On August 7, the General Administration of Customs released the latest China’s foreign trade data. In the first seven months of this year, China’s total foreign trade import and export value was 23.6 trillion yuan, a year-on-year increase of 10.4%. Among them, the export was 13.37 trillion yuan, a year-on-year increase of 14.7%; Imports reached 10.23 trillion yuan, up 5.3% year-on-year; The trade surplus was 3.14 trillion yuan, an increase of 62.1%.
China’s Foreign Trade is recovering obviously
Compared with the data in the first half of the year, the growth rate was enhancing. In addition to that, the recovery of foreign trade was more and more obvious.
In July, China’s total import and export value was 3.81 trillion yuan, an increase of 16.6%. It was 2.3 percentage points higher than that in June. In addition, it was 7 percentage points faster than that in May. Among them, the total export value in July reached 2.25 trillion yuan, an increase of 23.9%; Imports were 1.56 trillion yuan, an increase of 7.4%; The trade surplus was 682.69 billion yuan, an increase of 90.9%.
The Yangtze River Delta region which suffered a lot from previous epidemic, is recovering steadily. According to customs statistics, in the first seven months of this year, the total import and export of three provinces and one city in the Yangtze River Delta region was 8.58 trillion yuan, an increase of 11.7% year-on-year. It was 2.5 percentage points faster than that in the first half of this year. From a monthly perspective, the growth rate of imports and exports in the Yangtze River Delta region has rebounded to 14.9% in June, a significant increase of 10.1 percentage points over the growth rate in May.
Behind the continuous improvement of foreign trade, the resilience and vitality of private enterprises are indispensable.
According to the data, in the first seven months, the number of foreign trade enterprises with actual import and export performance in China was 526000, an increase of 5.8% year-on-year. Among them, the import and export of private enterprises was 11.8 trillion yuan, an increase of 15.3% year-on-year, accounting for 50% of China’s total foreign trade, an increase of 2.1 percentage points over the same period last year.
Mechanical and electrical products are contributing huge to the growth
Even under the background of controllable ‘order outflow’, exports of mechanical and electrical products and labor-intensive products continued to grow. They maintained double-digit growth in the first seven months.
In the first seven months, China exported 7.57 trillion yuan of mechanical and electrical products, an increase of 10.1%. It accounted for 56.6% of the total export value. Among them, automatic data processing equipment and its parts and components were 918.2 billion yuan, an increase of 4.4%; Secondly, mobile phone 494.63 billion yuan, an increase of 2%. Lastly, automobiles reached 175.74 billion yuan, an increase of 54.4%.
Over the same period, the export of labor-intensive products was 2.41 trillion yuan, an increase of 15.2%, accounting for 18%. Among them, clothing and accessories reached 647.54 billion yuan, an increase of 13.5%. Secondly, textiles reached 581.45 billion yuan, an increase of 11.9%. Lastly, plastic products reached 402.1 billion yuan, an increase of 16.3%.
With a series of ‘order grabbing’ actions and the implementation of the ‘stablizing foreign trade’ policy, Zhejiang’s foreign trade performance is still outstanding even after the impact of the previous epidemic. In the first half of this year, the contribution rate of Zhejiang’s exports to the national growth ranked first. Furthermore, the growth rate of imports ranked first among the major coastal provinces and cities.
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