29/04/2024
China is World’s largest ship builder
Koon Yew Yin, 28th April 2024
You do not realize that everything in your house has to come from somewhere. For example, all the building materials for your house, your clothing, your shoes etc have to come from somewhere. That is why there are always so many trucks on the road and cargo ships in the sea.
China is the world’s greatest exporter of computers, broadcasting equipment, telephones, office machine parts, insulated wire, video displays, rubber tires, low-voltage protection equipment, valves and semiconductor devices. Other major exports include electrical transformers, furniture, knit sweaters, trunks and cases, video displays, vehicle parts, seats, insulated wire and video recording equipment.
Other major imports of China include soybeans, refined petroleum, LCDs, refined copper, coal briquettes, vehicle parts, computers, petroleum gas and copper ore.
China exports more to the United States than to any other country by far, almost double the total amount of exports as their next biggest importer, Hong Kong. China also exports heavily to Japan, Germany, South Korea, the United Kingdom, Mexico, France, Russia and India. Most of China’s imports come from Japan, South Korea, various other Asian countries, the United States and Germany.
China exports far more than it imports on the whole. It exports almost 398 billion dollars’ worth of goods to the United States alone, while its combined imports from its top three trading partners only reach about 392 billion dollars.
In recent years, China has solidified its position as the world’s top shipbuilder.
• Shipbuilding Output: China produced 42.32 million deadweight tonnes (dwt) of ships, marking an 11.8% year-on-year increase.
• Newbuilding Orders: The country received 71.2 million dwt in newbuilding orders, representing a substantial 56.4% growth.
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• Orders on Hand: As of December 2023, China had 139.39 million dwt of orders on hand, reflecting a 32% increase1.
These remarkable numbers demonstrate China’s robust shipbuilding industry and its global leadership. Notably, China’s shipbuilding output, new orders, and orders on hand accounted for 50.2%, 66.6%, and 55% of the global shipbuilding market share in 2023.
Among various vessel types, China’s new contracts for fourteen different types ranked first worldwide, including bulk carriers, oil tankers, containerships, and automobile carriers.
China’s People’s Liberation Army Navy could be fielding up to 400 ships in the coming years, the Navy secretary said – up from about 340 now. Meanwhile, the US fleet sits at under 300 ships.
Ships exports from China
The main destination of Passenger and Cargo Ships exports from China are: Liberia ($3.08B), Singapore ($2.95B), Panama ($1.75B), Marshall Islands ($1.48B), and Hong Kong ($1.29B).
The fastest growing export markets for Passenger and Cargo Ships of China between 2021 and 2022 were Hong Kong ($899M), Panama ($719M), and Singapore ($639M).
