Source: Internet

According to Huang Songping, press secretary of China Customs, since the beginning of 2016, the recovery of global economy was flat, the international market was in weak demand, the global trade kept slowing down, and generally the domestic economy was running stabilized. During the first three quarters, the total import-export value of China’s trade in goods was RMB17.53 trillion, decreased by 1.9% YoY, among which the export value was RMB10.06 trillion (decreased by 1.6%), the import value was RMB 7.47 trillion (decreased by 2.3%), and the favorable balance of trade was RMB2.59 was trillion (expanded by 0.6%).

Specific conditions were as follows:

Firstly, the import and export values were stabilized quarter by quarter. Both the import and export values were in positive increase during the third quarter. In the first three quarters, the general situation was recovered quarter by quarter although the import-and-export and import values declined year-on-year.

During the first quarter, the import-and-export value, the export value, and the import value decreased by 7.2%, 6.3%, and 8.3% respectively. In the second quarter, the import-and-export value and import value declined by 0.2% and 1.3% respectively, while the import value increased by 0.6%. In the third quarter, the three statistics increased by 1.1%, 0.4%, and 2.1% respectively, among which emerged the sign of bottom stabilization.

Secondly, both the value and proportion of import-and-export on the general trade have increased. During the first three quarters, the import-and-export value on the general trade was RMB9.82 trillion (increased by 0.1%), which accounted for 56% of China’s total value on the import-and-export of the corresponding period and was 1.1 percentage points higher than that of last year.

Thirdly, the export to some countries along the Belt and Road increased. During the first three quarters, China’s export to Pakistan, Russia, Poland, Bangladesh, and India increased by 14.9%, 14%, 11.7%, 9.6% and 7.8% respectively. During the same period, the export to EU increased by 1.8% while to the US and ASEAN reduced by 1.9%--the export to those three areas altogether accounted 46.7% of the gross export value of China.

Fourthly, the private enterprises remained the first in terms of the proportion on the export. During the first three quarters, the import-and-export value of the private enterprises in China was RMB6.76 trillion, increased by 4.1% and taken up 38.6% of the total value of foreign trade; the export value was RMB4.68 trillion, increased by 2.3% and accounted 45.6% of the gross export value, which ranked the first compared with that of foreign-invested enterprises and state-owned enterprises; and the import continued the growing trend and increased by 8.5%.

Fifthly, major products of the export remained to be mechanical and electrical products and traditional labor-intensive-products. During the first three quarters, the export value of mechanical and electrical products was RMB5.73 trillion, reduced by 1.8% and accounted for 57% of the gross export value of the same period.

The export of the medical instruments and machines increased by 6.3%, the storage battery went up by 5.2%, and solar cell rose by 2.7%. During the same period, the export of the traditional labor-intensive-products totaled RMB2.15 trillion, declined by 21.3% of the gross export value. What’s more, the export on some of the traditional products, like textile, toys, and plastic products, were increased and have still been in positive situation.

Sixthly, the imports on the bulk commodities like iron ore, raw oil, and copper kept growing, the prices of major import commodities remained in low level but had a narrower range of the price drop. During the first three quarters, China imported 763 tonnes of iron ore, 284 tonnes of raw oil, 180 million tonnes of coal, and 3.78 million tonnes of copper , increased by 9.1%, 14%, 15.2%, and 11.8% respectively. During the same period, the import on refined oil product decreased by 7.1% to 21.5 million tonnes, while the import on rolled steel increased by 1% to 9.83 million tonnes. And the overall import price of China reduced by 5.3%, among which the average price of iron ore, raw oil, refined oil products, coal, copper, and rolled steel reduced by 8.6%, 25.9%, 16.9%, 14.8%, 11.9% and 7.4% respectively.

Moreover, the overall import price of China in the first three quarters decreased by 2.7%, based on which we can figure out that China’s trade price term index during the first three quarters this year was 102.8, which means the trade price condition was getting better and better.

Seventhly, China export leading indicator continued picking up in September. Since July 2016, China export leading indicator enjoyed a rise on link relative ratio for three continuous months and increased to 35.8 in September, which expected an alleviative export pressure during the fourth quarter. According to the survey data from internet-based questionnaire, in September, the export manager index of China was 39.9% (picked up by 1.2%), new-export orders sub-index was 40.3% (picked up by 1.9%), and the manager confidence index was 45.5% (picked up by 1%).

*The article is edited and translated by CCM. The original one comes from Jiemian.com.

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