China’s export trade of medical devices is expected to exceed 470 billion in 2022
According to MDCLOUD’s statistics, China’s total exports of medical devices from January to November 2022 reached 444.179 billion yuan, and the total annual exports in 2022 are expected to reach 478.5 billion yuan.
From 2018 to 2022, the export of medical devices showed an overall growth trend, with an average annual compound growth rate of 10.2%, which was much higher than the growth rate of total import and export trade of all products and gross national product in the same period.
Figure. 1 Total trade volume and growth rate of China’s medical device export from 2018 to 2022
Data Source：China’s General Administration of Customs，Sorted out / Joinchain
01.The top three trading partners of exports: the United States, Japan, Germany
In terms of the export ranking of trading partners, from January to November 2022, China’s medical equipment exports to the United States reached 102.760 billion yuan, accounting for 23.1%. Japan followed with 28.322 billion yuan and Germany with 27.351 billion yuan. Among the TOP20 countries by exports, Australia saw the highest growth rate of 60%, followed by Singapore 48% and Thailand 15%.
Data Source |China’s General Administration of Customs，Sorted out | Joinchain
02. The export trade of Belt and Road countries accounts for more than one third
With the deepening of China’s “One Belt and One Road” strategy and the economic development of the countries along the Belt and Road, the demand for medical devices in the countries along the Belt and Road is gradually expanding, and the total export continues to increase.
Figure 3. The trade volume and proportion of China’s medical device exports in the “the Belt and Road” from 2018 to 2022
Data Source |China’s General Administration of Customs，Sorted out | Joinchain
In terms of the export ranking of the Belt and Road countries, the top three countries in terms of export volume from January to November 2022 are all around 10 billion yuan, mainly 10.515 billion yuan for South Korea, 10.478 billion yuan for India and 9.983 billion yuan for Thailand.
Figure 4 Top 10 countries in the “Belt and Road” in terms of China’s medical device export from January to November 2022
Data Source |China’s General Administration of Customs，Sorted out | Joinchain
03.In 2022, exports to RCEP countries bucked the trend and grew by 14%
In recent years, RCEP member countries have taken an important position in China’s medical device market. While China’s overall exports of medical devices declined and stabilized in 2022, exports of RCEP countries increased by 14 percent and are expected to reach 105.42 billion yuan in 2022. From January to November of 2022, Japan ranked first in the RCEP export rankings with 28.322 billion yuan, followed by Australia with 14.723 billion yuan and South Korea with 10.515 billion yuan.
Figure 5. The RCEP trade volume and its proportion of China’s medical device export in 2018-2022
Figure 6. Top 10 RCEP countries in China’s medical device export from January to November 2022
Source：Joinchain Medical Device
Edited &Translated |Bradyknowns
