Welcome back, Daniel Workman here, senior research yst at Worlds Top exports.com
In this presentation, we'll compare the inter country performance for two global trade all stars
mainland China and the United States of America. China is the world's number one exporter by total sales in 2022 trailed by America
in second place. Collectively, China plus the USA generated almost one quarter of all revenues for exported goods sold internationally
Now let's look at the agenda. We'll quantify key facts, distinguishing the two competitors
Then we'll focus on the most valuable exported products that China sold to its American importers
Our next topic showcases products imported from the USA that attracted the strongest Chinese demand
We will then present a graphic to compare China's trade balances with America over a five year time frame
Then we'll spotlight the major competitive advantages and disadvantages of the two gigantic trade competitors
Finally, we'll summarize the essential insights from our country versus country ysis
Now, for the tail of the tape for our two competitors in terms of gross domestic product and a purchasing power parity basis
China's economy is roughly 18% richer than America's. China's population is four times America's demographics
China and the USA are distant trade partners. For instance, the flight from USA to China is about a 13 hour trip
Nevertheless, the USA was Chinese exporter largest customer well ahead of Hong Kong in third place
China ranked behind North American partners of the USA specifically Canada and Mexico
Chinese exporters grew their sales to the USA by 1%. Beating the minus 1.1% decline in Chinese purchases of products
imported from the USA. Many of China's most valuable exports to the USA are technology related
The fastest growing among these top exports was also China's top exported product namely phone devices including mobile phones
However, it was just a single digit sales increase compared to 2021
All told the top five Chinese exports generated about a quarter 25.4% of China's total export sales to the USA
In 2022 China's major imports from America are diversified, ranging from soya
beans and electronic circuits to mineral fuels. The leading agricultural food item
soya beans attracted the strongest spending increase by Chinese importers from 2021 to 2022
The five leading imports shown generated almost a 3rd 31.3% of China's overall imports from the USA
China's exports to the USA reached $582.8 billion. In 2022 eclipsing the total
of $179 billion in Chinese imports from America over the past five years
China continues to earn hundreds of billions of dollars in trade surpluses at America's expense
China's overall trade surplus with the USA expanded by 1.2% from 2021 to 2022
China's biggest competitive advantage, trading with the USA continues to be mobile phones
The fastest growing Chinese advantage is electric accumulators, also called secondary batteries
These are used in electric vehicles. China's other leading competitive advantages posted declines compared to 2021
America's top product specific trade surplus versus China is the food item
Soya beans, soya beans are also the fastest growing product advantage versus China
Perhaps unsurprising given mainland China's expanding population yet three of America's leading surplus generators recorded significant
percentage declines from 2021 to 2022. Here are some key findings from our presentation
Despite its geographic distance from China, the United States of America is nevertheless the largest purchaser of products exported from the People's Republic of China
The global trade leader, China ranked third among international customers spending on imports from the USA
China's top exports to America are technology related. China's most valuable imports from the USA is an agricultural food item
albeit electronic integrated circus place. Second, the People's Republic generated a $403.8 billion surplus
trading products with the USA in 2022 continuing a string of big Chinese surpluses at America's expense
And for our bonus insight, the Chinese yen depreciated by an average 4.5% versus the US dollar from 2021
to 2022. That depreciation makes China's imports from America more expensive because Chinese buyers had to spend
more Chinese Yens for imported goods priced in costlier US dollars for more key insights and useful
international trade data. Please visit us at world's top exports.com. Note that many of our articles feature a searchable document database
that showcase our country's top 100 most valuable exported products. And we'll see you next time on our next fun video