China's Exports to Major Markets (2021-2023)

Changes in China's Export Destination Structure

In recent years, the pattern of China's export markets has changed significantly. The following is an estimate of China's exports to major trading partners (in USD billion), based on public data from China Customs for 2021-2023 and industry estimates.

Key Trends

• ASEAN Rising: Exports to ASEAN increased from $397.6 billion in 2021 to about $450 billion in 2023, with the share rising from 14.3% to 16.5%, becoming the second largest export market.
• US Declining: Affected by tariffs and supply chain adjustments, exports to the US decreased from $576.1 billion to about $540 billion, with the share falling from 20.7% to 19.8%.
• EU Stable: Exports to the EU remained at $470-480 billion, accounting for about 17.5%.
• Japan and South Korea Weak: Exports to Japan fell from $165.8 billion to $150 billion; to South Korea from $151.2 billion to $150 billion, due to industrial competition.
• India Expanding: Exports to India increased from $97.5 billion to $120 billion, up 23%, but still a small base.

Data Notes

• 2021-2022 data from China Customs official statistics.
• 2023 is an industry estimate based on actual data for the first three quarters and Q4 projections.
• Unit: USD billion, excluding exchange rate effects.