Biggest Importing Industries in China in 2024

1. Oil & Gas Drilling in China

Imports for 2024: $640.3B

Revenue for the Oil and Gas Drilling industry in China is expected to increase 12.6% annually over the five years through 2023, but year-on-year growth is volatile. Growth in China's economy has been slowing down, which has led to a decline in the domestic crude oil price. As a result, revenue was fluctuated in the five-year period and has had varied growth since, with an estimated 5.6% increase in 2023 to $284.1 billion. Inflation and COVID-19 have increased industry volatility over the past five years. Profit margins have recovered to 18.2% in 2023.

There are three major participants in the Oil... Learn More

2. Integrated Circuit Manufacturing in China

Imports for 2024: $501.2B

China is the world's largest and fastest-growing integrated circuit market, and is also an important producer and provider of integrated circuits. The Integrated Circuit Manufacturing industry in China is expected to grow at an annualized 11.8% over the five years through 2023 to $283.3 billion, maintaining a sustained and stable growth trend over the period. This includes growth by 9.3% in the current year. The huge demand from terminal application markets like industrial equipment, communication networks, and new energy vehicles has contributed to revenue growth. An increased focus on intellectual property and patents has also promoted revenue growth. Moreover, national... Learn More

3. Iron Ore Mining in China

Imports for 2024: $219.5B

Revenue for the Iron Ore Mining industry in China is expected to fall at an annualized 1.7% over the five years through 2023, including 9.2% growth in 2023, to $109.4 billion. Over 3,400 enterprises operate in the industry, with total employment of 604,225 and expected total output of 983.2 million tons of iron ore in 2023. The COVID-19 pandemic had a negative impact on the whole economy, with downstream steel enterprises delaying resuming work and production at the beginning of 2020. However, as the spread of the virus had come under control in China, the production and sales activities of... Learn More

4. Engineering Services in China

Imports for 2024: $72.9B

China's steady economic growth created a major market for engineering services in recent decades. Meanwhile, government reforms promoted the commercialization of related technology. In 2022, revenue for the Engineering Services industry is estimated to total $1.1 billion, up 7.0% from 2021. Revenue growth is expected to slow compared with previous years due to slower growth in building and civil engineering construction output value over the year. Industry revenue has increased at an annualized rate of 7.5% over the five years through 2022.

China's construction and civil engineering industries grew consistently over the past several years. Infrastructure investment is a key element... Learn More

5. Organic Chemical Material Manufacturing in China

Imports for 2024: $72.6B

Products from the Organic Chemical Material Manufacturing industry in China are widely used in many downstream industries and the industry's performance is closely related to the country's economic performance. Over the five years through 2023, industry revenue is expected to grow at an annualized rate of 11.2% to $422.1 billion, including 6.0% growth in 2023. Stable growth of China's economy and improving living standards of Chinese residents have promoted the demand for chemical products like plastic, rubber, synthetic fibers, coating, etc., which also supported the demand for organic chemical materials. Ethylene output, a representative product in the industry, will increase... Learn More

6. Passenger Car Manufacturing in China

Imports for 2024: $57.3B

Revenue for the Passenger Car Manufacturing in China is expected to fall at an annualized 1.6% to $617.6 billion over the past five years, including a 1.8% rise in 2023 alone, when profit is anticipated to stay relatively steady at 8.5%.

As income levels in China have risen, road conditions have improved, and prices have become more competitive, passenger cars have become more affordable for Chinese residents. To meet the needs of consumers, automobile enterprises have been launching many new models to attract consumers. A series of favorable government policies have also stimulated new energy passenger vehicle purchases in rural and... Learn More

7. Automobile Manufacturing in China

Imports for 2024: $54.6B

Revenue for the Automobile Manufacturing industry is expected to increase by a CAGR of 1.5% over the five years through 2023, including a growth rate of 0.7% in 2023 alone, to total $763.0 billion. Rising domestic demand across urban and rural areas and increasing exports have driven industry revenue growth over the period.

Rising household income levels and competitive pricing have encouraged more Chinese consumers to purchase automobiles over the past five years, particularly in major cities. A series of favorable government policies and subsidies for car-buyers in rural areas, have further boosted industry revenue.

With intensifying market competition, large number of... Learn More

8. Legume Growing in China

Imports for 2024: $52.0B

China is the largest legume-consuming country in the world. Legumes such as soy are the main input in commonly used domestic cooking oils and bean products. China is the fourth largest producer of legumes in the world, with 127 billion square meters of planting area in 2022. Revenue for the Legume Growing industry is expected to rise at an annualized 7.7% over the five years through 2023, to $25.2 billion. This trend includes anticipated growth of 7.2% in the current year.

As legumes are not high-yielding crops and large quantities of imports have lowered domestic legume prices, many farmers have reduced... Learn More

9. Computer Peripheral Manufacturing in China

Imports for 2024: $51.0B

Declining retail prices and intense industry competition have contributed to relatively slower industry revenue growth and narrower profit margins over the past five years. As laptops have become more popular, demand for some computer peripheral equipment has declined. Overall, revenue for the Computer Peripheral Equipment Manufacturing industry is expected to grow at an annualized 1.8% over the five years through 2022, to total $252.8 billion. This trend includes expected growth of 1.2% in the current year.

International trade is highly important to the industry, with exports driving the industry's development over the past decade. Exports accounted for 96.6% of industry revenue... Learn More

10. Copper Smelting in China

Imports for 2024: $41.8B

Over the five years through 2023, revenue for the Copper Smelting industry in China has been growing at an annualized rate of 9.7% to $253.0 billion, including 7.1% growth in the current year. China is the world's largest consumer of copper, which has led to a widening trade gap in recent years. In 2023, 16.4% of domestic demand will be satisfied by imports, while only 0.9% of total industry revenue will be generated by exports. Higher raw material costs have constrained industry profitability. The industry profit margin is lower, being at 1.3% in 2023.

Domestic economic growth and rising consumption levels... Learn More