In the first half year, the foreign trade has kept a good momentum of “stable and optimized”. HUANG Songping, news spokesman of General Administration of Customs, said a few days ago that in the first half of the year, the world economy had continued to recover while the domestic economy was stable, leading to a faster growth of China’s foreign trade. From January to June, China’s total export-import volume of tangible goods trade was RMB 14.12 trillion, an increase of 7.9% compared with the same period last year. Among them, the total export volume was RMB 7.51 trillion, up 4.9%; the total import volume was RMB 6.61 trillion, up 11.5%; the favorable balance of trade was RMB 901.32 billion, narrowing by 26.7%.
China’s export-import trade with its top three trade partners still has kept a sustained growth. In the first half of the year, the export-import trade with EU, USA and ASEAN grew by 5.3%, 5.2% and 11% respectively. The three parts accounted for 41% of China’s total export-import volume. It is notable that at the same period, China’s export-import trade with 16 countries of Central & Eastern Europe grew by 14.7%, 6.8% higher than the national overall growth rate.
——More optimized in trade structure. In the first half of the year, China’s general trade export-import volume was RMB 8.33 trillion, up 12.2%, accounting for 59% of China’s total export-import volume and increasing by 2.3% compared with the same period last year.
——Stronger endogenous dynamics. The proportion of private enterprises in export-import trade continues growing. In the first half of the year, the export-import volume of private enterprises was RMB 5.52 trillion, up 11.2%, accounting for 39.1% of China’s total export-import volume and increasing by 1.2% compared with the same period last year. Among them, the export volume was RMB 3.57 trillion, up 7.6%, accounting for 47.5% of the total export volume and remaining as the top among all kinds of enterprises in terms of export volume; the import volume was RMB 1.95 trillion, increasing by 18.4%.
——More profitable in export. The export of electromechanical products has kept growing. In the first half of the year, the export volume of electromechanical products was RMB 4.4 trillion, up 7%, accounting for 58.6% of China’s total export volume. Among them, the export volume of electrical appliances & electronic products and mechanical equipment increased by 8% and 9% separately. Meanwhile, the export volume of traditional labor-intensive products was RMB 1.41 trillion in total, down 4.1%, accounting for 18.7% of the total export volume.
“China’s foreign trade made excellent achievements in the first half of the year. In spite of significant changes of external environments and some new problems and challenges in the second half of the year, we are confident to be able to handle them because “stability” is the fundamental of the current economy.”, said HUANG Songping.
LIANG Ming, Director of Foreign Trade Institute of Chinese Academy of International Trade and Economic Cooperation, MOFCOM, noted that China has an overall favorable external condition in foreign trade export-import. International Monetary Fund has increased the expected growth rate of global economy in 2018 to 3.9% and WTO has increased the expected growth rate of global trade volume in 2018 to 4.4%, which shows that major international organizations are optimistic for the growth of world’s economy and trade this year.
“Domestically, China’s economy has kept moving forward steadily in a reasonable range, which acts as a strong guarantee for stabilizing foreign trade.”, said ZHAO Ping, a researcher of Academy China Council for the Promotion of International Trade. Since the beginning of this year, the “stable and good” basic pattern of China’s economy has increasingly consolidated. Multiple economic indexes are rising steadily with gradually greater demands. In terms of manufacturing industry, China’s manufacturing industry PMI in each month has remained in a favorable economic range, indicating a continuous expansion momentum.
“It is more crucial that the endogenous dynamics for developing foreign trade is increasingly strengthening.”, said ZHAO Ping. With the deepening of the supply side structural reform for China’s foreign trade, the structure of export-import commodities continues being optimized. A positive new progress in market diversification and trade facilitation has been made, with constantly accumulating new dynamics for foreign trade. A large number of foreign trade enterprises actively adapt to the demand of market diversification, exploring new type of operation and new mode of foreign trade. Enterprises in fields of cross border E-business, market procurement trade and foreign trade comprehensive service are growing fast.