China's foreign trade has maintained positive growth for four consecutive months. According to data released by the General Administration of Customs on June 7, in the first five months of this year, China's import and export value was 16.77 trillion yuan, an increase of 4.7% year-on-year. Of this total, the export was 9.62 trillion yuan, up by 8.1 percent; Imports reached 7.15 trillion yuan, up 0.5%; Trade surplus reached 2.47 trillion yuan, an increase of 38%. Lu Daliang, director of the Statistical Analysis Department of the General Administration of Customs, said that a series of policy measures to stabilize the scale and optimize the structure of foreign trade have helped foreign trade operators actively respond to the challenges brought by weakening external demand, effectively seize market opportunities, and promote China's foreign trade to maintain positive growth for four consecutive months.
On the basis of steady growth in scale, China's foreign trade has a series of structural highlights worthy of attention. From the perspective of trade mode, general trade is the main mode of China's foreign trade, and the proportion of import and export has increased. In the first five months, China's general trade imports and exports were 11 trillion yuan, an increase of 7%, accounting for 65.6% of China's total foreign trade value, an increase of 1.4 percentage points over the same period last year.
From the perspective of foreign trade subjects, the proportion of imports and exports of private enterprises exceeds 50%. In the first five months, the import and export of private enterprises reached 8.86 trillion yuan, an increase of 13.1%, accounting for 52.8% of China's total foreign trade value, an increase of 3.9 percentage points over the same period last year.
In terms of major markets, China's imports and exports to ASEAN and the EU have maintained growth. In the first five months, ASEAN was China's largest trading partner, with a total trade value of 2.59 trillion yuan, an increase of 9.9%, accounting for 15.4% of China's total foreign trade value. The EU is China's second largest trading partner, and the total value of China's trade with the EU is 2.28 trillion yuan, an increase of 3.6%, accounting for 13.6%.
In the same period, China's imports and exports to countries along the "Belt and Road" totaled 5.78 trillion yuan, an increase of 13.2%. Of this total, the export was 3.44 trillion yuan, up by 21.6%; Imports reached 2.34 trillion yuan, up 2.7 percent.
The Regional Comprehensive Economic Partnership (RCEP) includes 10 ASEAN countries and 15 member countries including Australia, China, Japan, the Republic of Korea and New Zealand. Since its entry into force nearly a year and a half ago, the regional economic and trade potential has been continuously unleashed. Recently, the RCEP officially entered into force for the Philippines, so far all the 15 member states within the agreement have completed the entry into force process, and the economic and trade cooperation in the region will continue to deepen. In addition, the construction of the "Belt and Road" is also steadily advancing, which provides more convenient conditions for China's foreign trade enterprises to explore the international market, and will also become a stable growth of foreign trade.
In recent years, China's economic transformation and upgrading have accelerated, the technological level of export products has improved, and most "new track" industries have the first-mover advantage. "These advantages are being translated into the international competitiveness of China's export-oriented industries, becoming an important force to promote the high-quality development of China's economy."
Not only that, the new business forms and new models have become more and more obvious in promoting foreign trade. Data from the Ministry of Commerce show that there are more than 100,000 cross-border e-commerce entities in China. The vitality of cross-border e-commerce is constantly released, and recently, on the cross-border e-commerce platform, advance stocking of China's summer appliances has become a new hot spot. Ali International Station statistics show that from March to May this year, the demand for air conditioners from overseas buyers increased by more than 50%, and the year-on-year growth of fans was also more than 30%. Among them, the "air conditioner that can generate its own electricity" combined with photovoltaic + energy storage system is the most popular, in addition to the floor fan with direct drive powered by solar panels, and the desktop fan with water cooling that can be added to the water tank is also popular.
Looking forward to the future, with the gradual gathering and strengthening of these new drivers, China's foreign trade is expected to achieve the goal of promoting stability and improving quality, and make more contributions to the high-quality development of the national economy.
Post time: Jun-09-2023
