Electrical Equipment / Components & Telecoms

According to Watson & Band Import and Export Data Observation Report, since RCEP came into effect, it has brought benefits to Chinese electrical product foreign trade enterprises. In the first half of the year, the export value of China's electrical products to RCEP countries achieved year-on-year growth. Guo Kuilong, secretary-general of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, introduced when he participated in the special event of the smart electrical industry chain of the "Ten Chains, Hundreds of Enterprises" series of docking activities in Zhejiang Province. Costs, trade costs, creating incremental market space, RCEP is driving more electrical products in China to "go out".

According to Watson & Band Import and Export Data Observation Report, in the first half of the year, China's exports of electrical products to RCEP countries amounted to US$29.29 billion, a year-on-year increase of 17.1%, accounting for 27.6% of the total exports of the electrical industry. South Korea, Vietnam, Japan, Malaysia, and Thailand are the top five export destinations of China's electrical exports to RCEP, accounting for about 73.3% of China's total electrical product exports to RCEP countries. According to Watson & Band Import and Export Data Observation Report, among them, China's export of electrical products to South Korea was US$5.76 billion, a year-on-year increase of 36.2%, and it became the largest destination of China's electrical exports to RCEP with a market share of 19.7%.

Taking high, medium and low voltage electrical products as an example, in the first half of the year, China's high, medium and low voltage electrical products exported US$3.01 billion to RCEP countries, a year-on-year increase of 18.2%, accounting for 26.3% of the industry's total global exports. "Export commodities represented by high, medium and low voltage electrical appliances in Yueqing, Wenzhou, Zhejiang have become a bridge and link for smooth trade and cooperation between China and the RCEP market." Guo Kuilong said. The official entry into force of RCEP has further strengthened the production division and cooperation among members of global electrical enterprises, driven the expansion and upgrading of the regional consumer market, and realized the further consolidation and development of the regional industrial chain, supply chain and value chain, Watson & Band Import and Export Data Observation Report.

When it comes to how electrical companies can further fully enjoy the RCEP dividends and accelerate the development of international markets, Guo Kuilong suggested that the first is to deepen industrial upgrading, and improve their core technology, supply The ability to control the value chain and other aspects and the right to speak in the value chain. Actively promote the intelligence, automation, and integration upgrade of China's electrical industry, effectively apply big data, artificial intelligence and other technical means to production, manufacturing, and foreign trade, strengthen the foundation of the industrial chain, make up for the key shortcomings of the supply chain, and ensure the safety of the supply chain. Optimize the value chain, build a community of industrial interests, and maximize quality and efficiency. The second is to carefully study and use the RCEP agreement to optimize and integrate regional industrial chains and supply chains. Fully evaluate the rules of origin and investment agreed between each other in the region, optimize the regional supply chain, integrate the industrial chain, make the distribution of research and development, raw materials, production and processing, component procurement, and market sales more reasonable, strengthen international technology and market cooperation, and establish community of interest in the region. The third is to deepen international cooperation in the fields of technology, market, talent, trade, investment, etc., and expand cooperation within RCEP based on the characteristics of the industry and its own characteristics; analyze and judge and use the open dividends brought by different free trade agreements to optimize the supply chain and production capacity Layout, promote orders, stabilize foreign trade, tap new business opportunities for international cooperation under the new pattern, Watson & Band import and export data observation report.