Although the US used to be the world’s largest manufacturing hub, it has been over 10 years since China claimed the top position.
According to data presented by TradingPlatforms.com, 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 US, 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 $967-billion in 2000 to more than $4-trillion 20 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 US, 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 $1,67-trillion in 2000 to $2,52-trillion 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 US, 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 $75-billion in 2000 to $423-billion 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 20 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 $740-billion to $993-billion. The leading European manufacturer, Germany, follows with a 21% increase in this period.