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General Administration of Customs: China’s Total Goods Trade Imports and Exports Value Increased by 6.1% Year-on-Year in the First Half of the Year, Reaching a New Record High with Continuous Positive Quarterly Trends.

In the first half of this year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, China adhered to the general principle of pursuing progress while ensuring stability, fully, accurately, and comprehensively implemented the new development concept, accelerated the construction of a new development pattern, and solidly promoted high-quality development. The economy continued to recover and improve, and the quality and scale of goods trade import and export continued to grow rapidly.

According to customs statistics, in the first half of the year, China’s total goods trade import and export value was 21.17 trillion yuan, a year-on-year increase of 6.1%. Among them, exports were 12.13 trillion yuan, an increase of 6.9%; imports were 9.04 trillion yuan, an increase of 5.2%; and the trade surplus was 3.09 trillion yuan, an increase of 12%. In US dollar terms, the total import and export value was USD 2.98 trillion, an increase of 2.9%. Among them, exports were USD 1.71 trillion, an increase of 3.6%; imports were USD 1.27 trillion, an increase of 2%; and the trade surplus was USD 435 billion, an increase of 8.6%. The main features of China’s imports and exports in the first half of the year were:

1. Trade Scale Reached a New High, Quarterly Trend Continued to Improve

In the first half of the year, China’s import and export scale exceeded 21 trillion yuan for the first time in history; the growth rate of import and export accelerated quarter by quarter, with a growth of 7.4% in the second quarter, 2.5 and 5.7 percentage points higher than in the first quarter and the fourth quarter of last year, respectively, further consolidating the momentum of foreign trade improvement.

2. Growth in General Trade, Processing Trade, and Bonded Logistics Imports and Exports

In the first half of the year, China’s general trade imports and exports were 13.76 trillion yuan, an increase of 5.2%, accounting for 65% of the total foreign trade value. Among them, exports were 8.01 trillion yuan, an increase of 8.5%; imports were 5.75 trillion yuan, an increase of 1%. During the same period, processing trade imports and exports were 3.66 trillion yuan, an increase of 2.1%, accounting for 17.3%. Among them, exports were 2.32 trillion yuan, a decrease of 1.3%; imports were 1.34 trillion yuan, an increase of 8.5%.

In addition, China’s bonded logistics imports and exports were 2.96 trillion yuan, an increase of 16.6%. Among them, exports were 1.12 trillion yuan, an increase of 13.2%; imports were 1.84 trillion yuan, an increase of 18.9%.

3. Growth in Imports and Exports with ASEAN, US, and South Korea

In the first half of the year, ASEAN was China’s largest trading partner, with a total trade value of 3.36 trillion yuan, an increase of 10.5%, accounting for 15.9% of the total foreign trade value. Among them, exports to ASEAN were 2.03 trillion yuan, an increase of 14.2%; imports from ASEAN were 1.33 trillion yuan, an increase of 5.2%; and the trade surplus with ASEAN was 699.49 billion yuan, an increase of 36.5%. The EU was China’s second-largest trading partner, with a total trade value of 2.72 trillion yuan, a decrease of 0.7%, accounting for 12.8%. Among them, exports to the EU were 1.78 trillion yuan, an increase of 0.5%; imports from the EU were 938.87 billion yuan, a decrease of 2.9%; and the trade surplus with the EU was 837.67 billion yuan, an increase of 4.6%. The US was China’s third-largest trading partner, with a total trade value of 2.29 trillion yuan, an increase of 2.9%, accounting for 10.8%. Among them, exports to the US were 1.71 trillion yuan, an increase of 4.7%; imports from the US were 577.97 billion yuan, a decrease of 2%; and the trade surplus with the US was 1.14 trillion yuan, an increase of 8.4%. South Korea was China’s fourth-largest trading partner, with a total trade value of 1.13 trillion yuan, an increase of 7.6%, accounting for 5.3%. Among them, exports to South Korea were 516.95 billion yuan, a decrease of 0.6%; imports from South Korea were 609.02 billion yuan, an increase of 15.7%; and the trade deficit with South Korea was 92.07 billion yuan, an increase of 14.3 times.

During the same period, China’s total imports and exports with Belt and Road countries were 10.03 trillion yuan, an increase of 7.2%. Among them, exports were 5.62 trillion yuan, an increase of 8.4%; imports were 4.41 trillion yuan, an increase of 5.8%.

4. Growth in Imports and Exports of Private Enterprises, Foreign-Funded Enterprises, and State-Owned Enterprises

In the first half of the year, imports and exports of private enterprises were 11.64 trillion yuan, an increase of 11.2%, accounting for 55% of the total foreign trade value, an increase of 2.5 percentage points over the same period last year. Among them, exports were 7.87 trillion yuan, an increase of 10.7%, accounting for 64.9% of the total export value; imports were 3.77 trillion yuan, an increase of 12.3%, accounting for 41.8% of the total import value. During the same period, imports and exports of foreign-funded enterprises were 6.17 trillion yuan, an increase of 0.2%, accounting for 29.1% of the total foreign trade value. Among them, exports were 3.31 trillion yuan, a decrease of 0.1%; imports were 2.86 trillion yuan, an increase of 0.5%. Imports and exports of state-owned enterprises were 3.31 trillion yuan, an increase of 1.2%, accounting for 15.6% of the total foreign trade value. Among them, exports were 931.28 billion yuan, an increase of 1.9%; imports were 2.37 trillion yuan, an increase of 1%.

5. Mechanical and Electrical Products Account for Nearly 60% of Exports, with Growth in Exports of Automatic Data Processing Equipment and Components, Integrated Circuits, and Automobiles

In the first half of the year, China’s exports of mechanical and electrical products were 7.14 trillion yuan, an increase of 8.2%, accounting for 58.9% of the total export value. Among them, exports of automatic data processing equipment and components were 683.77 billion yuan, an increase of 10.3%; integrated circuits were 542.74 billion yuan, an increase of 25.6%; and automobiles were 391.76 billion yuan, an increase of 22.2%; and mobile phones were 388.28 billion yuan, a decrease of 1.7%. During the same period, exports of labor-intensive products were 2.07 trillion yuan, an increase of 6.6%, accounting for 17.1%. Among them, exports of clothing and accessories were 524.43 billion yuan, an increase of 3%; textiles were 492.67 billion yuan, an increase of 6.5%; and plastic products were 377.64 billion yuan, an increase of 11.7%. Exports of agricultural products were 344.43 billion yuan, an increase of 5.2%.

In addition, exports of steel were 53.4 million tons, an increase of 24%; refined oil products were 30.094 million tons, a decrease of 3.8%; and fertilizers were 12.606 million tons, a decrease of 0.8%.

Increase in Import Volume of Major Commodities such as Iron Ore, Coal, and Natural Gas

In the first half of the year, China imported 611 million tons of iron ore, an increase of 6.2%, with an average import price (the same below) of 841.8 yuan per ton, up 7%. Crude oil imports were 275 million tons, down 2.3%, at 4316.3 yuan per ton, up 7.9%. Coal imports reached 250 million tons, up 12.5%, at 716.3 yuan per ton, down 17%. Natural gas imports were 64.652 million tons, an increase of 14.3%, at 3488.5 yuan per ton, down 10.5%. Soybean imports were 48.481 million tons, down 2.2%, at 3691.4 yuan per ton, down 15.8%. Refined oil imports were 25.076 million tons, up 9.9%, at 4330.6 yuan per ton, up 7.9%. Additionally, imports of primary shape plastics were 14.202 million tons, up 0.1%, at 10,800 yuan per ton, down 1%, and imports of unwrought copper and copper materials were 2.763 million tons, up 6.8%, at 65,900 yuan per ton, up 8.6%.

During the same period, imports of mechanical and electrical products reached 3.25 trillion yuan, an increase of 10.1%. Among them, 258.89 billion integrated circuits were imported, an increase of 14.1%, valued at 1.27 trillion yuan, up 14.4%. Automobile imports were 332,000 units, down 4.1%, valued at 132.35 billion yuan, down 11.8%.

[Source- 上海有色网] 海关总署:上半年我国货物贸易进出口总值同比增6.1% 贸易规模再创新高 季度走势持续向好 https://news.smm.cn/news/102847291

 

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