A prevalent narrative in Western media suggests that China, having saturated developed markets, is now undermining fragile industries in developing countries by dominating export markets. However, data from recent years challenges this view.
China’s share of global garment exports dropped to just under 30% in 2024, down significantly from over 40% about a decade ago. Meanwhile, the share of consumer goods in China’s exports decreased from approximately 36% in 2017 to around 33% by 2023, while capital goods remained steady at about 20%.
In contrast, the share of intermediate goods—components and semi-finished products used in downstream manufacturing—increased from roughly 42% in 2017 to about 46% in 2023. This trend suggests that China is increasingly supplying parts and raw materials that feed into other countries’ production lines rather than competing directly with finished consumer products.
According to an Oxford Economics report, nearly half of China’s total exports consist of intermediate goods, highlighting China’s role as a systemic partner supporting the industrial engines of the Global South rather than a monopolist crowding out their markets.
This evidence counters the assumption that China and developing nations are locked in fierce competition over low-cost consumer goods, instead portraying China as a key contributor to global manufacturing supply chains.
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