Transcript of China's Foreign Trade in the First Three Quarters of 2024
Writer： Hengfeng you electric Time：2024-10-23 views：times
How about China's foreign trade exports in the context of the global economic downturn and contraction, the Federal Reserve maintaining high interest rates, the escalation of regional wars in the Middle East, the Russia-Ukraine conflict and other regions, and the prevalence of global trade protectionism? Today, let Martin from Hengfengyou Electric analyze with you:
I、 China's foreign trade performance report for the first three quarters:
1. According to Chinese customs statistics, in the first three quarters of this year, China's import and export of goods reached 3.233 trillion yuan, a year-on-year increase of 5.3%. Among them, exports amounted to 18.62 trillion yuan, an increase of 6.2%; Imports amounted to 13.71 trillion yuan, an increase of 4.1%. The total import and export value reached a new high in the first three quarters, breaking through 32 trillion yuan for the first time in history during the same period. On a quarterly basis, imports and exports in the first three quarters exceeded 10 trillion yuan, with 10.15 trillion yuan, 11 trillion yuan, and 11.17 trillion yuan respectively, which is also the first time in history for the same period.
2. From the perspective of business entities, the total import and export value of Chinese private enterprises in the first three quarters was 1.778 trillion yuan, a year-on-year increase of 9.4%, 4.1 percentage points higher than the national overall level, accounting for 55% of the total foreign trade value and contributing 93.8% to the overall foreign trade growth. In the first three quarters, the export of high-tech products from private enterprises increased by 14% year-on-year, accounting for 52.7% of China's high-tech product exports. Among them, the export of ships and marine engineering equipment, aerospace equipment, and electronic information products increased by 94%, 37.2%, and 17.5% respectively. The import and export of foreign-invested enterprises reached 9.53 trillion yuan, an increase of 1.1%, marking two consecutive quarters of growth; The import and export of state-owned enterprises reached 4.95 trillion yuan, an increase of 0.1%.
3. From the perspective of export products, in the first three quarters, China's exports of mechanical and electrical products reached 11.03 trillion yuan, a year-on-year increase of 8%, accounting for 59.3% of China's total export value during the same period. Among them, the export of high-end equipment increased significantly, with a year-on-year growth of 43.4%, while the export of integrated circuits, automobiles, and household appliances increased by 22%, 22.5%, and 15.5% respectively. In addition, the export of traditional labor-intensive products reached 3.13 trillion yuan, an increase of 2.8%. In the first three quarters, China's new energy industry effectively aligned with the global trend of green development, with exports of wind turbines and electric vehicles increasing by 73.9% and 22% respectively.
4. From the perspective of trading partners, China achieved growth in trade with over 160 countries and regions worldwide in the first three quarters. Import and export to countries jointly building the "the Belt and Road" totaled 15.21 trillion yuan, up 6.3%, accounting for 47.1%; Imports and exports to other RCEP member countries amounted to 9.63 trillion yuan, an increase of 4.5%, of which imports and exports to ASEAN amounted to 5.09 trillion yuan, an increase of 9.4%. During the same period, imports and exports to the European Union and the United States amounted to 4.18 trillion yuan and 3.59 trillion yuan, respectively, with growth rates of 0.9% and 4.2%.
5. From the perspective of major industries:
A、 From January to September this year, China's shipbuilding completion reached 36.34 million deadweight tons, a year-on-year increase of 18.2%; The newly received order volume was 87.11 million deadweight tons, a year-on-year increase of 51.9%; As of the end of September, the volume of orders held was 193.3 million deadweight tons, a year-on-year increase of 44.3%. From January to September, China's shipbuilding industry accounted for 55.1%, 74.7%, and 61.4% of the global total in terms of deadweight tonnage, respectively.
B、 In the first 8 months, China exported 9.72 trillion yuan worth of mechanical and electrical products, an increase of 8.8%, accounting for 59.1% of China's total export value. Among them, automatic data processing equipment and its components amounted to 942.38 billion yuan, an increase of 11.6%; Integrated circuits amounted to 736.04 billion yuan, an increase of 24.8%; Automobiles amounted to 540.84 billion yuan, an increase of 22.2%; Mobile phones reached 514.37 billion yuan, an increase of 0.5%. During the same period, the export of labor secret products reached 2.8 trillion yuan, an increase of 4.2%, accounting for 17%. Among them, clothing and clothing accessories amounted to 744.39 billion yuan, an increase of 1%; Textiles amounted to 661.6 billion yuan, an increase of 5.8%; Plastic products amounted to 497.95 billion yuan, an increase of 9%. The export of agricultural products reached 463.2 billion yuan, an increase of 4.4%. In addition, exports of steel amounted to 70.575 million tons, an increase of 20.6%; 40.04 million tons of refined oil, a decrease of 5.8%; 19.713 million tons of fertilizer, an increase of 4.4%.
II、 Main market growth:
In the first 8 months, ASEAN was China's largest trading partner, with a total trade value of 4.5 trillion yuan between China and ASEAN, an increase of 10%, accounting for 15.7% of China's total foreign trade value. Among them, exports to ASEAN amounted to 2.69 trillion yuan, an increase of 13.1%; Imports from ASEAN amounted to 1.81 trillion yuan, an increase of 5.7%. The EU is China's second largest trading partner, with a total trade value of 3.72 trillion yuan, an increase of 1.1%, accounting for 13%. Among them, exports to the European Union amounted to 2.44 trillion yuan, an increase of 2.9%; Imports from the European Union amounted to 1.28 trillion yuan, a decrease of 2.1%. The United States is China's third largest trading partner, with a total trade value of 3.15 trillion yuan, an increase of 4.4%, accounting for 11%. Among them, exports to the United States amounted to 2.38 trillion yuan, an increase of 5%; Imports from the United States amounted to 778.93 billion yuan, an increase of 2.3%. South Korea is China's fourth largest trading partner, with a total trade value of 1.51 trillion yuan, an increase of 8%, accounting for 5.3%. Among them, exports to South Korea amounted to 687.6 billion yuan, a decrease of 0.1%; Imports from South Korea amounted to 826.54 billion yuan, an increase of 15.8%.
III、 Summary:
Throughout the world, China's foreign trade performance reflects the continuous recovery of the global foreign trade market. Although Europe and the United States continue to want to decouple from China, thanks to China's strong industrial manufacturing capacity, the great the Belt and Road Initiative, the development of China's high-tech, China's foreign trade exports are still a beautiful landscape, and opportunities for foreign trade are not lost.
