China Manufacturing Output 2004-2024 (2024)

FAQs

What is the value of China's manufacturing output? ›

Data are in current U.S. dollars. China manufacturing output for 2022 was $4,975.61B, a 1.36% increase from 2021. China manufacturing output for 2021 was $4,909.01B, a 27.15% increase from 2020. China manufacturing output for 2020 was $3,860.70B, a 0.97% increase from 2019.

China's GDP grew by 5.3 percent in the first quarter of 2024 amid a broad-based expansion. The outturn was higher than what staff had projected and also what market had projected, and it clearly poses upside to what staff projections of 4.6 percent were.

In 2010, the Chinese manufacturing sector's contribution was 19.8 percent of the world's total manufacturing, surpassing America in the process. The 1990s and early 2000s were the days when China's manufacturers primarily focused on apparel, appliances, and textiles.

China's value-added industrial output, an important economic indicator, went up 6.1 percent year on year in the first quarter of this year, data from the National Bureau of Statistics (NBS) showed Tuesday. By category, output of the manufacturing sector grew by 6.7 percent.

Globally, according to World Bank data, manufacturing represents 16 percent of GDP and has ranged from 13 percent to 17 percent during this century. China, once again, is an extreme outlier, with manufacturing representing 28 percent of the country's GDP.

China's state-led economic development model and robust industrial policy has transformed it into what an influential European think tank calls “the world's sole manufacturing superpower”, making up 35% of global gross production – more than the 9 next largest manufacturers combined.

In March 2024, industrial production in China increased by 4.5 percent. On a month-to-month basis, industrial production changed by 0.08 percent.

By far the largest economy to make the IMF's high growth projection list is India, the world's most populous country. Other Asian countries with strong growth prospects in 2024 include Mongolia (6.5%), Tajikistan (6.5%) and the Philippines (6.2%).

The US has pulled further ahead of China in the race for world's biggest economy, thanks in part to a vibrant American consumer. US gross domestic product rose 6.3% in nominal terms — that is, unadjusted for inflation — last year, outpacing China's 4.6% gain.

Population Declining

After decades of growth, China now faces a shrinking and aging population, jeopardizing its manufacturing prowess and economic stability. The relaxation of birth restrictions came too late to reverse the trend, leading to a loss of its title as the world's most populous nation to India.

Why did America lose manufacturing? ›

Manufacturing did not decline due to economic evolution or other externalities. Instead, manufacturing declined due to conditions we created in the United States. Ultimately, the root cause of the decline in American manufacturing is that it was left adjacent to the new American system of innovation after WWII.

Trade with Foreign Countries

The main reason companies do this is because of the cost savings. China has very few labor laws and a low minimum hourly wage, which means companies pay employees a lot less for more hours of work. The trade war has caused about 2.4 million manufacturing jobs to move from the U.S. to China.

In 1995 China had just 3% of world manufacturing exports, By 2020, its share had risen to 20%.

Manufacturing, services and agriculture are the largest sectors of the Chinese economy – employing the majority of the population and making the largest contributions to GDP.

1. Solar Panel Manufacturing in China. Revenue for the the Solar Panel Manufacturing industry has increased a CAGR of 23.9% to $134.5 billion over the past five years. This includes expected growth of 23.1% in the current year.

According to China's published statistics, annual grain production has exceeded 650 million tonnes for seven consecutive years, including a historic high of 682 million tonnes in 2021. Meat production reached 88.8 million tonnes in 2021.

Yearly Trade

In 2022, China exported a total of $3.73T, making it the number 1 exporter in the world. During the last five reported years the exports of China have changed by $1.17T from $2.56T in 2017 to $3.73T in 2022.

U.S. manufacturing output for 2021 was $2,497.13B, a 11.55% increase from 2020. U.S. manufacturing output for 2020 was $2,238.53B, a 5.32% decline from 2019. U.S. manufacturing output for 2019 was $2,364.32B, a 1.47% increase from 2018. U.S. manufacturing output for 2018 was $2,330.11B, a 6.26% increase from 2017.