China: mediocre abroad Trade Results

chiny24.com 1 year ago

Foreign trade down

If Chinese abroad trade in June this year seemed to get short of breath, he experienced severe shortness of breath in July.

Data from the General Administration of Customs of China (中国海关总署) indicate that China's trade turnover with abroad in July this year amounted to $482.92 billion (about PLN 1.95 trillion). This represents a decrease in turnover by 13.6% y/y.

Exports reached USD 281.76 billion during this period (about PLN 1.14 trillion) – decrease by 14.5% y/y, and import USD 201,16 billion (about PLN 814,57 billion) – 12.4% decrease.

The trade surplus was USD 80.6 billion, decreasing by 19.4% y/y.

Foreign trade increases in 7 months of this year are besides negative. Its full value was 3.4 trillion USD (approximately PLN 13.76 trillion), which means a decrease of 6.1% y/y:

exports decreased by 5%
import decreased by 7.6%.

From January until the end of July the trade surplus increased by 7.6% to $489.57 billion (approx. PLN 1.98 trillion).

In July, exports to China's largest trading partner, or Southeast Asian countries (ASEAN), decreased by 21.43% y/yto the countries of the European Union 20.62%to the United States 23.12% r/r

All of these declines are the consequence of the economical slowdown of large economies in the world.

The weakness of home request in turn reflects the volume of imports.

The decrease was recorded in imports from the top 3 major Chinese trading partners:

ASEAN (-11.2% y/y),
EU (-3.0% y/y)
USA (-11.2% y/y).

It heavy inhibited imports from South Korea (23.0% y/y), Japan (-14.7% y/y) and Taiwan (-14.3% y/y).

It was amazing to note that imports from Russia had decreased by 8% since February 2021, erstwhile it grew by 15.7% in June.

During the first 7 months of this year, private companies were liable for 52.9% of all abroad trade in the country. In export they account for 63% of turnover, in import for 39.4%.

State-owned companies account for 16.5% of all abroad trade in China during this period, companies with abroad capital for 30.6%.

From January to the end of July this year, 58.1% of all exports were mechanical, electrical and technologically advanced products.

Car exports are inactive very dynamic. During this period, it increased by 118% y/y.

The export of solar panels and parts for solar power systems, as well as batteries for electrical cars, is increasing strongly. This year's "export hits" of China.

Last year, exports represented 17% of GDP.

In the first six months of this year imports of iron ore, oil, coal, natural gas and soy increased. However, imports of integrated circuits, mechanical and electrical products fell.

Source:

https://wallstreetcn.com

Author: 梁安基 Andrzej Z. Liang, 上海 Shanghai, 中国 China

Email: [email protected]

Editorial: Leszek B.

Email: [email protected]

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