Although the United States used to be the world’s largest manufacturing hub, it has been over ten years since China claimed the top position.
According to data presented by Trading Platforms, China’s manufacturing output surged by 322% in the last two decades, six times the US growth.
With low costs, a large workforce and strong production quality, China’s manufactured exports have been growing significantly faster than those of the United States, Germany, Japan, and South Korea.
According to Statista and the United Nations Statistics Division data, China’s manufacturing output, measured in constant 2015 US dollars, climbed from $967bn in 2000 to more than $4trn twenty years later. During that time, the country`s share of global manufacturing output surged from 3% to more than 30%.
That puts the country 10% ahead of the United States, which used to have the world’s largest manufacturing sector until China overtook it in 2010. Statistics show the US manufacturing output increased by 50% in two decades, rising from $1.67trn in 2000 to $2.52trn in 2020. Also, the country saw its manufacturing output share drop from 26% to 17% in this period.
Although China has seen six times bigger growth than the United States, the country is still behind India, the world’s fastest-growing manufacturing superpower.
Over the past years, India has climbed the list of the world’s manufacturing superpowers, becoming the sixth-largest manufacturer globally. Statistics show its manufacturing output soared by 467% in two decades, far above any other country, rising from roughly $75bn in 2000 to $423bn in 2020. As companies continue to diversify during global expansion, the country can expect more growth in its manufacturing industry.
South Korea has seen the third-largest growth behind India and China, with its manufacturing output increasing by 124% in the last twenty years. That is three times the increase in Japan, the world’s third-largest manufacturing superpower, and five times the German growth.
Statista data showed that Japanese manufacturing output grew 34% in the last two decades, rising from roughly $740bn to $993bn. The leading European manufacturer, Germany, follows with a 21% increase in this period.
Jastra is an editor, writer, and PR specialist with years of experience in news, research, and report writing. Over the years, she has worked in different fields of journalism and public relations, including politics, economy, and financial markets.
As well as TradingPlatforms.com, Jastra has written for Inside Business,The Business Mogul, Business Today, Startups Magazine, StockApps.com, and Buyshares.
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