Question

QUESTION 2 Select a country. Identify the main exports of the country. Provide a full rationale for the export. Explain the winners/losers debate in the country due to your identified exports.

Answer 1

China

China was by far the world’s leading exporter, exporting goods valued at a total of USD 1,990,000,000,000 in the year.

The following export product groups categorize the highest dollar value in Chinese global shipments during 2018. Also shown is the percentage share each export category represents in terms of overall exports from China.

1. Electrical machinery, equipment: US$664.4 billion (26.6% of total exports)
2. Machinery including computers: $430 billion (17.2%)
3. Furniture, bedding, lighting, signs, prefab buildings: $96.4 billion (3.9%)
4. Plastics, plastic articles: $80.1 billion (3.2%)
5. Vehicles: $75.1 billion (3%)
6. Knit or crochet clothing, accessories: $73.5 billion (2.9%)
7. Clothing, accessories (not knit or crochet): $71.4 billion (2.9%)
8. Optical, technical, medical apparatus: $71.4 billion (2.9%)
9. Articles of iron or steel: $65.6 billion (2.6%)
10. Organic chemicals: $59.8 billion (2.4%)

In second place, the United States exported goods valuing $1,456,000,000,000.. Only China, the U.S., and Germany managed to export more than a trillion US dollars’ worth of goods.

While China’s explosive economic expansion has been a front-page financial story over the last few decades, China’s economy is not the only one worth noting. Today, more and more of what has long been considered developing economies are seeing rapid commercial development within their own countries and on the international scene alike. Large economies are not always the fastest growing and most developed, as income inequality, political instability, corruption and low levels of per capita gross capita product still can hinder even the largest of markets.

The Chinese government, administering control over an exporting powerhouse with a vast economy, is facing many problems as of late despite continuing Chinese prosperity. The country’s growth has expanded consistently, but China is transitioning into a consumption-based economy, which may change the overall undercurrents of the Chinese economy soon. Despite its economic growth continuing to head in positive directions, China’s per capita income is still below the world average, which can be attributed in part to wealth inequality within the country. Whether China’s economy can become greater and more prosperous still will likely depend upon the Chinese government’s ability to allow, and even facilitate, the public’s ability to prosper economically.