China’s import and export growth rate both “turned positive” in June

China's import and export growth rate both "turned positive" in June

The latest data released by the General Administration of Customs shows that China’s imports and exports in June increased by 5.1% year-on-year, of which exports increased by 4.3%, which has been a positive growth for three consecutive months since April; imports increased by 6.2%. The total value of China’s foreign trade in the first half of the year fell by 3.2% year-on-year, and the rate of decline narrowed by 1.7 percentage points from the previous five months.

Strong growth in the “home economy”

China’s export of anti-epidemic products supports export performance. According to the General Administration of Customs, in the first half of this year, exports of anti-epidemic materials and “home economy” products grew rapidly. Textile exports including masks increased by 32% year-on-year, and medical equipment grew by 46%. The “home economy” model drove laptop computers and mobile phones. Exports rose 9.1% and 0.2% respectively. The General Administration of Customs pointed out that international trade and investment have shrunk significantly under the impact of the epidemic. In the future, it will do a good job in prevention and control of the epidemic at ports and promote stable growth of foreign trade to stabilize the basic trade of foreign trade.

General Administration of Customs spokesperson Li Kuiwen said that the import and export of private enterprises have grown against the trend, and their role in the steady growth of foreign trade has become more prominent; in the first half of the year, the import and export of private enterprises, the largest operating entity of foreign trade, was 6.42 trillion yuan (RMB. The same below. ), an increase of 4.9%, accounting for 45.1% of China’s total foreign trade value, an increase of 3.5 percentage points over the same period last year. Among them, exports were 4.14 trillion yuan, an increase of 3.2%, and accounted for 53.7% of the total export value; imports were 2.28 trillion yuan, an increase of 8.1%, and accounted for 34.9% of the total import value. During the same period, foreign-invested enterprises’ imports and exports accounted for 5.55 trillion yuan, accounting for 39%. State-owned enterprises import and export 2.22 trillion yuan, accounting for 15.6%.

In terms of Sino-US trade, in the first half of this year, the total value of Sino-US trade was 1.64 trillion yuan, a year-on-year decrease of 6.6%. Among them, exports to the United States were 1.25 trillion yuan, down 8.1%, imports from the United States were 395.62 billion yuan, down 1.5%, and the trade surplus was 851.74 billion yuan, down 10.8%.

Liu Xuezhi, a senior researcher at the Financial Research Center of the Bank of Communications, believes that the biggest uncertainty in foreign trade in the second half of the year will still be the repetition of the epidemic, which may affect foreign trade expectations, and the global economy will cause weak external demand to shrink export orders.

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