Between the dawn of the Roman Empire and the construction of the first factory during the Industrial Revolution, China was one of the most powerful economies in the world, with a gross domestic product (GDP) that accounted for about 30% of the global economy.

In the 1970s, China’s economy declined and became its own shadow, with a per capita income one-third that of sub-Saharan Africa. However, over the next four decades, rapid industrialization catapulted the country into the world’s leading manufacturing center, and exports soared.

The chart below uses data from the World Trade Organization (WTO) and China Customs to represent China’s top export markets for goods from 2001 to 2022.

When China joined the WTO in 2001, China’s exports of goods were worth US$266 billion. Over the next seven years, the country’s exports rose before the 2008 financial crisis caused a significant drop in world trade. This cycle repeats itself with a sustained growth rate through 2015 (when global trade slows further), followed by a decelerated growth rate through 2020 (when the COVID-19 pandemic hits).

In 2021, however, China’s merchandise exports soared 30%, reaching an estimated US$3.6 trillion by the end of 2022. That’s bigger than the entire economy of a country like Britain, India or France.

China’s largest export market is the US with sales of over US$581 billion in 2022, a 970% increase from 2001. It is followed by the European Union (EU) with sales of over US$562 billion in 2022. , an increase of 1,382% compared to 21 years ago. Vietnam is China’s fifth largest export market with sales approaching US$147 billion in 2022, an increase of more than 8,000% from 2001.