China’s foreign trade scale is stable at more than 30 trillion in 2019

China's foreign trade scale is stable at more than 30 trillion in 2019

On December 30, Li Xinggan, director of the Department of Foreign Trade of the Ministry of Commerce of the People’s Republic of China, stated that from January to November, the total foreign trade import and export volume was 28.5 trillion RMB (1 RMB approximately 0.1432 US dollars), an increase of 2.4% year-on-year.

China Mainland Media Daily Economic News reported on December 30, Beijing time, “It is expected that the scale of foreign trade throughout the year will be stable at more than 30 trillion RMB, which is likely to exceed the scale in 2018 and hit a record high. From a horizontal comparison, China’s export growth rate is higher than the overall level of major global economies. “Li Xinggan said.

Data shows that China’s foreign trade structure is constantly optimizing. Li Xinggan pointed out that the main force of private enterprises is prominent, and the export share has increased by 3.5 percentage points to 51.5%. The contribution of general trade increased, and exports increased by 7.8%, accounting for 1.8% to 58%, showing strong resilience.

The import and export ratio of the “Belt and Road” countries reached 29.3%. The commodity structure was upgraded, and the export of mechanical and electrical products accounted for 58.4%.

China’s domestic regional distribution is more balanced, and exports in the central and western regions increased by 13.3%, accounting for an increase of 1.4 percentage points to 18.3%.

Li Xinggan introduced that exports of high-tech, high-quality, high-value-added products have grown rapidly. The growth rate of exports of integrated circuits and medical devices is higher than the overall. Cross-border e-commerce retail imports and exports increased by 30%.

In addition, Li Xinggan also said that China is the world’s second largest importer, with imports accounting for more than 10% of the world’s total imports. China has taken the initiative to reduce import tariffs many times, and the total level of import tariffs has been significantly reduced from 9.8% to 7.4%.

From January to November, China’s total import and export of services was 4,871.1 billion RMB, a year-on-year increase of 2.1%. Among them, exports were 1,740.5 billion RMB, an increase of 8.2%, a growth rate that was 9.2 percentage points higher than the growth rate of imports; the service trade deficit decreased by 162.3 billion RMB, a drop of 10.5%.

“The gold content “of service trade continued to increase. The import and export of knowledge-intensive services was 1,677.5 billion RMB, an increase of 10.2%, accounting for 34.2% of the total service import and export, an increase of 2.5 percentage points.

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