{"id":17732,"date":"2023-05-04T15:58:37","date_gmt":"2023-05-04T15:58:37","guid":{"rendered":"https:\/\/dev.epictranslations.com\/?p=17732"},"modified":"2023-07-03T15:55:40","modified_gmt":"2023-07-03T15:55:40","slug":"digging-deeper-uncovering-opportunities-in-the-china-market","status":"publish","type":"post","link":"https:\/\/dev.epictranslations.com\/ara\/digging-deeper-uncovering-opportunities-in-the-china-market\/","title":{"rendered":"Digging Deeper: Uncovering Opportunities in the China Market"},"content":{"rendered":"\n
\"English<\/figure>\n\n\n\n

Since 2011 there has been a steady increase in our exporting of goods and services to China. Aside from a dip in 2018 and 2019 under President Trump, we continued to witness an increase of exporting from 2020 onwards.<\/p>\n\n\n\n

According to the US-China Business Council- Export Report 2022<\/a>, oilseeds & grains, motor vehicles, semiconductors & components, pharmaceuticals, mineral fuels, machinery, measurement instruments, and boilers are some of the most oft exported products to China.<\/p>\n\n\n\n

Where Does China Import Most Goods From?<\/strong><\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Based on the latest information available, the EU takes the top spot! This really doesn\u2019t come as a surprise, considering how many countries are in the EU. In second place comes Taiwan. I\u2019m not sure about you, but I was surprised to read this. In third and fourth place came Japan and South Korea, respectively. This isn\u2019t much of a surprise, considering their comparative advancement in various areas.  As such, it comes as no surprise that China is importing heavily from these countries. In fifth place comes the USA.  I really thought we would surpass fifth place.  However, I believe that with greater stability in our political posturing, we have the potential to get ahead of South Korea and Japan.<\/p>\n\n\n\n

While significant global changes have taken place since the onset of the Coronavirus, some things have remained remarkably unchanged. For example, export of oilseeds & grains, oil & gas, motor vehicles, and navigation & measurement instruments has remained relatively consistent.<\/p>\n\n\n\n

China is the United States\u2019 3rd largest market for goods, and 4th largest for services exports. As you could imagine, exports to China impact nearly all US states and sectors.<\/p>\n\n\n\n

Does My Company Need English to Chinese Translation Services?<\/strong><\/h2>\n\n\n\n

If your company is doing, or would like to do, business in China, it goes without saying that you will need an English to Chinese translation<\/a> partner (or in-house translators) for translating legal agreements, HR policies, product manuals, user guides, and website copy.<\/p>\n\n\n\n

\n

Top 3 items USA exports to China are Navigational & Measurement Instruments, Basic Chemicals, and Oilseeds & Grains.<\/strong><\/p>\nUS-China Business Council<\/cite><\/blockquote>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Which US States Are the Top Exporters of Goods to China?<\/strong><\/h2>\n\n\n\n

Top 15 leading US states exporting goods to China are:<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n
    \n
  1. Texas- $14.3 Billion\n
      \n
    1. Oil & Gas<\/li>\n\n\n\n
    2. Industrial Machinery<\/li>\n\n\n\n
    3. Basic Chemicals<\/li>\n\n\n\n
    4. Semiconductors & Components<\/li>\n\n\n\n
    5. Resins & Synthetic Fibers<\/li>\n<\/ol>\n<\/li>\n\n\n\n
    6. California- $7.4 Billion\n
        \n
      1. Industrial Machinery<\/li>\n\n\n\n
      2. Navigational & Measurement Instruments<\/li>\n\n\n\n
      3. Fruits & Tree Nuts<\/li>\n\n\n\n
      4. Pharmaceuticals & Medicines<\/li>\n<\/ol>\n<\/li>\n\n\n\n
      5. Oregon- $9.6 Billion\n
          \n
        1. Semiconductors & Components<\/li>\n\n\n\n
        2. Industrial Machinery<\/li>\n\n\n\n
        3. Motor Vehicles<\/li>\n\n\n\n
        4. Misc. Chemical Preparations<\/li>\n\n\n\n
        5. Navigational & Measurement Instruments<\/li>\n<\/ol>\n<\/li>\n\n\n\n
        6. Illinois- $3.9 Billion\n
            \n
          1. Oilseeds & Grains<\/li>\n\n\n\n
          2. Pharmaceuticals & Medicines<\/li>\n\n\n\n
          3. Navigational & Measurement Instruments<\/li>\n\n\n\n
          4. Motor Vehicle Parts, Basic Chemicals<\/li>\n<\/ol>\n<\/li>\n\n\n\n
          5. Indiana- $3.65 Billion\n
              \n
            1. Pharmaceuticals & Medicines<\/li>\n\n\n\n
            2. Oilseeds & Grains<\/li>\n\n\n\n
            3. Medical Equipment & Supplies<\/li>\n\n\n\n
            4. Motor Vehicle Parts<\/li>\n\n\n\n
            5. Resins & Synthetic Fibers<\/li>\n<\/ol>\n<\/li>\n\n\n\n
            6. South Carolina- $3.15 Billion\n
                \n
              1. Motor Vehicles<\/li>\n\n\n\n
              2. Aerospace Products & Parts<\/li>\n\n\n\n
              3. Motor Vehicle Parts<\/li>\n\n\n\n
              4. Motor Vehicle Bodies & Trailers<\/li>\n\n\n\n
              5. Navigational & Measurement Instruments<\/li>\n<\/ol>\n<\/li>\n\n\n\n
              6. Minnesota- $3 Billion\n
                  \n
                1. Oilseeds & Grains<\/li>\n\n\n\n
                2. Semiconductors & Components<\/li>\n\n\n\n
                3. Misc. General-Purpose Machinery<\/li>\n\n\n\n
                4. Navigational & Measurement Instruments<\/li>\n\n\n\n
                5. Medical Equipment & Supplies<\/li>\n<\/ol>\n<\/li>\n\n\n\n
                6. Georgia- $2.75 Billion\n
                    \n
                  1. Motor Vehicles<\/li>\n\n\n\n
                  2. Pulp & Paperboard Mill Products<\/li>\n\n\n\n
                  3. Meat Products<\/li>\n\n\n\n
                  4. Aerospace Products & Parts<\/li>\n\n\n\n
                  5. Timber & Logs<\/li>\n<\/ol>\n<\/li>\n\n\n\n
                  6. Ohio- $2.2 Billion\n
                      \n
                    1. Oilseeds & Grains<\/li>\n\n\n\n
                    2. Plastics Products<\/li>\n\n\n\n
                    3. Aerospace Products & Parts<\/li>\n\n\n\n
                    4. Motor Vehicle Parts<\/li>\n\n\n\n
                    5. Basic Chemicals<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n\n\n\n

                      10.  Louisiana- $3.8 Billion<\/p>\n\n\n\n

                        \n
                      1. Oil & Gas<\/li>\n\n\n\n
                      2. Basic Chemicals<\/li>\n\n\n\n
                      3. Oilseeds & Grains<\/li>\n\n\n\n
                      4. Resins & Synthetic Fibers<\/li>\n\n\n\n
                      5. Petroleum & Coal Products<\/li>\n<\/ol>\n\n\n\n

                        11.   New Jersey- $3.14 Billion<\/p>\n\n\n\n

                          \n
                        1. Nonferrous Metal Products<\/li>\n\n\n\n
                        2. Basic Chemicals<\/li>\n\n\n\n
                        3. Soaps \/ Cleaning Agents & Toiletries<\/li>\n\n\n\n
                        4. Misc. Manufactured Commodities<\/li>\n\n\n\n
                        5. Navigational & Measurement Instruments<\/li>\n<\/ol>\n\n\n\n

                          12.   Washington- $1.38 Billion<\/p>\n\n\n\n

                            \n
                          1. Navigational & Measurement Instruments<\/li>\n\n\n\n
                          2. Pulp & Paperboard Mill Products<\/li>\n\n\n\n
                          3. Aerospace Products & Parts<\/li>\n\n\n\n
                          4. Meat Products, Misc. Crops<\/li>\n<\/ol>\n\n\n\n

                            13.   Alabama- $2.53 Billion<\/p>\n\n\n\n

                              \n
                            1. Motor Vehicles<\/li>\n\n\n\n
                            2. Resins & Synthetic Fibers<\/li>\n\n\n\n
                            3. Basic Chemicals<\/li>\n\n\n\n
                            4. Pulp & Paperboard Mill Products<\/li>\n\n\n\n
                            5. Coal & Petroleum Gases<\/li>\n<\/ol>\n\n\n\n

                              14.   Iowa- $4.62 Billion<\/p>\n\n\n\n

                                \n
                              1. Oilseeds & Grains<\/li>\n\n\n\n
                              2. Meat Products<\/li>\n\n\n\n
                              3. Pharmaceuticals & Medicines<\/li>\n\n\n\n
                              4. Ag. & Construction Machinery<\/li>\n\n\n\n
                              5. Basic Chemicals<\/li>\n<\/ol>\n\n\n\n

                                15.   North Carolina- $3.05 Billion<\/p>\n\n\n\n

                                  \n
                                1. Pharmaceuticals & Medicines<\/li>\n\n\n\n
                                2. Semiconductors & Components<\/li>\n\n\n\n
                                3. Oilseeds & Grains<\/li>\n\n\n\n
                                4. Meat Products<\/li>\n\n\n\n
                                5. Pulp & Paperboard Mill Products<\/li>\n<\/ol>\n\n\n\n
                                  \"English<\/figure>\n\n\n\n

                                  Do you know what surprised me about this list? Not seeing Michigan on it. Michigan is where action happens for the automotive industry; I really thought it would be included on the list.<\/p>\n\n\n\n

                                  \"\"<\/figure>\n\n\n\n

                                  When we analyzed the research data and dug deeper, it became evident that some goods are more in demand than others.<\/p>\n\n\n\n

                                  It’s possible that the above chart tells you a story that coincides with you existing notions. It’s also possible that this chart speaks about opportunities that exist in the Chinese market for you to take advantage of.<\/p>\n\n\n\n

                                  Either way, research tells us that the 5 largest opportunities in the Chinese market are:<\/p>\n\n\n\n

                                    \n
                                  1. Navigational & Measurement Instruments<\/li>\n\n\n\n
                                  2. Basic Chemicals and Oilseeds & Grains (tied)<\/li>\n\n\n\n
                                  3. Pharmaceuticals & Medicines<\/li>\n\n\n\n
                                  4. Tied for 4th<\/sup> place:\n
                                      \n
                                    1. Aerospace Products & Parts<\/li>\n\n\n\n
                                    2. Meat Products<\/li>\n\n\n\n
                                    3. Motor Vehicle Parts<\/li>\n\n\n\n
                                    4. Motor Vehicles<\/li>\n\n\n\n
                                    5. Pulp & Paperboard Mill Products<\/li>\n\n\n\n
                                    6. Resins & Synthetic Fibers<\/li>\n\n\n\n
                                    7. Semiconductors & Components<\/li>\n<\/ol>\n<\/li>\n\n\n\n
                                    8. Industrial Machinery<\/li>\n<\/ol>\n\n\n\n
                                      \"\"<\/figure>\n\n\n\n

                                      Which US States Are the Top Exporters of Services to China?<\/strong><\/h2>\n\n\n\n

                                      While products often take all the glory when it comes to gaining newsworthy eyeballs, it’s worth noting that the services sector has also experienced significant growth. Going from $20.7 billion in 2010 to $54.1 billion 2019 is quite a jump, in my opinion.<\/p>\n\n\n\n

                                      What services are we exporting to China?<\/h2>\n\n\n\n
                                        \n
                                      1. Travel (education)<\/li>\n\n\n\n
                                      2. Travel (other personal)<\/li>\n\n\n\n
                                      3. Industrial Processes<\/li>\n\n\n\n
                                      4. Travel (business)<\/li>\n\n\n\n
                                      5. Passenger Fares<\/li>\n<\/ol>\n\n\n\n

                                        Guess what, though? Michigan IS on the list when it comes to exporting services to China. It stands at number 13 out of 15. Not bad.<\/p>\n\n\n\n

                                        Digging Deeper: Exporting Services to China<\/h2>\n\n\n\n

                                        Travel<\/h4>\n\n\n\n
                                        \"English<\/figure>\n\n\n\n

                                        The #1 US service exported to China has consistently been travel. All of the money spent by Chinese tourists in the US is accounted for by US travel exports. Travel includes a variety of areas, such as business travel, health travel, leisure travel, and educational travel. Due to visa bottlenecks and general traveler reluctance to the United States amid political tensions, corporate travel decreased by around 10% to $3.6 billion and personal travel reduced by a little over 8% to $9.4 billion in 2019.<\/p>\n\n\n\n

                                        Education<\/h4>\n\n\n\n
                                        \"English<\/figure>\n\n\n\n

                                        Chinese exchange students significantly increase the financial success of American universities. These students account for nearly $1 billion in tuition, fees, and other spendings in three states: California, New York, and Massachusetts. Travel for educational purposes was exported less than 3% less in 2019 ($422 million less), which had a negative financial impact on US school budgets. This is consistent with an overall fall in the number of foreign students enrolling at American institutions, though it may also be due to tighter visa requirements and heightened monitoring of Chinese students.<\/p>\n\n\n\n

                                        Financial Services<\/h4>\n\n\n\n
                                        \"English<\/figure>\n\n\n\n

                                        While exports of travel to China have decreased, exports of other financial services have increased. The second-highest service export from the United States to China is none other than financial services. US service exports to China increased by $179 million as a result of exports of credit-related and other financial services. The exports of credit-related services from New York, the nation’s financial center, to China increased by more than $22 million. The entire number of credit-related services exported by New York was $514 million, more than twice Texas’s second-highest export figure. Despite not being viewed as a major center for finance, Texas recorded a $12 million increase in the export of credit-related services.<\/p>\n\n\n\n

                                        \"\"<\/a><\/figure>\n\n\n\n

                                        How Are Jobs Impacted by Exporting to China?<\/h2>\n\n\n\n

                                        The livelihoods of thousands of Americans, in sectors ranging from agriculture to high-tech industry, are supported by exports to China. These exports go beyond the vehicles or computer components in container ships going across the ocean. Due to various reasons, such as tariffs against each other, the number of jobs supported by exports to China has been hovering around 916,000, down from 1.1 million in 2017. I\u2019m confident that as soon as the focus shifts from confrontational posture to trade and commerce we will see the numbers increase again.<\/p>\n\n\n\n

                                        \"\"<\/a><\/figure>\n\n\n\n

                                        What Content Are Companies Translating for China?<\/h2>\n\n\n\n

                                        Most of our clients that export goods and services to China import the following types of documents:<\/p>\n\n\n\n

                                          \n
                                        1. Website Copy<\/a><\/strong> – to communicate better with Chinese customers.<\/li>\n\n\n\n
                                        2. Legal Agreements<\/a><\/strong> – to make sure they have their bases covered.<\/li>\n\n\n\n
                                        3. HR Policies<\/strong> <\/a>– to make sure there are consistent policies in their global operations.<\/li>\n\n\n\n
                                        4. Product Manuals<\/a><\/strong> – these are a must have from a legal and operational point of view.<\/li>\n\n\n\n
                                        5. Company Newsletters<\/strong> – to keep their global employees informed and on the same page.<\/li>\n<\/ol>\n\n\n\n

                                          Conclusion<\/h2>\n\n\n\n

                                          Exporting to China is a moving target for most sectors depending on the political situation between the US and China. Regardless of what sector you operate in, if you are exporting to China, then consider that at some point in time you will need to translate your documents from English to Chinese. Not only will this step further support your business operations, but it will greatly enhance your ability to communicate effectively with your customers, employees, and business partners.<\/p>\n","protected":false},"excerpt":{"rendered":"

                                          Since 2011 there has been a steady increase in our exporting of goods and services to China. Aside from a dip in 2018 and 2019 under President Trump, we continued to witness an increase of exporting from 2020 onwards. According to the US-China Business Council- Export Report 2022, oilseeds & grains, motor vehicles, semiconductors & components, pharmaceuticals, mineral fuels, machinery, measurement instruments, and boilers are some of the most oft exported products to China. Where Does China Import Most Goods From? Based on the latest information available, the EU takes the top spot! This really doesn\u2019t come as a surprise,\u2026<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[453],"tags":[],"blocksy_meta":"","yoast_head":"\nDigging Deeper: Uncovering Opportunities in the China Market<\/title>\n<meta name=\"description\" content=\"Digging Deeper: Uncovering Opportunities in the China Market, it goes without saying that you will need an English to Chinese translation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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