China’s foreign trade volume in the first 11 months of this year has exceeded that of the whole of last year, according to data released by the General Administration of Customs on December 7.
Since the beginning of this year, China’s foreign trade has bucked the trend despite the complex and grim situation of the global economy. According to statistics, in the first 11 months, the total value of China’s foreign trade exceeded 35.39 trillion yuan, up 22% year on year, among which the export was 19.58 trillion yuan, up 21.8% year on year. Imports reached 15.81 trillion yuan, up 22.2% year on year. The trade surplus was 3.77 trillion yuan, up 20.1 percent year on year.
China’s import and export value reached 3.72 trillion yuan in November, up 20.5 percent year on year. Among them, exports were 2.09 trillion yuan, up 16.6% year on year. Although the growth rate was lower than last month, it was still running at a high level. Imports reached 1.63 trillion yuan, up 26% year on year, hitting a new high this year. The trade surplus was 460.68 billion yuan, down 7.7% year on year.
Xu Deshun, a researcher at the Academy of International Trade and Economic Cooperation of the Ministry of Commerce, said that the continuous recovery of the global macro economy has supported China’s export growth in terms of quantity, and at the same time, factors such as overseas epidemic disturbances and Christmas consumption season are superimposed. In the future, the uncertain and unstable external environment may weaken the marginal effect of foreign trade export.
In terms of the mode of trade, China’s general trade in the first 11 months was 21.81 trillion yuan, up 25.2% year on year, accounting for 61.6% of China’s total foreign trade, up 1.6 percentage points compared with the same period last year. In the same period, the import and export of processing trade was 7.64 trillion yuan, up 11%, accounting for 21.6%, down 2.1 percentage points.
“In the first 11 months, China’s imports and exports through bonded logistics reached 4.44 trillion yuan, up 28.5 percent. Among them, emerging trade forms, such as cross-border e-commerce, are booming, which has further improved the way and structure of trade.” Customs statistics and analysis department director Li Kuiwen said.
From the commodity structure, China’s mechanical and electrical products, high-tech products and other export performance eye-catching. In the first 11 months, China’s export of mechanical and electrical products reached 11.55 trillion yuan, up 21.2% year on year. Imports of food, natural gas, integrated circuits and automobiles increased 19.7 percent, 21.8 percent, 19.3 percent and 7.1 percent, respectively.
In terms of market entities, private enterprises saw the fastest growth in imports and exports, with their share rising. In the first 11 months, the import and export of private enterprises reached 17.15 trillion yuan, up 27.8% year on year, accounting for 48.5% of China’s total foreign trade and 2.2 percentage points higher than the same period last year. In the same period, the import and export of foreign-invested enterprises reached 12.72 trillion yuan, up 13.1 percent year-on-year and accounting for 36 percent of China’s total foreign trade. In addition, imports and exports of state-owned enterprises reached 5.39 trillion yuan, up 27.3 percent year on year, accounting for 15.2 percent of China’s total foreign trade.
In the first 11 months, China actively optimized its market structure and diversified its trade partners. In the first 11 months, China’s imports and exports to ASEAN, EU, US and Japan were 5.11 trillion yuan, 4.84 trillion yuan, 4.41 trillion yuan and 2.2 trillion yuan respectively, up 20.6%, 20%, 21.1% and 10.7% year-on-year respectively. Asean is China’s largest trading partner, accounting for 14.4 percent of China’s total foreign trade. During the same period, China’s imports and exports with countries along the Belt and Road totaled 10.43 trillion yuan, up 23.5 percent year on year.
“In terms of us dollars, the total value of foreign trade in the first 11 months was US $547 million, which has fulfilled the expected target of us $5.1 trillion in goods trade by 2025 set forth in the 14th Five-year Business Development Plan ahead of schedule.” Yang Changyong, a researcher with the Chinese Academy of Macroeconomic Research, said that with the formation of a new development pattern with the major domestic cycle as the main body and the double domestic and international cycles promoting each other, the high-level opening up to the outside world is constantly advancing, and new advantages in foreign trade competition are constantly forming, the high-quality development of foreign trade will achieve greater results.
Post time: Dec-10-2021