China's Trade Balance with Major Economies in 2023

Overview

In 2023, China's total goods trade value reached 41.76 trillion yuan, up 0.2% year-on-year. Exports were 23.77 trillion yuan (+0.6%), imports 17.99 trillion yuan (-0.3%), and the trade surplus was 5.79 trillion yuan, narrowing 1.3%.

Trade Balance by Market (in USD 100 million)

• United States: Surplus of about 336 billion, down 26 billion from the prior year, mainly due to tariffs and supply chain adjustments.
• European Union: Surplus of about 212 billion, down 15 billion, as export growth of EVs and solar products slowed.
• ASEAN: Surplus of about 162 billion, up 19 billion, driven by deeper regional industrial chain cooperation and intermediate goods trade.
• Japan: Deficit of about 32 billion, widening by 4 billion, due to increased imports of semiconductor equipment.
• South Korea: Deficit of about 18 billion, widening by 5 billion, with high dependence on memory chips and other key components.

Trend Analysis

• China's surplus with developed economies (US, EU, Japan, South Korea) generally narrowed, reflecting weakening external demand and trade frictions.
• The surplus with ASEAN continued to expand, indicating the positive effects of RCEP and growing complementarity.
• Trade in high-tech products (e.g., EVs, lithium batteries, solar cells) became a new growth driver, but faces anti-subsidy investigations in some markets.

Data Notes

Data sourced from China Customs and national statistics bureaus. Some values are converted and may contain minor discrepancies.