China: Trade Profile

Foreign Trade in Figures

Thanks to its enormous trade surplus over the past decades, China has become the world's largest exporter and ranks second among the world’s largest importers. Despite its strict policies, the country is fairly open to foreign trade, which represented 37% of its GDP in 2023 (World Bank). In the same year, China's main exports comprised telephone sets, including cellular (7.6%), automatic data-processing machines and units (4.4%), electronic integrated circuits and parts (4.0%), motor vehicles (2.3%), electric accumulators and separators (2.1%), diodes, transistors, and semiconductors (1.8%). On the other hand, the country mainly imported electronic integrated circuits and parts (13.7%), petroleum oils (13.2%), iron ores and concentrates (5.3%), gold, including plated with platinum, unwrought (3.6%), petroleum gas and other gaseous hydrocarbons (3.3% - data Comtrade).

In 2023, exports were directed mostly towards the United States (14.8%), Hong Kong (8.1%), Japan (4.7%), South Korea (4.4%), Vietnam (4.1%), India (3.5%), and Germany (3.0%); whereas imports came chiefly from the U.S. (6.5%), South Korea (6.3%), Japan (6.3%), Australia (6.1%), and Brazil (4.8% - data Comtrade). China's trade partners diversified in 2023, with Belt and Road Initiative countries' share rising to 46.6% of total trade, up 1.2 percentage points. Trade with BRI nations grew 2.8% to CNY 19.47 trillion. Imports and exports with Latin America and Africa reached CNY 3.44 trillion (+6.8%) and CNY 1.98 trillion (+7.1%). In Q4, trade rebounded with the EU (CNY 5.51 trillion, 13.2% of total trade) and the U.S. (CNY 4.67 trillion, 11.2%). On the 15th of November 2020, China signed the Regional Comprehensive Economic Partnership (RCEP) with 14 other Indo-Pacific countries. This free trade agreement is the largest trade deal in history, covering 30 per cent of the global economy. It includes the Association of Southeast Asian Nations (ASEAN: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and ASEAN’s free trade agreement partners (Australia, China, India, Japan, New Zealand and the Republic of Korea). The RCEP covers goods, services, investment, economic and technical cooperation. It also creates new rules for electronic commerce, intellectual property, government procurement, competition, and small and medium-sized enterprises. Less than a month after returning to the White House, U.S. President Trump announced 10% tariffs on all Chinese imports. In response, China imposed 15% duties on coal and liquefied natural gas, and 10% tariffs on U.S. crude oil, agricultural machinery, and large-engine cars. The uncertainty triggered by these tariffs can ripple through international markets, impacting not only direct trade flows but also broader supply chains and investment decisions.

Trade has become an increasingly important part of China’s overall economy, and it has been a significant tool used for economic modernisation. As reported by WTO, in 2023, exports of goods and services reached USD 3.38 trillion and USD 381.1 billion, respectively (-4.6% and -10.1% year-on-year). Imports of goods totalled USD 2.55 trillion, and those of services USD 552 billion (-5.5% and +18.7% year-on-year). According to the World Bank, the overall balance of trade was positive by 2.2% of GDP (from +3.2% one year earlier). According to preliminary figures from the General Administration of Customs (GAC), exports grew by 7.1% to CNY 25.45 trillion in 2024, while imports increased by 2.3% to CNY 8.39 trillion. The significant rise in exports of high-tech products like electric vehicles, industrial robots, and 3D printers underscores China’s shift to an innovation-driven trade model. Electromechanical goods accounted for 59.4% of total exports, with an 8.7% growth, while high-end equipment exports surged by over 40%. Cross-border e-commerce played a significant role, with trade in this sector reaching CNY 2.63 trillion (USD 359.04 billion), up CNY 1 trillion (USD 136.51 billion) since 2020.

Main Partner Countries

Source: UN Comtrade Database, Latest data available.

Main Products

Source: UN Comtrade Database, Latest data available.

To go further, check out our service Import/Export Flows.

Main Services

Source: United Nations Statistics Division, Latest data available.

Monetary Indicators	2016	2017	2018	2019	2020
Chinese Yuan (Renminbi) (CNY) - Average Annual Exchange Rate For 1 CAD	5.01	5.21	5.10	5.31	5.15

Source: World Bank, Latest data available.

Trade Compliance

International Conventions

Member of the World Trade Organization (WTO)
Party to the Kyoto Protocol
Party to the Washington Convention on International Trade in Endangered Species of Wild Fauna and Flora
Party to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal
Party to the Montreal Protocol on Substances That Deplete the Ozone Layer

International Economic Cooperation

China is a member of the following international economic organisations: Asia-Pacific Economic Cooperation (APEC), Association of Southeast Asian Nations (dialogue partner of ASEAN Plus Three), G-20, G-24 (observer), G-5, G-77, IMF, Pacific Alliance (observer), WTO, among others. For the full list of economic and other international organisations in which participates China click here. International organisation membership of China is also outlined here.

Free Trade Agreements

China is a member of Regional Comprehensive Economic Partnership (RCEP) signed on 15 November 2020. The complete and up-to-date list of Free Trade Agreements signed by China can be consulted here.

Party of the ATA Convention on Temporary Admissions and Use of the Carnets

Yes

As a Reminder, the ATA is a System Allowing the Free Movement of Goods Across Frontiers and Their Temporary Admission Into a Customs Territory With Relief From Duties and Taxes. The Goods Are Covered By a Single Document Known as the ATA Carnet That is Secured By an International Guarantee System.

Party of the TIR Convention

No

As a Reminder, the TIR Convention and its Transit Regime Contribute to the Facilitation of International Transport, Especially International Road Transport, Not Only in Europe and the Middle East, But Also in Other Parts of the World, Such as Africa and Latin America.

Accompanying Documents For Imports

Goods dispatched in China must be accompanied by the following documents:
- Certificates of origin
- The unique data folder (DAU)
- Commercial invoice (in 3 copies and in English.)
- Sale contract in three copies
- A certificate of plant health (for food and agricultural products)
- A health certificate (for meat)
- A certificate indicating fit for human consumption
- A certificate of fumigation (for the wooden pallets).
- Certificate of Community origin (for imports coming from the EU.)
- Certificate of free sale for cosmetics.
- Transport documents and packing lists.
- Translation of the components/ingredients in Chinese.

To go further, check out our service Shipping Documents.

Free-trade zones

China counts 21 Free-Trade Zones (FTZ). The first designated Free-Trade Zones opened in Shanghai in 2013, followed by Guangdong, Tianjin and Fujian in 2015. The up-to-date full list of Chinese Free Trade Zones, including China’s six new Free Trade Zones established in 2019 (Jiangsu, Shandong, Hebei, Heilongjiang, Guanxi, and Yunnan), can be consulted here.

For Further Information

Ministry of Foreign Affairs

Non Tariff Barriers

Only companies or institutions authorised by the Ministry of Foreign Trade and Economic Co-operation (MOFTEC) can run foreign trade operations. Two methods are possible: Foreign Trade Companies or producing companies entitled to trade with foreigners (import for their personal use provided they have stable export balances). While only 14 companies were authorised to engage in foreign trade operations in China in 1979, there are nearly 9,000 companies authorised today.

More than half of value imports to China are subject to import licenses. Initial authorisation is issued by various organisations (according to the product), but the final delivery is subject to acceptance by the MOFTEC. To obtain these authorisations, the importer must have exact foreign exchange reserves and justify the necessity to import. Delivery of licenses often depends on the sphere of activity, which may be encouraged, allowed, restricted or simply prohibited, according to the investments regulation promulgated by China. In any case, it is imperative to have solid relations within the Chinese Administration for obtaining these licenses.

Many goods imported into China are subject to inspection. In order to ensure conformity with Chinese customs standards, certain products- textiles, in particular- are subject to inspection prior to arrival in China. Other products can undergo inspection at the port of entry.

Sectors or Products For Which Commercial Disagreements Have Been Registered With the WTO

Paper, products containing metals (steel, iron, tin, etc), integrated circuits, automobile parts, intellectual property, etc.

Assessment of Commercial Policy

Pages of WTO dedicated to China
Barriers to exchanges, inventoried by the United States
Barriers to exchanges, inventoried by the EU
Sanitary and phytosanitary barriers, inventoried by the EU

Standards

Integration in the International Standards Network

Member of:
- The International Standardisation Organisation (ISO) and of the International Electronic Commission (IEC)
- The APEC/SCSC, Sub-committee of Standards and Conformity of the Organisation of Asia-Pacific Economic Cooperation
- The ASEM/TFAP/SCA, Plan and Standards of action for facilitation of commercial exchanges and evaluation of conformity of the Asia-Europe Dialogue (ASEM)
- The Congress of Standards for the Pacific Zone (PASC)

Obligation to Use Standards

Standards in China fall into at least one of four broad categories: national standards, industry standards, local or regional standards, and enterprise standards for individual companies. National standards can be either mandatory (technical regulations, protection of public health, private property and safety) or voluntary, and take precedence over all other types of standards. Laws and regulations can reference voluntary standards, thereby making the voluntary standard, in effect, mandatory. For certain products, China requires that a safety and quality certification mark (CCC) be obtained. Numerous government agencies in China mandate industry-specific standards or testing requirements for products under their jurisdiction in addition to the GB standards and the CCC mark.

Classification of Standards

List of Chinese Codes and Standards.

Assessment of the System of Standardization

Respect of standards is important for the Chinese.

Online Consultation of Standards

Publications relating to the Chinese standards of the SAC.

Certification Organisations

CCC Chinese Obligatory Certification
Canadian Network on Corporate Accountability (CNCA) Administration of Certification and Accreditation of China
AQSIQ

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