It has been more than ten years since China surpassed the United States as the greatest industrial powerhouse in the world. China’s industrial output increased by 322% over the past two decades, which is six times faster than US growth.
China’s percentage of the world’s manufacturing output increased tenfold. China’s manufactured exports have been expanding substantially faster than those of the United States, Germany, Japan, and South Korea thanks to low costs, a sizable workforce, and high production quality.
Data from Statista and the United Nations Statistics Division show that China’s manufacturing output increased from $967 billion in 2000 to more than $4 trillion in 2015, assessed in constant US dollars.
The nation’s percentage of the world’s manufacturing output increased from 3% to more than 30% throughout that time, this is according to TradingPlatforms.com figures.
That places the nation 10% ahead of the United States, which until China surpassed it in 2010 had the largest manufacturing sector in the world. According to statistics, the US industrial production rose from $1.67 trillion in 2000 to $2.52 trillion in 2020, a 50% increase in two decades. Additionally, throughout this time, the nation’s manufacturing production share fell from 26% to 17%.
India is expanding faster than China, and manufacturing output has increased by 467% over the past two decades. Despite having grown six times faster than the US, China still lags behind India, the world’s fastest-growing manufacturing behemoth.
After China and India, South Korea has experienced the third-largest growth, with its manufacturing production rising by 124% over the previous 20 years. That is a five-fold increase in Germany and a three-fold increase in Japan, the third-largest manufacturing giant in the world.
According to Statista data, Japan’s industrial production increased 34% over the previous 20 years, from about $740 billion to $993 billion. Germany, the top producer in Europe, comes in second with a 21% growth over this time.