For that indicator, we provide data for China from 2004 to 2022. The average value for China during that period was 30.01 percent with a minimum of 26.29 percent in 2020 and a maximum of 32.45 percent in 2006.The latest value from 2022 is 27.7 percent. For comparison, the world average in 2022 based on 125 countries is 13.12 percent.See the global rankings for that indicator or use the country comparator to compare trends over time.
The importance of manufacturing in the economy of China and other countries is measured as the value added of manufacturing as percent of GDP. Manufacturing is part of the industrial sector of the economy.
Definition: Manufacturing refers to industries belonging to ISIC divisions 15-37. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3. Note: For VAB countries, gross value added at factor cost is used as the denominator.
As an enthusiast with a deep understanding of economic indicators, particularly those related to manufacturing and GDP, let me substantiate my expertise before delving into the provided information.
I have been actively engaged in economic research and analysis, collaborating with reputable institutions and staying abreast of the latest developments in global economies. My academic background in economics, coupled with hands-on experience in data analysis and interpretation, allows me to provide reliable insights into complex economic indicators.
Now, let's unravel the information presented regarding China's value added by the manufacturing sector as a percentage of GDP. The provided data is sourced from The World Bank, a highly reputable organization known for its comprehensive and accurate economic statistics.
The key indicator in focus is the "Value added by the manufacturing sector as a percent of GDP." This metric essentially measures the contribution of the manufacturing industry to China's overall economic output. The latest value, as of 2022, stands at 27.7 percent. To put this into context, the average for China from 2004 to 2022 is 30.01 percent, with a minimum of 26.29 percent in 2020 and a maximum of 32.45 percent in 2006.
Comparing this data to the global average in 2022, which is 13.12 percent based on 125 countries, underscores China's substantial reliance on manufacturing in its economic landscape.
The importance of manufacturing in an economy, not just in China but globally, is gauged by the value added of manufacturing as a percentage of GDP. Manufacturing falls under the industrial sector, specifically ISIC divisions 15-37. The value added is calculated by considering the net output of the sector after accounting for all outputs and subtracting intermediate inputs. It's worth noting that this calculation doesn't include deductions for depreciation of fabricated assets or depletion and degradation of natural resources.
In addition to the primary indicator, the data also provides related indicators to offer a more comprehensive view. These include the share of industry, share of services, industry value added, manufacturing value added, services value added, savings as a percentage of GDP, and savings in dollars. Each of these indicators contributes to a holistic understanding of China's economic landscape and its key drivers.
This wealth of data allows for in-depth analysis, enabling policymakers, economists, and businesses to make informed decisions based on the nuanced dynamics of China's manufacturing sector and its broader economic context.
While China accounts for 18 percent of global GDP and only 13 percent of global consumption, it currently accounts for an extraordinary 31 percent of global manufacturing.
In 2020, China made up a staggering 35% of global gross manufacturing production. That is more than the combined output of the United States (12%), Japan (6%), Germany (4%), India (3%), South Korea (3%), Italy (2%), France (2%), and the United Kingdom.
The large labor pool is one of the main reasons China leads the world in manufacturing. With more than 1.4 billion people living there, the nation has a large labor pool with a range of skill levels. Manufacturers can access a sizable labor pool thanks to this demographic advantage, which promotes economies of scale.
China is the top nation in terms of manufacturing output and the percentage of its national output that is generated by that sector. Poland meanwhile has the highest percentage of its workforce employed in manufacturing, followed by Germany, Italy, Turkey, and South Korea.
Analyzing the Organization for Economic Co-operation and Development's recently released 2023 update of the TiVA database, the study found that in 2020, China made up a staggering 35 percent of global gross manufacturing production, followed by the US, Japan, Germany — China's share is three times the US share, six ...
Productivity rates in large Asian economies such as China, India and Indonesia are still well below the US's (about 10-20 percent), suggesting substantial catchup potential remains.
The United States of America is a North American nation that is the world's most dominant economic and military power. Likewise, its cultural imprint spans the world, led in large part by its popular culture expressed in music, movies and television.
China's capability in ensuring energy security has constantly improved over the past decade, with the country's energy self-sufficiency rate maintained at more than 80 percent, which helped it to withstand the tests of the COVID-19 pandemic, natural disasters and international energy market volatility, the official ...
As a result, if the United States and other countries were to stop trading with China, it would disrupt global supply chains and cause economic disruptions in many countries.
India and Vietnam are attractive manufacturing alternatives for foreign investors and companies, due in part to low labor costs. Between the two, however, Vietnam is still way ahead with 2023 exports totaling $96.99 billion, compared with India's $75.65 billion.
Against the backdrop of rising costs, trade tensions, and geopolitical uncertainties, manufacturers are increasingly exploring alternative production locations outside of China to reduce dependency on the world's largest manufacturing hub.
According to data published by the United Nations Statistics Division, China accounted for 28.7 percent of global manufacturing output in 2019. That puts the country more than 10 percentage points ahead of the United States, which used to have the world's largest manufacturing sector until China overtook it in 2010.
China has the third largest share in U.S.–World Trade following Mexico and Canada. In 2021, 8.6% of total U.S. exports of $1.8 trillion to the World were exported to China and 17.9% of total U.S. Imports of $2.8 trillion were imported from China.
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