China’s foreign trade development momentum continues to improve.
According to the latest official data, China’s import and export growth rate in November further increased by 0.3 percentage points compared with the same period last month, reaching 1.2%. Analysts pointed out that the rebound in foreign trade has benefited from a variety of favorable factors, but it still faces some challenges in the future. In recent months, China’s foreign trade has shown a clear trend of improvement. In August, China’s total import and export value fell by 2.5% year-on-year, and this decline has narrowed significantly in July, with a month-on-month increase of 3.9%; in September, China’s total import and export value reached 3.74 trillion yuan, setting a new single-month high at that time; 10 In March, China’s total import and export value increased by 0.9% year-on-year, and the growth rate turned from negative to positive.
Zhang Xiaotao, dean of the School of International Economics and Trade at the Central University of Finance and Economics, said in an interview with China News Service: China’s recent improvement in foreign trade has benefited from the gradual recovery of the global economy and the gradual fading of the “scarring effect” of the epidemic. These factors have given China The recovery of import and export has provided basic support; the effects of stabilizing foreign trade policies have gradually emerged; various market entities have gradually adapted to and actively responded to uncertainties; at the same time, the pace of institutionalized opening up is also accelerating. Zhang Jianping, deputy director of the Academic Committee of the Institute of International Trade and Economic Cooperation of the Ministry of Commerce of the People’s Republic of China, believes that the main reason for the improvement of China’s foreign trade is that China’s foreign trade competitiveness has increased. In addition, the economic recovery momentum of developed economies such as the United States has exceeded market expectations, and overseas demand has also rebounded. In addition, the continued release of dividends from the Regional Comprehensive Economic Partnership Agreement (RCEP) is also an important supporting factor. Gao Shiwang, spokesman for the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, said that taking mechanical and electrical products as an example, in US dollar terms, China’s exports of mechanical and electrical products increased by 3.6% year-on-year in November, showing positive growth for the first time after six consecutive months of year-on-year decline. Mobile phone exports increased by 24.2% year-on-year, growing for three consecutive months. Gao Shiwang pointed out that China’s mechanical and electrical products have complete industrial advantages in various fields such as consumer goods, investment goods, and intermediate goods. Under the trends such as the stabilization of global goods trade, the recovery of social demand for consumer goods in developed markets, and the attraction of real manufacturing industries in emerging markets, China’s Manufacturing demand has gradually stabilized, and the prospects for export demand in related fields have improved significantly. According to official data, China’s total import and export value in the first 11 months of this year was 37.96 trillion yuan, the same as the same period last year. Zhang Jianping said that judging from the data, China’s goal of stabilizing foreign trade this year has been basically achieved, and its performance is outstanding among the world’s major economies.
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Post time: Dec-11-2023