Positive Growth For 14 Consecutive Months, My Country's Foreign Trade Imports And Exports Continue To Improve

According to data from the General Administration of Customs on the 7th, in the first seven months of this year, my country’s total import and export value was 21.34 trillion yuan, a year-on-year increase of 24.5% and a year-on-year increase of 22.3%. Among them, in July, the total import and export value was 3.27 trillion yuan, an increase of 11.5% year-on-year, a decrease of 0.8% month-on-month, and an increase of 18.8% year-on-year. This is also the 14th consecutive month that my country's foreign trade monthly imports and exports have achieved positive year-on-year growth since June 2020.

　　 Specifically, my country's foreign trade has shown a series of bright spots. In terms of trade methods, general trade imports and exports increased and the proportion increased. In the first seven months, my country's general trade import and export was 13.21 trillion yuan, a year-on-year increase of 27.6%, accounting for 61.9% of my country's total foreign trade value, an increase of 1.5 percentage points over the same period last year. From the perspective of partners, my country's imports and exports with major trading partners such as ASEAN, the European Union and the United States have increased. During the same period, my country’s total imports and exports to countries along the “Belt and Road” was 6.3 trillion yuan, an increase of 25.5%. Among them, exports were 3.57 trillion yuan, an increase of 25.3%; imports were 2.73 trillion yuan, an increase of 25.7%. From the perspective of market players, private enterprises have the fastest growth rate of import and export, and their proportion has increased. In the first seven months, the import and export of private enterprises was 10.23 trillion yuan, an increase of 31%, accounting for 47.9% of my country's total foreign trade value, an increase of 2.4 percentage points over the same period last year. In addition, from the perspective of product structure, exports of mechanical and electrical products and labor-intensive products have both increased. In the first seven months, my country exported 6.88 trillion yuan of mechanical and electrical products, an increase of 25.5%, accounting for 59% of the total export value. In the same period, the export of labor-intensive products was 2.09 trillion yuan, an increase of 11.8%, accounting for 17.9%.

　　 The CICC Macro Research Report believes that in terms of US dollars, my country’s exports in July increased by 19.3% year-on-year, and imports increased by 28.1% year-on-year. The typhoon has caused disturbances in imports and exports, so the reality is that the trade momentum should be stronger than the data show.

　　CICC Macro also pointed out that freight rates are still rising, and the congestion of US West Coast ports has risen again, which also shows that export orders are still relatively sufficient to support exports. However, PMI's new export orders weakened again in July. According to historical experience, this means that the pressure on exports may increase in the fourth quarter.

　　In the face of many uncertain and unstable factors in the development of foreign trade in the second half of the year, the Ministry of Commerce, the General Administration of Customs and other relevant departments have recently expressed intensively that they will introduce more support policies.