Foreign Trade Performance Steady in October, Import Decline Narrowed
In October, foreign trade performance was generally stable, with a slight decrease in import and export, of which the decrease in import was larger than that in export.
According to customs statistics, in dollar terms, in the first 10 months, China’s total import and export value was 3.74 trillion US dollars, down 2.5%. Of this total, exports reached US$ 2.04 trillion, down 0.2%. Imports reached US$ 1.7 trillion, down 5.1%. The trade surplus was 340.29 billion US dollars, up 34.9%.
In October, China’s total import and export value was 383.05 billion US dollars, down 3.4%. Of this, exports reached 212.93 billion US dollars, down 0.9%. Imports totaled 170.12 billion US dollars, down 6.4%. The trade surplus was 42.81 billion US dollars, up 29.8%.
“From the monthly data, it basically continued the performance in the first three quarters.” Gao Lingyun, a researcher at the World Economic and Political Research Institute of the Chinese Academy of Social Sciences, told China Business News, “The recent release of easing signals between China and the United States is conducive to boosting confidence. However, it is a long-term process to expand imports and improve the investment environment. ”
Imports from U.S. Decline Significantly Customs data show that from January to October, exports to the United States totaled 2.39 trillion yuan, down 6.8%. Imports from the United States totaled 685.74 billion yuan, down 21.5%.
“The decrease in exports is lower than the decrease in imports, which shows that Sino-US trade frictions. Our reaction to the United States is better than that of the United States. This also reflects that China’s overall export decline is lower than that of imports.” Gao Lingyun said.
By region, China’s import and export to the EU, ASEAN and other major markets have increased. Meanwhile, imports from Japan declined.
In the first 10 months, exports to the EU totaled 2.42 trillion yuan, up 10.4%. Imports from the EU totaled 1.56 trillion yuan, up 5.1%. Exports to ASEAN totaled 1.97 trillion yuan, up 16.1%. Imports from ASEAN totaled 1.57 trillion yuan, up 7%.
“It is basically affected by Sino-US trade frictions. Some enterprises have changed orders from Malaysia, Vietnam and other countries, which is good for China’s trade with ASEAN.” Gao Lingyun said.
Gao Lingyun told our reporter: “North America has a production network and East Asia has a production network. China and the United States connect the two production networks through trade. If there is a problem in Sino-US trade, China’s production network with Japan and South Korea will also be affected. We can see that imports from Japan and South Korea also declined in October. ”
Theway, chief macro researcher of Kunlun Health Asset Management Center, told this reporter: “China is actively adjusting the structure of the international market. At the same time, for Europe itself, it is also necessary to seek’ non-US’ trading partners. The data for the first 10 months show that China’s trade with the European Union has maintained a good growth rate, and the improvement of the’ closeness’ of trade with the European Union will be the main direction next year.”
We will continue to expand our opening-up by adopting various measures.
In recent years, China has made a series of combined efforts to “stabilize foreign trade” and “stabilize foreign investment”. China has continued to expand its opening up and the policy effect is gradually showing.
“Trade is essentially a problem of production networks, and more fundamentally an improvement in the investment environment.” Gao Lingyun believes that in the past, some Chinese enterprises’ export profits were higher than those of domestic sales, which is contrary to the international law. It is necessary to optimize the business environment, liberalize market access and actively utilize foreign capital. Some places have recently announced the contact information of leaders to facilitate business contacts. These are all effective measures to expand the opening up.
Huang Qifan, vice-chairman of the China International Economic Exchange Center, pointed out at the 2nd China International Import Expo that China is actively lowering import tariffs and will move from an export-oriented trade model to a balanced model that encourages both exports and imports.
“I think that within five years, our tariff will further drop to 2% ~ 3%, almost close to zero. At that time, the phenomenon of Chinese returning with 150 billion US dollars a year from overseas travel will be replaced by normal imports. Huang Qifan said.
“If China and the United States reach an agreement, it will be a change of confidence for enterprises.” Theway said, however, the trend shows that China’s trade surplus with the United States is shrinking. If the import of agricultural products to the United States is increased in the future, the trade surplus is likely to shrink further.
Gao Lingyun believes that Sino-US trade friction has given enterprises a wake-up call. Some enterprises with independent intellectual property rights have advantages in tariff sharing, which makes enterprises realize the importance of their own transformation and upgrading, which is also conducive to the innovation of enterprises, thus driving the transformation and upgrading of foreign trade.
Original Artical，Author：China Trade Agent，if repost，please give references ：https://offers-bg.com/performance-steady-in-october/