Trade values between nations provide a clear perspective on the intricacies of economic relationships and resource allocation. Analysing trade balances and import-export data at the HS4 level reveals patterns that define a country's economic framework. By examining the interaction between imports and exports, we uncover valuable insights into trade dynamics, economic growth, and the role of key foreign product categories.
Key takeaways
- China consistently maintains a trade surplus, with exports significantly outpacing imports, particularly in electrical machinery and industrial equipment.
- India faces a negative trade balance due to energy imports, but sectors like pharmaceuticals and textiles offer growth potential through market expansion and supply chain improvements.
- Vietnam's strong export performance, especially in electrical machinery and furniture, highlights its competitive manufacturing edge, although high raw material imports support its export-driven economy.
China
Top six imported products
| Product and code | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Total | 2.07 | 2.06 | 2.68 | 2.72 | 2.56 |
| Electrical machinery, equipment and parts (85) | 0.50 | 0.55 | 0.67 | 0.64 | 0.55 |
| Mineral fuels, mineral oils and products of their distillation (27) | 0.34 | 0.26 | 0.39 | 0.54 | 0.51 |
| Ores, slag and ash (26) | 0.34 | 0.26 | 0.39 | 0.54 | 0.51 |
| Nuclear reactors, boilers, machinery and mechanical appliances (84) | 0.19 | 0.19 | 0.23 | 0.20 | 0.20 |
| Natural or cultured pearls, precious or semi-precious stones and precious metals (71) | 0.06 | 0.03 | 0.08 | 0.10 | 0.11 |
| Optical, photogenic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus (90) | 0.10 | 0.10 | 0.11 | 0.08 | 0.08 |
The chart above presents the trends of the top six imported product categories on the HS4 Level in China between 2019 and 2023. The data indicates a fluctuating progression, although in 2023 (USD 2.56 trillion) the data shows a decline compared to 2022 (USD 2.72 trillion). This points out potential changes in demand or sourcing strategies in the country. Electrical items (HS Code 85) consistently lead in the overall import value, while other categories like mineral fuels (HS Code 27), also show significant import values.
Top six exported products
| Product and code | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Total | 2.50 | 2.59 | 3.36 | 3.59 | 3.39 |
| Electrical machinery, equipment and parts (85) | 0.67 | 0.71 | 0.90 | 0.95 | 0.90 |
| Nuclear reactors, boilers, machinery and mechanical appliances (84) | 0.42 | 0.44 | 0.55 | 0.55 | 0.51 |
| Vehicles other than railway or tramway rolling-stock, and parts and accessories (87) | 0.07 | 0.08 | 0.12 | 0.15 | 0.19 |
| Plastics and articles thereof (39) | 0.08 | 0.10 | 0.13 | 0.14 | 0.13 |
| Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings (95) | 0.10 | 0.11 | 0.14 | 0.13 | 0.12 |
| Articles of iron or steel (73) | 0.07 | 0.07 | 0.10 | 0.11 | 0.10 |
The graph above reflects the export trends of China's top six products by value in USD. Overall export values show a steady increase until 2022, reaching USD 3.59 trillion, followed by a slight decrease in 2023 to USD 3.39 trillion. Electrical machinery and equipment consistently lead export values throughout the years. Other notable exports include HS Code 84 – Nuclear reactors, boilers, machinery and mechanical appliances, which had an export value of USD 0.51 trillion in 2023. This highlights China's focus on industrial engineering and high-tech products.
Interrelation – Exports/imports
Overall, exports consistently outscore imports suggesting an overall trade surplus, highlighting the economic strength and robust economic growth. On the other hand, an increase in imported products of mineral fuels indicated a higher dependency in this category of foreign countries. As both import- and export- values significantly change in 2023, we assume a correlation between certain market dynamics, such as trade agreements, tariffs and geopolitical tensions.
India
Top six imported products
| Product and code | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Total | 0.48 | 0.37 | 0.57 | 0.73 | 0.67 |
| Mineral fuels, mineral oils and products of their distillation (27) | 0.15 | 0.10 | 0.17 | 0.28 | 0.22 |
| Electrical machinery, equipment and parts (85) | 0.05 | 0.04 | 0.06 | 0.07 | 0.08 |
| Natural or cultured pearls, precious or semi-precious stones and precious metals (71) | 0.06 | 0.04 | 0.09 | 0.08 | 0.07 |
| Nuclear reactors, boilers, machinery and mechanical appliances (84) | 0.04 | 0.04 | 0.05 | 0.05 | 0.06 |
| Organic chemicals (29) | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 |
| Plastics and articles thereof (39) | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 |
The figures above show data for India's top six imported products from 2019 to 2023. From 2019 to 2022, there was a general upward trend in the total value of imports. However, in 2023, import values declined and stabilised at USD 0.67 trillion, signalling economic adjustments. Mineral Fuels (HS Code 27) consistently held the highest value among all categories, though it slightly decreased in 2023 from USD 0.28 trillion to USD 0.22 trillion. India's import landscape reflects a strong demand for essential resources and raw materials, while electronics imports remain comparatively lower.
Top six exported products
| Product and code | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Total | 0.32 | 0.28 | 0.39 | 0.45 | 0.43 |
| Mineral fuels, mineral oils and products of their distillation (27) | 0.04 | 0.03 | 0.06 | 0.10 | 0.09 |
| Natural or cultured pearls, precious or semi-precious stones and precious metals (71) | 0.04 | 0.02 | 0.04 | 0.04 | 0.03 |
| Electric machinery, equipment and parts (85) | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 |
| Nuclear reactors, boilers, machinery and mechanical appliances (84) | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 |
| Pharmaceutical products (30) | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Vehicles other than railway or tramway rolling stock, and parts and accessories | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 |
An analysis of India's top six exported products shows that the total value of exports fluctuated over the years, peaking at USD 0.45 trillion in 2022 and declining slightly to USD 0.43 trillion in 2023. A dominant product group is 27 – Mineral products, which have been a key driver of India's trade during this period. Product groups 30 and 87 show relatively low but steady values, indicating consistent demand with limited growth potential in other markets. This may be attributed to supply chain challenges and a lack of process expertise, particularly for product group 87 – Vehicles other than railways or tramways.
Interrelation – Exports/imports
A comparison of India's exports and imports reveals a negative trade balance, with imports exceeding exports. This indicates that the country spends more on foreign products and services than it earns from its sales abroad. Most imports come from energy sources—HS Code 27, Mineral Fuels—which can strain foreign reserves and increase dependencies. On the positive side, high-value product groups such as pharmaceuticals and textiles strengthen India's trade balance and may present greater export opportunities in the future through expansion into new markets.
Vietnam
Top six imported products
| Product and code | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Total | 0.25 | 0.26 | 0.33 | 0.36 | 0.33 |
| Electric machinery, equipment and parts (85) | 0.08 | 0.10 | 0.12 | 0.12 | 0.11 |
| Mineral fuels, mineral oils and products of their distillation (27) | 0.02 | 0.01 | 0.02 | 0.03 | 0.03 |
| Nuclear reactors, boilers, machinery and mechanical appliances (84) | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 |
| Plastics and articles thereof (39) | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Iron and steel (72) | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Optical, photogenic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus (90) | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 |
The graphs above illustrate Vietnam's total import values. Overall, imports significantly increase from USD 0.25 trillion in 2019 to USD 0.36 trillion in 2022, followed by a slight decline to USD 0.33 trillion in 2023. HS Code 85 – Electrical Machinery – consistently accounts for the highest import value among all product categories, while HS Code 27 – Mineral Fuels – shows more fluctuation. The decrease in mineral fuel imports may indicate a strategic shift toward sustainable practices and diversification of energy sources.
Top six exported products
| Product and code | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Total | 0.26 | 0.28 | 0.334 | 0.37 | 0.35 |
| Electrical machinery, equipment and parts thereof (85) | 0.10 | 0.11/td> | 0.13 | 0.14 | 0.13 |
| Nuclear reactors, boilers, machinery and mechanical appliances (84) | 0.01 | 0.02 | 0.02 | 0.03 | 0.03 |
| Footwear, gaiters and the like; parts of such articles (64) | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Articles of apparel and clothing accessories, not knitted or crocheted (62) | 0.02 | 0.01 | 0.01 | 0.02 | 0.02 |
| Articles of apparel and clothing accessories, knitted or crocheted (61) | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 |
| Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings (94) | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Vietnam's total export values for the top six products rose significantly from USD 0.26 trillion in 2019 to USD 0.37 trillion in 2022 before slightly declining to USD 0.35 trillion in 2023. Overall, this reflects a positive upward trend in economic growth. HS Code 85 – Electrical Machinery – has consistently been the strongest product group, increasing steadily by approximately USD 300 billion between 2019 and 2023, making it the largest contributor to Vietnam's economy. Additionally, furniture exports (HS Code 94) stand out compared to other countries, maintaining a steady export value of USD 100 billion over the years.
Interrelation – Exports/imports
Vietnam's growth is strongly driven by manufacturing electrical machinery and retail products, including clothing and furniture. While the economic landscape shows robust export growth, raw materials and components imports remain relatively high. This reflects the country's dependence on imports, such as minerals and plastics, to support its export-oriented industries. Overall, the strong growth highlights Vietnam's focus on enhancing local production and competitiveness in global markets.
Asian's merchandising structure on country level
Conclusion
The analysis of the top six export and import products for China, India and Vietnam at the HS4 level provides valuable insights into their economic landscapes and trade dynamics. Each country's trade profile highlights its strengths, dependencies, and strategic focus areas. While China showcases its dominance in industrial engineering and high-tech products, India's trade reflects a dependency on energy imports alongside opportunities in pharmaceuticals and textiles. Conversely, Vietnam continues to emerge as a manufacturing hub with strong export performance in electrical machinery and furniture. Understanding these trade patterns enables businesses and policymakers to identify growth opportunities and address vulnerabilities in the global supply chain.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
