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MOFCOM talks about the foreign trade environment in the second half of the year

On July 7, at the regular press conference held by the Ministry of Commerce, a media question was raised: in the second half of this year, high inflation, the conflict between Russia and Ukraine pushing up commodity prices and other factors will still affect the global economic outlook. What is the Ministry of Commerce’s research and judgment on China’s foreign trade environment in the second half of the year, and what are its suggestions for foreign trade enterprises?

In response, Shu jueting, spokesman of the Ministry of Commerce, said that since this year, China’s foreign trade has withstood multiple pressures at home and abroad and has generally achieved stable operation. From January to may, in RMB terms, imports and exports increased by 8.3% year-on-year. It is expected to maintain a high growth in June.

Shu jueting said that from the recent investigation of some places, industries and enterprises, the uncertainty and instability faced by China’s foreign trade development increased in the second half of the year, and the situation is still complex and severe. From the perspective of external demand, affected by geopolitical conflicts and the accelerated tightening of monetary policies in some developed economies, the global economic growth is likely to slow down, and the prospects for trade growth are not optimistic. Domestically, the foreign trade base rose significantly in the second half of the year, and the comprehensive cost of enterprises is still high, so it is still difficult to take orders and expand the market.

At the same time, there are still many favorable conditions for the stability and quality improvement of foreign trade throughout the year. First, China’s foreign trade industry has a solid foundation, and its long-term fundamentals have not changed. Second, various policies to stabilize foreign trade will continue to be implemented and effective. All localities will further coordinate epidemic prevention and control and economic and social development, constantly optimize and refine policies and measures, and stimulate the toughness and vitality of the foreign trade industry. Third, the growth momentum of new energy and other industries is good, and it is expected to continue to contribute to the increment in the second half of the year.

Shu jueting said that in the next step, the Ministry of Commerce will work with all localities and relevant departments to implement policies and measures to stabilize foreign trade, continue to make efforts in promoting the smooth flow of foreign trade, increasing fiscal, tax and financial support, helping enterprises grasp orders and expand markets, stabilizing the supply chain of the foreign trade industry chain, and continue to support enterprises to make full use of relevant policies and measures to help the majority of foreign trade enterprises develop stably and healthily. Specifically, the first is to help enterprises reduce comprehensive costs, make good use of export credit insurance tools, and improve their ability to receive orders and perform contracts. Second, support enterprises to actively participate in various exhibitions, consolidate traditional markets and existing customers, and actively explore new markets. Third, encourage enterprises to constantly improve their innovation capabilities, take the initiative to adapt to the changes in the needs of overseas consumers, and promote the upgrading of foreign trade.

Post time: Jul-13-2022

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