2024-09-26 22:26:23
New Delhi: America has remained the world’s largest economy for many years, while China has progressed rapidly in the last three decades. Today China has become the factory of the world whereas at one time this status was enjoyed by America. According to the World Bank, today China’s share in global exports is 11.8 percent while America’s share has come down to 9.5 percent. But in the year 1970, China’s share in global exports was only 0.6% while America’s share was 15.6%. But today the situation has completely changed. Especially since 1995, the pace that China has gained has no comparison. There was a significant increase in exports from China in the late 1990s and early 2000s. During this time, China started production on a large scale and snatched away the title of the world’s factory from America. Today the markets around the world are filled with cheap goods coming from China. Due to this, domestic companies in many countries have been ruined and there is a demand to impose anti-dumping duty on Chinese goods.
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India’s export
China’s exports are about eight times more than India’s. India exported a total of $ 432.34 billion in the year 2023, China’s exports were $ 3,380.02 billion. America ranks second after China in terms of exports. Last year, America exported a total of $2019.54 billion worth of goods to markets all over the world. In this way, there is a difference of about 1,300 billion dollars between the exports of China and America. In terms of exports, after China and America, Germany, Netherlands, Japan, Italy and France are next. India is at number 17 in this list. Many small countries are far ahead of India in terms of exports. India still has a long way to go to become a superpower in the export sector.