Fastest Growing Industries by Exports in China in 2023

1. Alternative-Fuel Car & Automobile Manufacturing in China

Growth in Exports for 2023: 48.3%

The Alternative-Fuel Car & Automobile Manufacturing industry in China has developed strongly in the past five years due to government favorable policies that have resulted in improving vehicle performances, increasing numbers of charging facilities, and changing attitudes toward environmental protection. Industry revenue is expected to increase at a CAGR of 39.1% over the past five years through 2023, to total $304.8 billion. This includes growth of 16.7% in the current year. Industry profit is relatively high, averaging 9.8% of industry revenue in 2023, lower than 10.6% in 2022, mainly due to intensified market competition.

Industry exports have increased fast over the... Learn More

2. Solar Panel Manufacturing in China

Growth in Exports for 2023: 41.4%

Revenue for the the Solar Panel Manufacturing industry has increased a CAGR of 23.9% to $134.5 billion over the past five years. This includes expected growth of 23.1% in the current year. Over the past five years, Chinese solar cell output has been increasing at an annualized 36.1%.

The Solar Panel Manufacturing industry has been rapidly expanding over the past ten years. However, in March 2012, the US Government imposed anti-subsidy duties ranging from 2.9% to 4.7% on Chinese exports of solar panels and silicon, which contributed to the decline of exports in 2012 and 2013. In 2014, Asian demand for... Learn More

3. Battery Manufacturing in China

Growth in Exports for 2023: 34.3%

The Battery Manufacturing industry in China is dominated by foreign-funded companies. More than 50% of the assets of the industry's large-scale enterprises are owned by joint ventures or foreign enterprises, including ones based in Hong Kong, Macau and Taiwan. Japanese capital accounts for the majority of the industry's foreign capital. Promoted by strong development in various downstream industries including electronics manufacturing, new energy automobile manufacturing, electric power generation, and communications and information, industry revenue is expected to total $264.7 billion in 2023, up by 8.5% for the year and having grown by an annualized 7.4% over the five years through... Learn More

4. Passenger Car Manufacturing in China

Growth in Exports for 2023: 28.6%

Revenue for the Passenger Car Manufacturing in China is expected to fall at an annualized 1.6% to $617.6 billion over the past five years, including a 1.8% rise in 2023 alone, when profit is anticipated to stay relatively steady at 8.5%.

As income levels in China have risen, road conditions have improved, and prices have become more competitive, passenger cars have become more affordable for Chinese residents. To meet the needs of consumers, automobile enterprises have been launching many new models to attract consumers. A series of favorable government policies have also stimulated new energy passenger vehicle purchases in rural and... Learn More

5. Oil Wholesale in China

Growth in Exports for 2023: 28.0%

Revenue for the Oil Wholesale industry in China is expected to increase at an annualized 9.5% over the five years through 2023, to $1.1 trillion. Industry revenue is anticipated to rise by 14.7% in the current year due to increasing international oil prices. Imports have satisfied an increasing proportion of domestic demand over the past five years, indicating increasing reliance on foreign oil. Industry imports are estimated to total $45.2 billion in 2023. Profit was estimated 3.2% of total revenue.

The Commerce department will continue to issue qualification certificates for crude oil and refined oil wholesalers in China. According to the... Learn More

6. Coal Product Manufacturing in China

Growth in Exports for 2023: 27.4%

The Coal Product Manufacturing in China has exhibited declined growth over the past five years, mainly affected by the accelerated process of global ‘de-coal' and clean energy substitution. In addition, with the realization of central heating in cities of China in winter and the popularity of gas and natural gas in cities, fewer and fewer consumers use coal products as fuel for heating and cooking. The demand for coal products declined in recent years. Industry revenue is expected to decrease at an annualized rate of 5.7% over the five years through 2023, to an estimated $2.8 billion. This trend includes... Learn More

7. Coke Smelting in China

Growth in Exports for 2023: 21.5%

The Coke Smelting industry in China has experienced difficult operating conditions over the past five years. This result has been due to changing demands from downstream industries, increasing level of environmental protection requirements and fluctuation in the prices of industry products. Industry revenue is expected to increase at an annualized 5.0% over the five years through 2022, to total $116.2 billion. This trend includes an anticipated revenue increase of 6.4% in the current year. In the first half of 2022, affected by Russia Ukraine conflict, the Spring Festival, the Winter Olympics, production restrictions in autumn and winter and the COVID-19,... Learn More

8. Automobile Manufacturing in China

Growth in Exports for 2023: 20.0%

Revenue for the Automobile Manufacturing industry is expected to increase by a CAGR of 1.5% over the five years through 2023, including a growth rate of 0.7% in 2023 alone, to total $763.0 billion. Rising domestic demand across urban and rural areas and increasing exports have driven industry revenue growth over the period.

Rising household income levels and competitive pricing have encouraged more Chinese consumers to purchase automobiles over the past five years, particularly in major cities. A series of favorable government policies and subsidies for car-buyers in rural areas, have further boosted industry revenue.

With intensifying market competition, large number of... Learn More

9. Boat Building in China

Growth in Exports for 2023: 19.5%

The Boat Building industry has fluctuated over the five years through 2023, with industry revenue generally increasing at an annualized rate of 11.6%. Industry revenue is expected to grow 17.8% to $2.7 billion, when profit is anticipated to be 3.9%. About 91 companies operate in the industry in 2023, employing about 17,114 people with total wages of $181.6 million.

Over the five years through 2023, industry revenue has fluctuated with global markets, as industry exports account for higher shares of industry revenue. Improving technologies and designing capabilities also give Chinese products a global competitive advantage. Boating and similar leisure activities are... Learn More

10. Chinese Medicinal Herb Growing in China

Growth in Exports for 2023: 18.9%

As the production raw materials in the upstream of the industry chain, Chinese Medicinal Herb Growing in China is the basis for the development of the traditional Chinese medicine industry. China began the cultivation and planting of Chinese medicinal materials as early as the Tang Dynasty. The Qing Dynasty began large-scale cultivation of Chinese medicinal materials. However, the large-scale cultivation of many varieties began in the 1950s. At present, it has reached the stage of large-scale, intensive and industrialized cultivation base production. China is one of the largest growing and consumer countries of ginseng and pseudo-ginseng in the world. Rising... Learn More