China’s foreign trade in the first eight months of the total import and export volume exceeded 20 trillion

China's foreign trade in the first eight months of the total import and export volume exceeded 20 trillion

In the first 8 months, Hubei exported 80.24 billion mechanical and electrical products, and exported 23.38 billion labor-intensive products such as textiles and garments; Guangdong’s foreign trade import and export value was 4.51 trillion RMB, high-tech products continued to be favored by overseas, and integrated circuit exports increased by 64.8%. Jiangsu IC, portable computers and solar cells exported 109.68 billion RMB, 92.1 billion RMB and 32.03 billion RMB respectively…

Affected by unilateralism and protectionism, the World Trade Organization lowered its forecast for global trade growth this year to 3.6% from the previous 3.7%. Despite this, from January to August this year, China’s total import and export volume was 20.13 trillion RMB, an increase of 3.6%. Among them, exports were 10.95 trillion RMB, up 6.1%; imports were 9.18 trillion RMB, up 0.8%; trade surplus was 1.77 trillion RMB, an increase of 46%.

From an international comparison, according to the latest data from the World Trade Organization (WTO), in the first half of the year, my export growth rate was higher than the overall level of the major economies.

In terms of trade types, in the first eight months, China’s general trade import and export was 12.03 trillion RMB, an increase of 5.4%, accounting for 59.8% of China’s total foreign trade, an increase of 1 percentage point over the same period last year. Import and export by means of bonded logistics was 2.31 trillion RMB, an increase of 9.9%, accounting for 11.5%. Among them, exports were 767.97 billion RMB, an increase of 14%; imports were 1.55 trillion RMB, an increase of 8%.

Foreign trade transcripts across the country have been steadily increasing. According to statistics from Wuhan Customs, in August, the total import and export value of Hubei Province was 35.59 billion RMB, of which exports were 22.39 billion RMB and imports were 13.2 billion RMB, up 15.1%, 14.5% and 16.1% respectively. The monthly import and export value reached a new high for the year.

Among them, the import and export of private enterprises accounted for half of the total, which contributed the most to the growth of Hubei’s foreign trade. The import and export of private enterprises in Hubei Province was 123.18 billion RMB, accounting for 51.6% of the province’s total foreign trade, and the contribution rate to the province’s foreign trade growth reached 77.1%. The EU, ASEAN, the United States and Japan are the top four trading partners of Hubei Province, and the total value of imports and exports accounts for 49.3% of the province’s total foreign trade. The import and export of countries along the “Belt and Road” was 67.94 billion RMB, an increase of 21.2%. The export of mechanical and electrical products and labor-intensive products in Hubei Province maintained growth. The export of mechanical and electrical products was 80.24 billion RMB, and the export of seven major labor-intensive products such as textiles and clothing was 23.38 billion RMB.

The Yunnan Provincial Bureau of Statistics released news that from January to August, the total import and export volume of Yunnan Province was 146.65 billion RMB, a year-on-year increase of 19.7%, 16.1 percentage points higher than the national total. Among them, exports were 63.29 billion RMB, up 31.8% year-on-year; imports were 83.36 billion RMB, up 12% year-on-year.

“Sichuan adjusts the structure and moves to focus on foreign trade.” At the press conference held by the Sichuan Provincial Department of Commerce, Liu Xin, director of the Sichuan Provincial Department of Commerce, said that in 1978, the total import and export of goods in Sichuan Province was only USD 0.4 billion. It has reached a billion-dollar step in 2006. In 2006, it jumped to a billion-dollar step. In 2018, the total amount reached 90 billion US dollars. In addition, the import and export of services has exceeded 100 billion US dollars. There are more than 5,000 foreign trade enterprises and more than 5,600 export products.

Statistics show that Sichuan has approved more than 12,700 foreign-invested enterprises, and the actual foreign investment has jumped from 2.67 million US dollars in 1985 to 9.02 billion US dollars in 2018. There are 352 Fortune 500 companies in the world, including 247 overseas 500 companies, ranking first in the Midwest. Foreign-invested enterprises, which account for 1% of the total number of enterprises in the province, contributed about 14% of taxes and 68% of imports and exports. Intel, Foxconn, Dell, FAW and other well-known domestic and foreign companies in Sichuan investment, Ziguang IC International City, BOE 6th generation line and other batches of over 10 billion projects.

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