The World's Suppliers
While “Made in China” has become a staple of our everyday lives, with everything from our phones to our clothes made in “the world’s factory”, that hasn’t always been the case. It wasn’t until China’s accession to the World Trade Organization in 2001 that the country really opened up to the world economy, quickly turning it into the most important link in today’s global supply chains.
Our chart, based on WTO data, illustrates China’s breathtaking rise to the top of the world’s merchandise exporters over the past 23 years, while also showing who dominated world trade before the China's manufacturing sector became the all-conquering force it is today. It also shows the immense effects of globalization on export volumes. Between 2000 and 2023, global merchandise exports increased 3.7-fold from $6.5 trillion to $23.8 trillion in nominal terms, i.e. not adjusted for inflation. In the same time, China's exports grew 13.6-fold from $250 billion to $3.4 trillion, leaving other major exporters in the dust.
China's transformation into a global manufacturing hub and the world's largest exporter stems from a combination of factors, including abundant labor, favorable government policies and vast infrastructure investments. China's accession to the World Trade Organization in 2001 marks the starting point of the country's race to becoming an integral part of global supply chains, delivering both raw materials and finished goods to the rest of the world at competitive costs.