Recent Industry News in China’s Foreign Trade Industry

In the first quarter of this year, the scale of China’s imports and exports exceeded 10 trillion yuan for the first time in the same period in history, of which exports amounted to 5.74 trillion yuan, an increase of 4.9%.

In the first quarter, including computers, automobiles, ships, including electromechanical products exported a total of 3.39 trillion yuan, an increase of 6.8% year-on-year, accounting for 59.2% of the total value of exports; including textile and apparel, plastics, furniture, including labor-intensive products exported 975.72 billion yuan, an increase of 9.1%. The number of China’s foreign trade enterprises with solid import and export records increased by 8.8% year-on-year. Among them, the number of private enterprises and foreign-invested enterprises increased by 10.4% and 1% respectively, and the scale of import and export of state-owned enterprises reached the highest value in the same period in history.

The growth rate of exports and imports in the eastern region in the first quarter was higher than that of the whole by 2.7 and 1.2 percentage points respectively. The central region of high-end equipment, electric vehicle exports increased by 42.6%, 107.3%. Western region orderly undertake industrial transfer, processing trade import and export from decline to increase. The import and export scale of the northeast region exceeded 300 billion yuan for the first time in the first quarter. China’s import and export to the European Union, the United States, South Korea and Japan were 1.27 trillion yuan, 1.07 trillion yuan, 535.48 billion yuan, 518.2 billion yuan, accounting for 33.4% of the total import and export value.

In terms of emerging markets, during the same period, China imported and exported 4.82 trillion yuan to countries building the “Belt and Road”, an increase of 5.5% year-on-year, accounting for 47.4% of the total value of imports and exports, an increase of 0.2 percentage points year-on-year. Among them, the import and export to ASEAN increased by 6.4%, and the import and export to other 9 BRICS countries increased by 11.3%.

At present, global trade is showing signs of stabilization and improvement, the World Trade Organization (WTO) speculates that global trade in goods will grow by 2.6% in 2024, and UNCTAD’s latest report also concludes that global trade in goods is becoming optimistic. China Customs trade sentiment survey results show that in March, reflecting exports, import orders increased the proportion of enterprises are significantly higher than the previous month. China’s imports and exports are expected to continue to improve in the second quarter, and basically remain in the growth channel in the first half of the year.

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Post time: Apr-30-2024