In the first five months, the total import and export value was 14.76 trillion yuan, a year-on-year increase of 28.2%-China’s foreign trade continued to improve (Rui Finance)
Compared with the same period of the year, the growth rate also exceeded 20%. On June 7, the General Administration of Customs announced the import and export data for the previous five months. Statistics show that my country’s monthly foreign trade imports and exports have maintained positive growth for a year, and the continued improvement and outstanding performance of foreign trade fully reflects China’s vast market potential and stable supply capabilities.
Monthly import and export have been increasing for a year in a row
According to customs statistics, in the first five months of this year, my country’s total import and export value was RMB 14.76 trillion, a year-on-year increase of 28.2%, compared with 2019 A year-on-year increase of 21.6%.
Among them, exports were 8.04 trillion yuan, an increase of 30.1% year-on-year, and an increase of 23.6% year-on-year; imports were 6.72 trillion yuan, an increase of 25.9% year-on-year, and an increase of 19.2% year-on-year; the trade surplus was 1.32 Trillion yuan, an increase of 56.2% year-on-year.
In May, my country’s total import and export value was 3.14 trillion yuan, a year-on-year increase of 26.9% and a year-on-year increase of 20.8%. Among them, exports were 1.72 trillion yuan, a year-on-year increase of 18.1%; imports were 1.42 trillion yuan, a year-on-year increase of 39.5%.
Li Kuiwen, Director of the Statistical Analysis Department of the General Administration of Customs, said that since June last year, my country’s monthly foreign trade imports and exports have maintained a positive growth for a whole year. Even compared with the same period in 2019 before the epidemic, the growth rate of imports and exports in the first five months of this year exceeded 20%. "The continuous improvement and outstanding performance of my country's foreign trade fully reflect my country's vast market potential and stable supply capacity."
"The overall performance of imports and exports in the first five months has been very good. Rare growth.” Bai Ming, deputy director of the Institute of International Market Research of the Ministry of Commerce, told reporters that this is due to China’s positive results in fighting the epidemic, the strong resumption of work and production, and the rebound in external demand, which has also boosted exports. Benefit from the implementation of a series of measures to stabilize foreign trade.
The recent global trade quarterly update report released by the United Nations Conference on Trade and Development shows that thanks to the good export performance of China and other East Asian economies, global trade recovered strongly in the first quarter of this year, and the total trade in goods and services increased by approximately 10%, an increase of about 4% month-on-month, slightly higher than the level before the epidemic.
Private enterprises accounted for 47.6% of imports and exports
While the total imports and exports increased, they continued to show bright spots such as structural improvements.
Looking at the way of trade, general trade imports and exports increase and the proportion increases. In the first five months, my country's general trade import and export was 9.12 trillion yuan, an increase of 32% year-on-year (the same below), accounting for 61.8% of my country's total foreign trade value, an increase of 1.8% over the same period last year. In addition, my country's imports and exports through bonded logistics were 1.79 trillion yuan, an increase of 29.9%. Among them, exports were 625.26 billion yuan, an increase of 37.6%; imports were 1.16 trillion yuan, an increase of 26.1%.
Looking at the import and export countries, imports and exports to major trading partners such as ASEAN, the European Union and the United States have all increased. In the first five months, ASEAN was my country’s largest trading partner. The total trade value between my country and ASEAN was 2.19 trillion yuan, an increase of 29.2%, accounting for 14.8% of my country’s total foreign trade value. During the same period, my country’s total imports and exports to countries along the “Belt and Road” was 4.36 trillion yuan, an increase of 27.4%.
Looking at the type of enterprise, private enterprises have increased their imports and exports and their proportions have increased. In the first five months, private imports and exports amounted to 7.02 trillion yuan, an increase of 38.1%, 9.9 percentage points higher than the overall growth rate of foreign trade, and accounted for 47.6% of China’s total foreign trade value, an increase of 3.4 percentage points over the same period last year. Among them, exports were 4.53 trillion yuan, an increase of 39.4%, and accounted for 56.3% of the total export value; imports were 2.49 trillion yuan, an increase of 35.8%, and accounted for 37.1% of the total import value.
Bai Ming believes that since the outbreak of the epidemic, the advantages of flexible response of private enterprises have become more prominent. From the rapid production of anti-epidemic products in the early stage of the epidemic to the rapid adjustment of production products later, as long as there is demand in the market, companies will immediately keep up. Especially among the private enterprises engaged in foreign trade, there are many small and medium-sized enterprises, and the "small ship is good for turning around", and many of the exported products are necessities, and the demand is strong. Under the combined effects of policies and markets, private enterprises have made positive contributions to the steady development of foreign trade.
The trend of foreign trade is expected to stabilize further
Looking at exports in detail, the export of mechanical and electrical products and labor-intensive products has grown considerably.
In the first five months, my country exported 4.78 trillion yuan in mechanical and electrical products, an increase of 31.9%, accounting for 59.5% of the total export value. Among them, automatic data processing equipment and its parts were 612.2 billion yuan, an increase of 20.4%; mobile phones were 354.87 billion yuan, an increase of 28.8%; automobiles (including chassis) performed particularly well, with exports of 75.67 billion yuan, an increase of 95.8%. In the same period, the export of labor-intensive products was 1.42 trillion yuan, an increase of 22.4%, accounting for 17.6%.
Experts said that the growth of exports from multiple industries shows that my country is an important link in the international industrial chain and supply chain. In terms of the automobile industry, China is a major producer of automobiles, and the demand for automobiles is strong. In recent years, the automobile industry has continued to expand and open up, which has also promoted the import and export trade of complete vehicles and parts.
Next, how do you look at the foreign trade situation?
It is worth noting that the total value of imports and exports in May fell by 0.4% month-on-month. The China Purchasing Managers Index recently released by the National Bureau of Statistics also showed that the new export order index in May was 48.3%, which fell below the threshold, reflecting a decrease in foreign orders from the previous month.
In Bai Ming’s view, the month-on-month decline in import and export value in May was affected by many factors, including rising raw material prices and rising factor costs; international logistics is not smooth, and many companies have reported that containers are “difficult for one container”. Seeking" and so on. This also shows that foreign trade operations still face challenges.
"On the whole, this year's foreign trade trend is expected to further stabilize." Bai Ming believes that there are favorable conditions for maintaining stable growth of foreign trade in the future, but we must pay close attention to the domestic and foreign situation. Stabilizing foreign trade still needs to respond to changes in the epidemic. Uncertain challenges such as logistics and transportation.