Overview of China’s foreign trade condition in January - October 2015

2015-12-17 15:03:33

In view of the current foreign trade operation, China faced a more complicated and serious situation compared with 2015 in terms of the foreign trade development with the greater downtrend pressure. According to the customs statistics, China’s import and export turnover reached 3226.96 billion US dollars in January - October, decreased by 8.5%, particularly export turnover up to 1856.45 billion US dollars, decreased by 2.5%; import turnover up to 1370.52 billion US dollars, decreased by 15.7%. The foreign trade operation in January- October takes the following features:

 

Firstly, the general trade export maintains the fast growth with the higher percentage; During January -October, the general trade export turnover added up to 999.8 billion US dollars, increased by 1.8%, accounting fro 539.% of the total foreign trade export business, increased by 2.3 percentage point; the processing trade export turnover reached 649.3 billion US dollars, dropped by 9.0%, accounting for 35% of the total foreign trade turnover, dropped by 2.5 percentage point.

 

Secondly, Mechanical and electrical products export maintains fast growth while the labor-intensive product export drops. During January - October, the mechanical and electrical products export turnover reached 1065.57 billion US dollars, increased by 0.8 %, accounting for 57.4% of the total foreign trade export, or increased by 1.9 percentage point, particularly accounting for 13.1%, 16.9% and 13.9% for cell phones, ships and light lamps, etc. The seven major labor-intensive product export turnover added up to 389.59 billion US dollars, decreased by 3.0%, particularly textile products, garments and footwear having dropped by 1.9%, 7.5% and 5.1% respectively.

 

Thirdly, the export of the private enterprises maintain the fast growth. During January -October, the export turnover of the private enterprises reached 831.5 billion US dollars, increased by 1.3%, accounting for 44.8% of the total foreign trade volume, increased by 1.7 percentage point.

 

Fourthly, the trade with the countries along “One Road and One Belt” gains the faster growth. During January - October, the export to such countries along “One Road and One Belt” , particularly India, Thailand and Viet Nam, etc., has increased by 8.4%, 14.3% and 5.5% respectively and the export to the US and ASEAN accounting for 5.2% and 3.7% respectively. However, the export to the traditional markets, mainly EU, Japan and Hong Kong, etc., has dropped by 4.1%, 9.5% and 12.2%. The export to Russia and Basil and other emerging markets dropped by 35.7% and 17.2%.

 

Fifthly, the export in East China, Central China and West China shows the negative growth. During January -October, ten provinces in East China (Beijing, Tianjin, Hebei, Liaoning, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong and Guangdong) reached 1549.93 billion US dollars, dropped by 1.9%; the export of the central and western China reached 306.52 billion US dollars, dropped by 5.2%.

 

Sixthly, negatively affected by the dropping price of the bulk commodities and the weaker domestic demand, etc., the export remains at the lower level. During January -October, 8 major bulk commodity export in China, including oil, plastics, soybean, refined oil, natural gas, pulp, corn, copper ore concentrate, increases in quantity and decreases in price, so the payment of the total foreign exchange currency decreased by more than 134 billion US dollars (equivalent to approximately RMB 840 billion yuan), thus greatly reducing the production cost of the domestic enterprises.

 

Seventhly, compared with the world market, China’s foreign trade export remains better than the major economies and the countries in the emerging market. According to the statistics of WTO, during January - August, the foreign trade with the US and EU dropped by 6.0% and 14.7%; During January - September, the export with Japan, Korea, India, South Africa and Basil dropped by 9.2%, 6.6%, 16.6%, 7.9% and 16.8%, so China’s international market shares obtain the stable increase, rising from 12.4% to 13% at the end of 2014.