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China's foreign trade continues to maintain a steady growth momentum, imports and exports increase by 2.4% in the first 10 months

  • Categories:Industry News
  • Author:International Business Daily
  • Origin:
  • Time of issue:2019-11-11
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China's foreign trade continues to maintain a steady growth momentum, imports and exports increase by 2.4% in the first 10 months

  • Categories:Industry News
  • Author:International Business Daily
  • Origin:
  • Time of issue:2019-11-11
  • Views:
According to the data released by the General Administration of Customs on November 8th, in the first 10 months of this year, my country’s total import and export value of goods trade was RMB 25.63 trillion, an increase of 2.4% over the same period last year. Foreign trade import and export continued to maintain a steady growth momentum. . Among them, exports were 13.99 trillion yuan, an increase of 4.9%; imports were 11.64 trillion yuan, a decrease of 0.4%; and the trade surplus was 2.35 trillion yuan.
 
In October, my country's total import and export value was 2.71 trillion yuan, down 0.5%. Among them, exports were 1.51 trillion yuan, an increase of 2.1%; imports were 1.2 trillion yuan, a decrease of 3.5%; the trade surplus was 301.28 billion yuan.
 
Li Kuiwen, Director of the Statistics and Analysis Department of the General Administration of Customs, said that since the beginning of this year, the growth rate of the international economy and trade has slowed down, but my country's domestic economy has been operating steadily, and the resilience of foreign trade imports and exports has increased. The monthly imports and exports have remained at 2.7 trillion yuan for four consecutive months High above. my country's foreign trade continues to show an overall stable development trend.
 
According to the analysis of the Industrial Bank, my country's imports and exports both improved in October, and the economy stabilised in the fourth quarter. On the export side, benefiting from the improvement in Sino-US economic and trade relations and the stabilization of global demand, under the low base effect, my country’s exports to the United States and most areas outside the United States have rebounded; on the import side, the improvement in Sino-US economic and trade relations has increased my country’s imports from the United States. At the same time, signs of domestic economic stabilization have been first reflected in the import data, which is prominently reflected in the recovery of the growth rate of copper imports.
 
Statistics show that in the first 10 months, my country's general trade import and export amounted to 15.19 trillion yuan, an increase of 4.8%, accounting for 59.3% of my country's total foreign trade value, an increase of 1.4% over the same period last year. The structure of trade methods has become more optimized. In terms of market distribution, my country's imports and exports to major markets such as the EU and ASEAN increased in the first 10 months. During the same period, my country’s total imports and exports to countries along the “Belt and Road” was 7.47 trillion yuan, an increase of 9.4%, which was 7 percentage points higher than the overall national growth rate and accounted for 29.1% of my country’s total foreign trade value, an increase of 1.9 percentage points. From the perspective of regional development, in the first 10 months, the foreign trade in the central and western regions of my country was active. The import and export of 12 western provinces and cities increased by 10.9%, and the foreign trade of the 6 central provinces and cities increased by 13.6%. And 11.2 percentage points.
 
Li Kuiwen pointed out that at present, my country is accelerating the formation of a new pattern of comprehensive opening up, and the effect of inter-regional opening up linkage continues to increase. According to customs statistics, in the first 10 months, the growth of my country’s imports and exports to countries along the “Belt and Road” was 7 percentage points higher than the overall growth rate of the country’s foreign trade, and the high-quality development of the “Belt and Road” has achieved remarkable results.
 
In addition, in the first 10 months, the import and export of my country's private enterprises was 10.87 trillion yuan, an increase of 10.3%, accounting for 42.4% of my country's total foreign trade value, an increase of 3% over the same period last year, and becoming my country's largest foreign trade entity. Over the same period, my country's exports of mechanical and electrical products and labor-intensive products have maintained growth; imports of crude oil, coal, natural gas and other commodities have increased, while imports of iron ore and soybeans have decreased, and the average price of bulk commodity imports has risen and fallen.
 
The second China International Import Expo, which closed on November 10, attracted representatives from more than 3,800 companies and institutions. Statistics show that on a one-year basis, the cumulative intention of the transaction is 71.13 billion US dollars.
 
Li Kuiwen said that at the second CIIE, my country announced new measures to promote opening up, which once again demonstrated China's confidence and determination to expand opening up. In the next step, the customs will resolutely implement the "six stability" work arrangements of the Party Central Committee and the State Council, continue to optimize the business environment at ports, and promote the stability and quality of imports and exports.
 
my country has just announced the end of the free trade agreement upgrade negotiations with New Zealand. The ten ASEAN countries and China, Japan, South Korea, Australia and New Zealand have also concluded the RCEP ("Regional Comprehensive Economic Partnership Agreement") of all 20 chapters of the text negotiation and essentially Negotiations on all market access issues. Industry experts believe that these have created good conditions for the development of my country's foreign trade.

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