WNAM MONITORING: China maintained its position as the world’s top trading nation in goods for the seventh straight year in 2023, with its imports and exports totaling $5.94 trillion. Despite the challenging global economic situation, China has demonstrated strong growth resilience and steady performance in world merchandise trade.
According to the latest edition of the World Trade Organization’s (WTO) “World Trade Statistical Review 2023,” global merchandise exports contracted in 2023. Global exports totaled $23.8 trillion, a decline of 4.6 percent, following two consecutive years of growth in 2021 and 2022.
The Ministry of Commerce reported that China’s merchandise exports reached $3.38 trillion in 2023, representing 14.2 percent of world exports, a share similar to that of 2022. China’s total imports reached $2.56 trillion, accounting for 10.6 percent of world imports. These figures indicate the global market’s appreciation for China’s quality products and the role of China’s large domestic market in driving the economic growth of other countries, the ministry said.
The WTO estimates that the volume of world merchandise trade should increase by 2.6% in 2024, a 3.8 percentage point improvement compared to 2023. Available data for the first quarter of 2024 also suggests a continued improvement in global trade. The Ministry of Commerce is collaborating with all regions and departments to study and develop pragmatic policy initiatives to encourage new dynamics in foreign trade and help foreign trade enterprises expand their market share.
China has pledged to further advance high-level openness and deepen cooperation with trading partners, striving to make positive contributions to the recovery of global trade.
