In October 2023, the trade surplus in China amounted to approximately 56.53 billion U.S. dollars. A positive value implies a trade surplus, a negative trade balance implies a trade deficit.
International trade in China
China surpassed the United States as the worlds’ largest goods trading economy in 2013. Despite the impacts of the global coronavirus pandemic, the total value of China’s imports and exports amounted to more than 6.3 trillion U.S. dollars in 2022.
China has become a vital trade partner for many economies. In 2022, almost 540 billion U.S. dollars worth of the United States’ imports originated in China, making China its largest import partner.
A trade surplus occurs when exports of a country exceed its imports. It leads to a net inflow of domestic currency from foreign countries. The trade balance is a major growth factor for an economy. As a consequence of running a large trade surplus, China holds a vast amount of foreign exchange reserves. Foreign exchange reserves may be viewed as a sign of national strength, but also represent a form of forced savings on the people. China was the country with the highest trade surplus of approximately 877.6 billion U.S. dollars as of 2022.
