General

According to customs data, China's total import and export value in the first 11 months was 5.78 trillion US dollars, up 5.9%. Among them, exports reached 3.29 trillion US dollars, up 9.1%; Imports reached US $2.49 trillion, up 2%; The trade surplus was US $802.04 billion, an increase of 39%. In RMB terms, China's total import and export value was 38.34 trillion yuan, an increase of 8.6% over the same period last year. Among them, the export reached 21.84 trillion yuan, up 11.9%; Imports reached 16.5 trillion yuan, up 4.6%; The trade surplus was 5.34 trillion yuan, an increase of 42.8%.

In November, in dollar terms, China's total import and export value fell 9.5% year on year, 9.1 percentage points higher than that in October. According to the customs data, exports fell 8.7% year on year, 8.4 percentage points higher than that in October; Imports fell 10.6% year on year, 9.9 percentage points higher than that in October; The trade surplus was US $69.84 billion, a decrease of US $15.31 billion compared with the previous month.

In terms of RMB, China's total import and export value in November increased by 0.1% year on year, 6.8 percentage points narrower than that in October. Among them, the year-on-year growth of exports was 0.9%, 6.1 percentage points lower than that in October; Imports fell 1.1% year on year, with a negative growth rate, 7.9 percentage points lower than that in October; The trade surplus reached 494.33 billion yuan.

"The contraction of global trade and the high base in the same period last year caused a further decline in the monthly export growth, and the weak domestic economic fundamentals and the decline of most commodity prices led to a rapid decline in the growth of imports. The contraction of global trade was not only negatively affected by the continued slowdown of overseas economies, but also greatly boosted by the appreciation of the US dollar. Every rapid appreciation of the US dollar in a short period of time would weaken the purchasing power of other countries' imports, thus causing global trade The amount of ease decreases. " Zhang Jingjing, chief macro analyst of China Merchants Securities, thinks.

It is worth noting that among the major export markets, customs data show that China's exports to ASEAN increased by 5.2% in November. According to the statistics of the General Administration of Customs, the total trade value between China and ASEAN in the first 11 months increased by 15.5% year on year, of which the year-on-year growth rate of China's exports to ASEAN was as high as 22.2%, far exceeding the overall growth rate of China's exports in the same period. The EU is China's second largest trading partner. In the first 11 months, the total trade value between China and the EU increased by 7% year on year.

In addition, customs data show that the highlight of China's exports in November is mainly reflected in automobile exports. The amount of exports in that month increased by 113.1% year on year, 23.9 percentage points faster than that in October, and the volume and price rose at the same time, reflecting that the upgrading of the domestic automobile industry dominated by new energy vehicles has played a significant role in promoting foreign trade.

At the same time, customs data show that in the first 11 months of this year, the proportion of imports and exports of China's private enterprises increased, and the vitality of foreign trade entities was further stimulated. The import and export of private enterprises was 19.41 trillion yuan, up 13.6% year on year, accounting for 50.6% of China's total foreign trade value, up 2.2 percentage points year on year.

Wang Qing, the chief macro analyst of Dongfang Jincheng, judged that, looking forward to the future, the domestic epidemic prevention and control policies are continuously optimized and relaxed, and the disturbance of the epidemic on industrial production and consumption is expected to be significantly eased, which will drive the recovery of import demand.