my country's import and export volume hit a record high in the first seven months
2024-08-10
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Our reporter Ni HaoIn July, China's imports and exports continued to maintain a steady growth trend. According to data released by the General Administration of Customs of China on August 7, in July, the total value of imports and exports of goods trade (hereinafter referred to as "imports and exports") was 3.68 trillion yuan, a year-on-year increase of 6.5%. Among them, exports were 2.14 trillion yuan, a year-on-year increase of 6.5%, and imports were 1.54 trillion yuan, a year-on-year increase of 6.6%. In the first seven months of this year, the total value of my country's imports and exports was 24.83 trillion yuan, a year-on-year increase of 6.2%. Among them, exports were 14.26 trillion yuan, an increase of 6.7%; imports were 10.57 trillion yuan, an increase of 5.4%; and the trade surplus was 3.69 trillion yuan, an increase of 10.6%.Lu Daliang, director of the Statistics and Analysis Department of the General Administration of Customs, said that in the first seven months, my country's import and export scale hit a historical high for the same period, and the year-on-year growth rate of imports and exports remained above 5% for four consecutive months.According to the data from the General Administration of Customs, in the first seven months, ASEAN, the EU, the United States and South Korea were China's first to fourth largest trading partners respectively. Among them, the trade volume between China and ASEAN in the first seven months was 3.92 trillion yuan, an increase of 10.5%. The EU is China's second largest trading partner, with a total bilateral trade value of 3.22 trillion yuan, an increase of 0.4%. The United States is the third largest trading partner, with a total trade value of 2.72 trillion yuan in the first seven months, an increase of 4.1%. South Korea is the fourth largest trading partner, with a total trade value of 1.32 trillion yuan between my country and South Korea, an increase of 8%. During the same period, my country's total imports and exports to countries participating in the construction of the "Belt and Road" totaled 11.72 trillion yuan, a year-on-year increase of 7.1%.The data also shows that in the export product structure, electromechanical products account for more than half of the share. In the first seven months, my country exported 8.41 trillion yuan of electromechanical products, an increase of 8.3%, accounting for 59% of my country's total exports. Among them, the export of integrated circuits was 640.91 billion yuan, an increase of 25.8%; the export of automobiles was 462.86 billion yuan, an increase of 20.7%.Capital Economics, a London-based economics research firm, recently said that more fiscal stimulus measures and continued strong exports are expected to boost China's economic growth in the near term. Some US media have noted that as a "leading indicator of changes in China's technology product imports," South Korea's exports to China increased significantly by 14.9% last month, a 21-month high, with a total of $11.4 billion. The Nihon Keizai Shimbun noted that China's exports of personal computers and parts grew by 19% in July, and automobile exports also maintained a strong momentum.Feng Lin, director of the research and development department of Orient Securities, told the Global Times that my country's overall exports continued to maintain a relatively fast growth level in July. It is worth noting that the EU's temporary tariffs on new energy vehicles in July had little impact on my country's auto exports that month. In July, my country's auto exports reached 553,000 units, up 12.9% month-on-month and 25.7% year-on-year. The year-on-year growth rate rose by 6.2 percentage points from the previous month. This means that the EU's tariff increase did not have a big impact on my country's overall electric vehicle exports in July, but the impact in the later period needs to be continuously monitored.Hong Kong's South China Morning Post reported that on August 5, concerns about a US recession triggered a massive sell-off in global stock markets. China's exports may face pressure from changes in the global macroeconomic environment. The renminbi also rose sharply this week, bringing certain challenges to exporters. Regarding the trend of China's foreign trade in the second half of the year, industry insiders believe that despite the interference of factors such as trade barriers and volatile foreign exchange markets, China's industrial chain is complete, the foreign trade industry is actively transforming and upgrading, and its ability to adapt to changes in the global market is constantly increasing. There is still a solid foundation for foreign trade to achieve the annual goal of "quality improvement and quantity stability". ▲
