(continued)
(iii) In fact, China’s own statistics is for “integrated circuits” rather than “semiconductor products” (as appears in the NYT report).
Wu Jin, China will invest 120 bln in integrated circuits. China.org.cn, Apr 26, 2014
www.china.org.cn/business/2014-04/26/content_32204710.htm
("According to the Chinese General Administration of Customs, imports of the integrated circuits last year reached US$232.2 billion, rising by 34.6 percent year-on-year. Meantime, trade deficits [of integrated circuits alone, not of all merchandise] increased by US$5 billion yearly to US$144.1 billion, registering a consecutive growth over the course of four years. The import quota [sic; should be 'value'] of the integrated circuit chips even took over those for crude oil, when the latter declined by 0.5 percent to US$ 219.6 billion in 2013")
(c) Like most of data and reports coming out of China, this view is is misleading, for two reasons.
(i) Almost all imported crude is for domestic use. On the contrary, China imports most of ICs to assemble into final products, to re-export.
(ii) China has come a long way, in terms of exponential growth in import and export of ICs and electronics. )See Tables II.46 and II.47 below.)
(A) International Trade Statistics 2014. World Trade Organization, Oct 28, 2014 (which is today!).
www.wto.org/english/res_e/statis_e/its2014_e/its14_toc_e.htm
(B) Table of contents > "II. Merchandise trade" > "Tables in pdf format"
Click "Tables in pdf format" and one reaches a new Web page.
www.wto.org/english/res_e/statis ... trade_product_e.pdf
Go to section “4.3.3 Integrated circuits and electronic components” which includes three tables:
“Table II.45 Leading exporters and importers of integrated circuits and electronic components, 2013 .............98
Table II.46 Exports of integrated circuits and electronic components of selected economies, 1990-2013 .....................99
Table II.47 Imports of integrated circuits and electronic components of selected economies, 1990-2013 ..................100”
(C) Table II.45 in pertinent part:
“Table II.45 Leading exporters and importers of integrated circuits and electronic components, 2013
(Billion dollars and percentage)
................................Value..........Share in world exports/imports
Exporters.................2013..........2013
China ......................117 ...........21.8
Hong Kong, China .....78 ...........-
...domestic export.......0.............0
...re-export ..............75 ...........-
Chinese Taipei ..........66 ...........12.2
Korea, Republic of ....53 .............9.8
United States ...........41 .............7.7
Japan ......................36 .............6.8
Malaysia ..................35 .............6.6
Importers
China ....................262 ...........40.8
Hong Kong, China….94 ...........-
...retained imports….20 .............3.1
United States ..........39 .............6.1
Chinese Taipei .........34 .............5.3
Korea, Republic of …33 .............5.1
Malaysia ..................31 .............4.8
Japan .....................25 .............3.9
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