China's Leading Import Industry by 2024 | International Business in China | Tendata Database

As the world's second-largest economy, China is a key player in global trade, with its expansive import market being a major factor. While China brings in a variety of products, one particular sector stands out due to its vast scale and substantial influence on both domestic and global markets. This article explores the intricacies of China's most prominent import industry and its main elements.

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1. China Oil & Gas Drilling

2024 Imports: $640.3B

Revenue from China's oil and gas drilling industry is expected to grow by an average of 12.6% annually over the five years leading up to 2023, although year-on-year growth has been inconsistent. The country's slowing economic growth has caused domestic crude oil prices to drop, leading to revenue fluctuations over this period. Despite these challenges, revenues are projected to grow by 5.6% to $284.1 billion in 2023. Inflation and the COVID-19 pandemic have further contributed to industry volatility. By 2023, profit margins had recovered to 18.2%.

2. China IC Manufacturing

2024 Imports: $501.2B

China is the largest and fastest-growing market for integrated circuits (ICs), as well as a key producer and supplier. The IC manufacturing industry in China is expected to grow at an average annual rate of 11.8% over the five years leading up to 2023, reaching $283.3 billion and maintaining steady growth throughout this period. This includes a 9.3% increase in 2023. The growth in revenue is driven by high demand from end-use markets such as industrial equipment, communication networks, and new energy vehicles. An increased focus on intellectual property and patents has also bolstered revenue growth.

3. Iron Ore Mining in China

2024 Imports: $219.5B

Revenue from China's iron ore mining industry is projected to decline at an annualized rate of 1.7% over the five-year period leading up to 2023, despite a 9.2% increase in 2023 to $109.4 billion. The sector comprises over 3,400 companies, employing a total of 604,225 people, with total production reaching 983.2 million tons in 2023.

4. Engineering Services in China

2024 Imports: $72.9B

China's steady economic growth over recent decades has created a significant market for engineering services. Government reforms have facilitated the commercialization of related technologies. In 2022, the engineering services industry generated $1.1 billion in revenue, up 7.0% from 2021. However, revenue growth is expected to slow due to reduced growth in the value of building and civil engineering construction. Over the five years leading up to 2022, industry revenue grew at an annualized rate of 7.5%.

5. China Organic Chemical Materials Manufacturing

2024 Imports: $72.6B

Products from China's organic chemical materials manufacturing industry are widely used across various downstream sectors. The industry's performance is closely tied to the country's overall economic operation. Over the five years leading up to 2023, industry revenue is expected to grow at an average annual rate of 11.2% to $422.1 billion, including a 6.0% increase in 2023. China's steady economic growth and rising living standards have driven demand for chemical products such as plastics, rubber, synthetic fibers, and coatings, supporting demand for organic chemical materials.

6. China Passenger Vehicle Manufacturing

2024 Imports: $57.3B

Over the past five years, revenue from passenger car manufacturing in China is expected to decline at an annualized rate of 1.6% to $617.6 billion, with a 1.8% growth in 2023 alone. Despite this, profits are expected to remain stable at 8.5%. Rising income levels, improved road conditions, and more competitive prices have made passenger cars more affordable for Chinese consumers. Automotive companies have responded by introducing many new models to meet consumer demand.

7. Automobile Manufacturing in China

2024 Imports: $54.6B

Revenue from China's automotive manufacturing sector is expected to grow at a compound annual growth rate (CAGR) of 1.5% over the five years leading up to 2023, with a 0.7% increase in 2023, reaching $763 billion. Growth is driven by increasing domestic demand in both urban and rural areas, as well as rising exports.

8. Pulses Cultivation in China

2024 Imports: $52.0B

China is the world's largest consumer of pulses. Soybeans and other legumes are key raw materials for edible oils and soy products. China is the fourth-largest producer of pulses globally, with planted areas reaching 127 billion square meters by 2022. Revenue from the legume cultivation industry is projected to grow at an annualized rate of 7.7% over five years, reaching $25.2 billion by 2023.

9. China Computer Peripheral Manufacturing

2024 Imports: $51.0B

Over the past five years, declining retail prices and intense competition have led to slow revenue growth and narrowing profit margins in the computer peripherals manufacturing industry. As laptops have become more popular, demand for some peripherals has declined. Overall, industry revenue grew at an annualized rate of 1.8% over the five years leading up to 2022, reaching $252.8 billion.

10. Copper Smelting in China

2024 Imports: $41.8B

Revenue in China's copper smelting industry grew at an annualized rate of 9.7% to $253 billion over the five years leading up to 2023, including a 7.1% increase in the current year. China, being the world's largest copper consumer, has seen its trade deficit widen in recent years. In 2023, imports met 16.4% of domestic demand, while exports accounted for only 0.9% of total industry revenue. Rising raw material costs have limited industry profitability, with profit margins at a low 1.3% in 2023.

China's energy sector, the country's largest import industry, is vital for supporting economic growth and fulfilling increasing energy needs. Heavy dependence on crude oil and natural gas imports profoundly affects global trade, influencing market dynamics, international relations, and environmental policies. As China progresses, its energy import trends will continue to be a central point of interest for global economic analysts and policymakers.

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