By hannover-web.com On October 14, 2023, Wang Lingjun, the Deputy Director of the General Administration of Customs, provided updates on China’s trade performance for the first three quarters of the year during a press conference held by the State Council Information Office in Beijing. According to customs statistics, China’s total imports and exports reached 32.33 trillion yuan, marking a year-on-year increase of 5.3%. This included exports of 18.62 trillion yuan, which grew by 6.2%, and imports of 13.71 trillion yuan, up by 4.1%.
During the press conference, Wang emphasized the stability and progress of China’s economic operation this year. He noted the rapid formation of new productive forces and the ongoing push for high-quality development. Import and export activities have seen steady growth, and the structure of foreign trade continues to improve. He described the trends as marked by increased quantity and enhanced quality.
Key highlights from the data include:
1. **Record High Trade Value**: The total trade value for the first three quarters reached a historic high, exceeding 10 trillion yuan in each quarter for the first time. The quarterly values were 10.15 trillion yuan, 11 trillion yuan, and 11.17 trillion yuan, totaling over 32 trillion yuan for the first three quarters.
2. **Active Market Players**: Various types of enterprises have remained active, with private companies showing rapid growth. The imports and exports of private enterprises reached 17.78 trillion yuan, a growth of 9.4%, accounting for 55% of the total foreign trade, which is a 2.1 percentage point increase. Foreign-invested enterprises’ trade reached 9.53 trillion yuan, up 1.1%, while state-owned enterprises saw trade of 4.9 trillion yuan, a marginal increase of 0.1%.
3. **Diversified Markets**: Trade relations have expanded with over 160 countries and regions globally. Trade with countries participating in the Belt and Road Initiative reached 15.21 trillion yuan, an increase of 6.3%, constituting 47.1% of total trade. Exports to other RCEP member countries amounted to 9.63 trillion yuan, up by 4.5%, including 5.09 trillion yuan of trade with ASEAN nations, reflecting a 9.4% growth. Similarly, trade with the EU and the U.S. stood at 4.18 trillion yuan and 3.59 trillion yuan, growing by 0.9% and 4.2%, respectively.
4. **Optimized Export Product Structure**: There has been a positive shift in the composition of exported products, with high-end equipment exports soaring by over 40%. Exports of electromechanical products totaled 11.03 trillion yuan, an increase of 8% and comprising 59.3% of total exports. Specifically, high-end equipment exports grew 43.4%, with integrated circuits, automobiles, and household appliances seeing growth rates of 22%, 22.5%, and 15.5%, respectively. Traditional labor-intensive products also saw an export increase of 2.8%, totaling 3.13 trillion yuan.
5. **Diverse Imports**: The variety of imported products has also expanded, with a steady rise in the volume of imports for major commodities, which increased by 5%. This includes 901 million tons of energy products such as crude oil, natural gas, and coal, a 4.8% increase; and 1.138 billion tons of metal ores like iron and aluminum, which grew by 4.9%. Furthermore, imports of integrated circuits and automotive components increased by 13.5% and 4.6%, respectively, while consumer goods imports exceeded 1.3 trillion yuan.
Wang concluded by stating that, overall, China’s foreign trade remained stable in the first three quarters, with both exports and imports showing growth. Despite facing challenges such as heightened global trade protectionism and weak growth momentum in key markets, the fundamental economic conditions and broad market potential in China remain strong. With ongoing policy support, it is anticipated that the momentum for steady growth in imports and exports will continue into the fourth quarter.
