What is the Chinese economic miracle?
What is exportation itself? First trading relations date back to 130 B.C. It was a trade between Roman Empire, European and Asian regions. In 14-15 centuries, the Great Silk Road was at its peak. Caravans transported imports from China to Constantinople and Alexandria. From there, ships delivered goods to other European ports.
Exporting is the sale of products or services to foreign countries. Importing, on the contrary, is purchasing goods or services from foreign regions and delivering them to the home country. Global sourcing is another name for importing.
In the nineteenth century, Europeans forced China to initiate trading. Beginning from 1839 until the founding of the People’s Republic of China, various countries, including Japan, made China to have unequal trading agreements with other countries.
Trading with the Soviet Union.
During the 1950s, China imported machinery from the Soviet Union, to develop its agriculture. After some years, agricultural products have been exported to the Soviets to repay loans. In 1959, the total trade value reached 4.3 billion USD. During the trade relations with the Soviets, the export value declined and rocketed several times, due to political and other reasons.
In the late 1970s, China changed its economic strategy and after several years, it began to be more open to other countries. The new strategies lead to decentralization of trade institutions, foreign investments, creation of economic zones, a boost of foreign trade, importation of modern technologies and tools, and others. These changes integrated the Chinese economy with the world economy.
In 1979, Chinese trade was valued at 27.7billion USD, 0.7 percent of world trade. After several years, these numbers changed and reached 70 billion USD, 2 percent of world trade.
Supplant of the US.
In 2008, the US used to be the biggest exporter in the world, however, after a year, China became the largest exporter of goods. The total exports amounted to more than 2.6 trillion USD, after 10 years. China is remaining to be the biggest trade nation in the world.
Crisis in 2020.
The crisis caused by Covid-19 had a negative impact on international trade. However, the Chinese economy recovered quickly and began to grow faster compared to other countries. Chinese entrepreneurs massively produced personal protective equipment, like masks. In a post-pandemic world, these products are not in demand as it was a year ago. And manufacturers resumed the production of electronics, furniture, and others.
Chinese economy approved that it knows how to react to sudden, unexpected situations. Because of that, it’s showing fantastic results every year. Most European countries are importing and using Chinese products. But beginners in this sphere don’t know how to import products from China. So, let’s look at the service that our company offers.
Import Secrets is a company that consists of experienced importers that have lived in China and understand the rules of Chinese market. We offer:
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