Global GDP Growth: Overview
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth. The US, China, Japan, Germany, and India are the leading economies around the world in terms of real GDP. In 2021, China had the most significant real GDP with a value of $12.7 trillion, after the US. Japan ranked third globally in real GDP during the same period with $6 trillion. The other two leading economies are Germany and India, with real GDP of $3.8 trillion and $2.9 trillion, respectively.
China Exports: Overview
As China is a global leader in terms of manufacturing and exports of raw materials, major economies are expected to face the ripple effects of strict restrictions. Inflationary pressures, driven by subdued supply and excess demand, will retard the growth prospect for manufacturers. GlobalData forecasts exports and imports to increase marginally to reach $3 trillion (indicating 4.5% growth) and $2.6 trillion (3.8% growth), in 2022, compared to 2021, respectively.
China’s major exports include electrical machinery and parts thereof, mineral fuels and oils, and products of their distillation, which together accounted for 44.1% of total commodity exports in 2020.
China is a leader in exports of electrical machinery and equipment in the World, according to UNCTAD. In 2020, China accounted for 25.6% of world exports in electric machinery and equipment, followed by Hong Kong (11.2%) and Taiwan (province of China) (6.3%).
China Exports as a % of GDP
Exports as a % of GDP of China was 17.7% in 2021, decreased by 4.6% on a year-on-year basis in 2021. Between 2010-2021, the exports as a % of GDP in China decreased by 38.5%. The indicator was highest in the year 2010 at 28.8% and lowest in the year 2021 at 17.7%.
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