General

The General Administration of Customs released data on the 7th. In the first eight months of this year, the total value of my country's import and export of goods trade was 24.78 trillion yuan, an increase of 23.7% year-on-year and an increase of 22.8% year-on-year.

This is also the 15th consecutive month of positive growth in my country's foreign trade, further showing a steady and strengthening trend.

Specifically, in the first eight months, my country’s exports were 13.56 trillion yuan, an increase of 23.2%; imports were 11.22 trillion yuan, an increase of 24.4%.

In August alone, my country's foreign trade imports and exports were 3.43 trillion yuan, an increase of 18.9%. Among them, exports were 1.9 trillion yuan, an increase of 15.7%; imports were 1.53 trillion yuan, an increase of 23.1%.

From the perspective of trading partners, ASEAN continues to maintain its position as my country's largest trading partner. In the first eight months, the total value of my country-ASEAN trade was 3.59 trillion yuan, an increase of 22.8%, accounting for 14.5% of my country's total foreign trade value. In the same period, the total trade value between my country and the EU was 3.42 trillion yuan, an increase of 22.1%, accounting for 13.8% of China's total foreign trade value; the total value of Sino-US trade was 3.05 trillion yuan, an increase of 25.8%, accounting for 12.3% of my country's total foreign trade value ; The total value of Sino-Japanese trade was 1.57 trillion yuan, an increase of 12.3%, accounting for 6.3% of my country’s total foreign trade value.

It is worth mentioning that my country’s total imports and exports to countries along the “Belt and Road” was 7.29 trillion yuan, an increase of 24.6%.

The data also shows that private enterprises have the fastest growth rate and increased proportion of imports and exports. In the first eight months, the import and export of private enterprises was 11.92 trillion yuan, an increase of 29.9%, accounting for 48.1% of my country's total foreign trade value, an increase of 2.3 percentage points over the same period last year.

Tu Xinquan, Dean of the China WTO Research Institute at the University of International Business and Economics, believes that the recovery of external demand and the steady improvement of the domestic economy will continue to support the development of my country's foreign trade. However, the development of foreign trade still faces many uncertain and unstable factors. Problems such as high raw material prices, renminbi exchange rate fluctuations, and poor shipping and logistics further squeeze the profit margins of foreign trade companies and affect the willingness of foreign trade companies to accept orders. To stabilize foreign trade, it is necessary to optimize and improve trade. Policy tools, cultivating the endogenous power of foreign trade entities, etc. continue to exert efforts.