China’s chemical sector is growing rapidly and has become a strategic pillar with increasing global competitiveness. It consists of the industrial system covering various sub sectors including chemical fertilizers, agricultural chemicals, speciality chemicals, synthetic materials etc. The chemical industry is a very important contributor to the wealth of a country.
China is the second largest economy in the world. It is largest exporter country and 2nd largest importer country of chemical sector products. According to chemical industry trade report, China exports of chemical sector products (including organic chemicals & inorganic chemicals) amounted to USD 54.29 billion while China imports of these products stood at USD 54.92 billion during 2016. Take a look at China’s chemical industry imports and exports.
Last 5 Years Trade Balance of China’s Chemical Industry
The chemical industry is China’s one of the largest manufacturing industries. It creates a vast variety of products which impact virtually every aspect of lives. China trade of organic chemical showed negative for the country’s economy while inorganic chemical trade showed positive growth in the economy in last five years. Trade balance is the difference between imports and exports of a country. Let’s check the China trade balance of chemical sector products in last five years.
Most Traded Products of China Chemical Industry
According to China Chemical Industry trade report prepared by Export Genius, Heterocyclic compounds in exports and cyclic hydrocarbons in imports stood as top product of China’s chemical industry and recorded value of USD 6215 million and USD 15625 million respectively in 2016. Antibiotics, amino compounds, nucleic acids and provitamins are China’s most exported chemical products. And acyclic alcohols, acyclic hydrocarbons, hydrogen and Heterocyclic compounds are top imports products of chemical sector.
However, the products of chemical industry can be divided into three categories i.e. basic chemicals, speciality chemicals and consumer chemicals. Refer the below table to check trade figures of China’s chemicals sector products recorded in 2016.
5 Largest Chemical Export Partners of China
China remains the most important driver of chemical demand in the world. The chemical industry is categorised into organic chemical sector and inorganic chemical sector. Organic chemical is the major sector traded by China to the world. However, the country is world’s largest in both sectors. Organic chemical exports from China worth USD 42164 million and USA, India, Japan, Korea & Netherlands are its top export partners for this sector.
China exports of inorganic chemical products stood at USD 12134 million during 2016 and Korea, Japan, United States, Thailand and Taipei are its top export partners for this sector. As per China trade report, there is no growth recorded in export sales of chemical sector products. Here is the tabular and graphical presentation of China chemical sector trade representing trade figures of 2016.
5 Largest Chemical Import Partners of China
China is also the largest chemical importing market globally after United States. China imports of organic chemicals stood at USD 43905 million while it was USD 9024 million for inorganic chemical sector products during 2016. Korea is China’s largest chemical products import partner. If we classify the industry then after Korea, other countries in the list are Japan, Taipei, Saudi Arabia and USA ate top organic chemical import partner while Kazakhstan, USA, Germany and Australia are top inorganic chemical import partners. Check the following table to know the China import figures of chemical sector products.
