2024 China's Medical Device Imports and Exports: Nearly 500 Billion!

January 20,2025

I. Medical Device Imports and Exports Overview (January–November 2024, in billion yuan)

From January to November 2024, the total import and export value is 4790.01 billion yuan, with the import total of 2228.31 billion yuan, and export total of 2561.70 billion yuan.

Asia was China's largest export market, holding 32.59% of the share. Exports to RCEP countries, Belt and Road countries, and ASEAN totaled 61.78 billion yuan, 66.69 billion yuan, and 24.48 billion yuan, respectively. Compared to 2023, exports to RCEP countries fell by 1.68%, while exports to Belt and Road countries grew by 1.22%, and exports to ASEAN remained nearly unchanged (+0.02%). The U.S. was China’s largest export destination, accounting for 25.21%. Medical consumables made up 44.87% of total exports.

Europe was China’s largest import market, with 42.81% of the share. The U.S., Germany, and Japan were the top import sources, with the U.S. accounting for 22.84%. Medical equipment was the largest import category at 44.91%.

II. China's Medical Device Trade (January–November 2024)

From January and November 2024, China’s medical device trade grew by 0.16%, with exports rising 0.55% and imports falling 0.33%.

III. Trade Surplus/Deficit by Medical Device Category (January–November 2024)

Imports of IVD reagents and IVD instruments exceeded exports, leading to a trade deficit in these categories.

IV. Market Analysis

1. Intercontinental Trade Pattern

From January to November 2024, China’s trade was mostly with Europe and North America, which accounted for 34.29% and 31.33% of total trade, respectively. Trade with Europe totaled 164.259 billion yuan, and with North America, it was 150.05 billion yuan. Exports to Asia led at 32.59%, totaling 83.477 billion yuan, down 2.75% month-on-month. For imports, Europe topped the list at 42.81%, worth 95.402 billion yuan, a 5.58% decrease.

2. Trade with Belt and Road Countries

China’s trade with Belt and Road countries reached 94.406 billion yuan, 19.71% of total global trade, up 0.36% month-on-month. Exports totaled 66.686 billion yuan (26.03% of total exports), rising 1.22%, while imports were 27.72 billion yuan (12.44% of imports), down 1.64%. Key partners included Singapore (12.057 billion yuan), India (8.587 billion yuan), Russia (8.155 billion yuan), Malaysia (7.578 billion yuan), and Vietnam (6.285 billion yuan), together making up 45.19% of the trade value with Belt and Road countries.

On average, trade with these countries declined by 0.32%, with exports up 0.46% and imports down 2.2%.

3. Trade with RCEP Countries

China’s trade with RCEP countries totaled 106.437 billion yuan, 22.22% of total global trade, down 4.81% month-on-month. Exports were 61.776 billion yuan (24.12% of total exports), down 1.68%, and imports totaled 44.661 billion yuan (20.04% of total imports), down 8.82%. Trade with Japan, South Korea, Singapore, India, and Australia accounted for 72.39% of the total trade with RCEP countries.

On average, trade with RCEP countries grew slightly by 0.04%, with exports up 0.24% and imports down 0.28%.

4. Trade with Key Countries

From January to November 2024, China’s main trade partners were the U.S., Germany, Japan, Mexico, and the Netherlands, with total trade of 242.607 billion yuan, 50.65% of total global trade, down 2.88%. Exports were 106.859 billion yuan (41.71% of exports), up 4.32%, while imports totaled 135.747 billion yuan (60.92% of imports), down 7.88%.

5. Trade with ASEAN Countries 

China’s trade with ASEAN countries totaled 38.69 billion yuan, 8.08% of total global trade, down 3.22%. Exports were 24.476 billion yuan (9.55% of exports), nearly unchanged (+0.02%), and imports were 14.213 billion yuan (6.38% of imports), down 8.34%. Singapore, Malaysia, and Vietnam accounted for 66.99% of the trade with ASEAN.

On average, trade with ASEAN countries increased by 1.13%, with exports up 1.64% and imports up 0.21%.

Source: https://news.yaozh.com/archive/44757.html