On the 8th, the General Administration of Customs released data that in the first seven months of this year, China’s total import and export value was 23.55 trillion yuan, a year-on-year increase of 0.4%, and overall foreign trade imports and exports remained stable.
In July, China’s foreign trade import and export reached 3.46 trillion yuan, a year-on-year decrease of 8.3%. Lu Daliang, Director of the Statistics and Analysis Department of the General Administration of Customs, said that since the second quarter, China’s monthly import and export scale has remained stable at over 3.4 trillion yuan. Overall, China’s foreign trade import and export operations are stable and in line with expectations, and the long-term positive fundamentals have not changed.
Specifically, in the first seven months, China’s exports reached 13.47 trillion yuan, an increase of 1.5%; Import reached 10.08 trillion yuan, a decrease of 1.1%; The trade surplus reached 3.39 trillion yuan, an increase of 10.3%. Exports have withstood the pressure of weak external demand and maintained overall growth, with some products showing impressive export performance. In the first seven months, China’s export of mechanical and electrical products reached 7.83 trillion yuan, a year-on-year increase of 4.4%, accounting for 58.1% of the total export value. Among them, the exports of automobiles, ships, and electrical equipment increased by 118.5%, 23.8%, and 21.9% year-on-year, respectively.
In terms of imports, driven by the basic stability of industrial production and the orderly recovery of consumption scenarios, the import volume of China’s main energy and mineral products has steadily increased, and the import growth rate of some consumer goods has exceeded 10%. In the first seven months, China’s energy products and metal ore imports increased by 33.3% and 7.9% year-on-year, respectively. During the same period, the import of consumer goods, excluding passenger cars, reached 962.74 billion yuan, an increase of 10.1%. Among them, the import value of meat, dried and fresh fruits, and edible aquatic products increased by 6.5%, 17.9%, and 22.2%, respectively.
In terms of foreign trade entities, private enterprises continue to maintain their position as the largest operating entity in China’s foreign trade. In the first seven months, the import and export of private enterprises reached 12.46 trillion yuan, a year-on-year increase of 6.7%, and their proportion in China’s foreign trade import and export further increased to 52.9%, an increase of 3.1 percentage points compared to the same period last year. The number of private enterprises participating in foreign trade reached 478000, an increase of 36000 year-on-year.
ASEAN continues to be China’s largest trading partner. In the first seven months, the total trade value between China and ASEAN was 3.59 trillion yuan, a year-on-year increase of 2.8%. China’s imports and exports to major trading partners such as the European Union, the United States, and Japan decreased by 0.1%, 9.6%, and 5.8%, respectively. Over the same period, China’s imports and exports to countries along the “the Belt and Road” totaled 8.06 trillion yuan, up 7.4% year on year, accounting for 2.2 percentage points of China’s foreign trade to 34.2% year on year; The import and export of the five Central Asian countries increased by 35%, maintaining a rapid growth trend; Growth of 5.5% and 7.4% for Latin America and Africa, respectively. China’s diversified and stable economic and trade relations are constantly expanding.
Post time: Aug-10-2023