Ministry of Commerce: China’s Total Foreign Trade Share in International Market Increases 10 Times in 40 Years

China’s foreign trade share in the international market increased from less than 1% to 11.8% Zhong Shan said that taking the opportunity of joining the World Trade Organization in 2001, China’s foreign trade has achieved great-leap-forward development and its trade structure has been continuously optimized, making important contributions to China’s economic and social development.

Ministry of Commerce: China's Total Foreign Trade Share in International Market Increases 10 Times in 40 Years
Ministry of Commerce: China’s Total Foreign Trade Share in International Market Increases 10 Times in 40 Years

The Foreign Trade Report shows that China’s total import and export of goods increased from US$ 20.64 billion in 1978 to US$ 4.62 trillion in 2018, becoming the world’s largest country in goods trade, increasing its share of the international market from less than 1% to 11.8%. Among them, exports increased from US$ 9.75 billion to US$ 2.48 trillion and imports increased from US$ 10.89 billion to US$ 2.14 trillion.

The total import and export volume accounts for the first and second shares respectively in the world. Since 2009, China has been the world’s largest exporter of goods and the second largest importer of goods for 10 consecutive years. China’s total service import and export rose from US$ 4.69 billion in 1982 to US$ 791.9 billion in 2018. Since 2014, China has been the world’s second largest service importer and exporter for six consecutive years.

Not only is the total amount of trade expanding, but the trade structure is also constantly being optimized.

Zhong Shan pointed out that exports to emerging markets increased by 10.2% in 2018, accounting for an increase of 3.1 percentage points to 46.3% over 2012. Regionally, exports from the central and western regions increased by 17% in 2018, an increase of 8.4 percentage points higher than that in the eastern region.

Private enterprises continue to maintain their leading export position.

In terms of commodity structure, Zhong Shan said that the export proportion of high-tech products represented by electronics and information technology is continuously expanding. Independent intellectual property products with high technological content and added value, such as automobiles, ships, railway locomotives and airplanes, are gradually becoming new growth points. Large complete sets of equipment, such as power and communications, have increasingly obvious competitive advantages in the world.

The Special Report mentioned that the export of mechanical and electrical products in 2018 was US$ 1.46 trillion, up 10.6%, accounting for an increase of 1.1 percentage points to 58.7% over2012. Among them, the export of integrated circuits, automobiles, mobile phones and other products increased 26.6%, 11.3% and 11.5% respectively.

In addition, in terms of business entities, private enterprises continue to maintain their position as the largest exporter, with export growth of 13.2% in 2018, with state-owned enterprises accounting for 10.3% and foreign-funded enterprises accounting for 41.7%.

“Foreign trade, as an important component of the national economy, is one of the” troika “to stimulate the growth of the national economy. It has vigorously promoted the construction of an open economy and the coordinated development of the national economy, and has driven and expanded employment.” Zhong Shan stressed.

According to estimates, the Foreign Trade Report shows that foreign trade directly and indirectly drives about 180 million people in employment, accounting for more than 20% of the country’s total employment. In addition, the development of foreign trade has driven the import tax, increased the national fiscal revenue, improved the balance of payments and increased foreign exchange reserves. The development of foreign trade has also driven Chinese enterprises to actively participate in the international division of labor, constantly learn and master advanced technologies, standards and production management methods, and promoted industrial upgrading.

 

Original Artical,Author:China Trade Agent,if repost,please give references :https://offers-bg.com/increases-10-times-in-40-years/

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