Electronics and machinery make up around 55% of total exports, garments account for 13% and construction material and equipment represent 7%. Sales to Asia represent over 40% of total shipments, while North America and Europe have an export share of 24% and 23%, respectively. Although exports to Africa and South America expanded rapidly, they only account for 8% of total shipments.
Due to favorable global trade conditions and China’s accession to the World Trade Organization in December 2001, the country has experienced an astonishing growth of 26.9% annually in real goods and services exports during the 2002-2008 period.
While exports contracted sharply in 2009 due to the downturn in global demand, shipments in 2010 and 2011 rebounded strongly following the 2008 financial crisis. In 2012 and 2013, export growth averaged 7.8%.
In nominal terms, merchandise exports jumped from just USD 267 billion in 2001 to USD 2.2 trillion in 2013, which represents annual average growth of 20.2%. According to FocusEconomics Consensus Forecast panelists’ projections from September 2014, Chinese exports are expected to slow to a 6.6% increase in 2014 following an expansion of 7.9% in 2013. Panelists see exports picking up in 2015 to an 8.8% expansion.
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