China’s phenomenal economic rise has reached another milestone. The country is now considered as America’s largest trading partner after surpassing Canada in the latest rankings. This shift is primarily being attributed to the crash in oil prices which has sent the value of Canadian exports tumbling.
However, the East Asian giant should also be given credit for holding steady despite pressures on its own economy. China has long been the top source of US imports, and now it has added another feather to its cap by clinching the top spot for overall trade including exports.
Chief Products of Chinese Manufacturing
Chinese exports are fueling the country’s trade dominance. Among its chief products are plastic derivatives, home appliances, children’s toys, consumer electronics, and personal computers. The manufacturing sector has grown tremendously over the past decade to keep up with the global demand for these products. Countless factories have sprung up all over the mainland with armies of workers.
Aside from these manufactured products, other goods that are exported in large amounts by China include foods such as meat, poultry, and soybeans. These are sent all over the world to both neighboring countries and those that are far away. In fact, the Chinese are now the top or second biggest trading partner of approximately 100 nations including Canada.
Geography is No Longer Destiny
What does this all mean? It shows that geography no longer determines destiny in terms of economic standing. A country that is an ocean away can provide compelling reasons for its products to be sought after by consumers over those from traditional or domestic sources. The key driver is still low cost, but quality can ultimately make or break a product or manufacturer. Although the plunging oil prices are being pinpointed for the decline in US-Canadian trade, Chinese manufacturing is undoubtedly on a decades long upswing, and its dominance is likely to continue.
Find out how you can stay ahead of that curve by contacting ITI Manufacturing today.