mechanical appliances:

Trade value: US$959 million (25.4%)
Trade value growth value: US$-46.9 million (-4.66%)

2) Electrical machinery, equipment, and parts:

Trade value: US$465 million (12.3%)
Trade value growth value: US$28.5 million (+6.53%)

3) Organic chemicals:

Trade value: US$338 million (8.95%)
Trade value growth value: US$90.2 million (+36.4%)

5. Iraq

Trade value: US$10.7 billion
Trade value growth: 18.8%
Trade value growth value: US$1.7 billion

Leading products

1) Nuclear reactors, boilers, machinery, and mechanical appliances:

Trade value: US$1.73 billion (16.1%)
Trade value growth value: US$100 million (+6.14%)

2) Electrical machinery, equipment, and parts:

Trade value: US$1.61 billion (15%)
Trade value growth value: US$446 million (+38.4%)

3) Furniture, bedding mattresses, cushions, etc.:

Trade value: US$730 million (6.81%)
Trade value growth value: US$156 million (+27.3%)

6. Israel

Trade value: US$11 billion
Trade value growth: 18.7%
Trade value growth value: US$1.74 billion

Leading products

1) Electrical machinery, equipment, and parts:

Trade value: US$1.75 billion (15.8%)
Trade value growth value: US$398 million (+29.5%)

2) Nuclear reactors, boilers, machinery, and mechanical appliances:

Trade value: US$1.49 billion (13.5%)
Trade value growth value: US$396 million (+36.2%)

3) Furniture, bedding mattresses, cushions, etc.:

Trade value: US$689 million (6.24%)
Trade value growth value: US$132 million (+23.7%)

7. Poland

Trade value: US$26.6 billion
Trade value growth: 17.5%
Trade value growth value: US$3.96 billion

Leading products

1) Electrical machinery, equipment, and parts:

Trade value: US$7.64 billion (28.8%)
Trade value growth value: US$2.13 billion (+38.7%)

2) Nuclear reactors, boilers, machinery, and mechanical appliances:

Trade value: US$4.44 billion (16.7%)
Trade value growth value: US$640 million (+16.9%)

3) Optical, photographic, cinematographic, measuring, checking, medical or surgical instruments and apparatus:

Trade value: US$1.97 billion (7.42%)
Trade value growth value: US$123 million (+6.64%)

8. Saudi Arabia

Trade value: US$27.6 billion
Trade value growth: 16.8%
Trade value growth value: US$3.98 billion

Leading products

1) Electrical machinery, equipment, and parts:

Trade value: US$3.88 billion (14.1%)
Trade value growth value: US$486 million (+14.3%)

2) Nuclear reactors, boilers, machinery, and mechanical appliances:

Trade value: US$3.21 billion (11.6%)
Trade value growth value: US$562 million (+21.2%)

3) Furniture, bedding mattresses, cushions, etc.:

Trade value: US$2.96 billion (10.7%)
Trade value growth value: US$934 million (+46.2%)

9. Turkey

Trade value: US$19.5 billion
Trade value growth: 15.2%
Trade value growth value: US$2.58 billion

Leading products

1) Nuclear reactors, boilers, machinery, and mechanical appliances:

Trade value: US$4.69 billion (24.1%)
Trade value growth value: US$1.55 billion (+49.3%)

2) Electrical machinery, equipment, and parts:

Trade value: US$4.67 billion (24%)
Trade value growth value: US$1.06 billion (+29.3%)

3) Optical, photographic, cinematographic, measuring, checking, medical or surgical instruments and apparatus:

Trade value: US$1.18 billion (6.04%)
Trade value growth value: US$241 million (+25.7%)

10. United Kingdom

Trade value: US$68.2 billion
Trade value growth: 15.1%
Trade value growth value: US$8.97 billion

Leading products

1) Electrical machinery, equipment, and parts:

Trade value: US$13.9 billion (20.3%)
Trade value growth value: US$1.29 billion (+10.3%)

2) Nuclear reactors, boilers, machinery, and mechanical appliances:

Trade value: US$10.2 billion (15%)
Trade value growth value: US$1.12 billion (+12.3%)

3) Textiles and worn clothing:

Trade value: US$4.64 billion (6.79%)
Trade value growth value: US$3.56 billion (+329%)

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