China: Foreign trade is developing strongly – Dainik Savera Times
According to data released by the Chinese Customs Administration, China’s total foreign trade from January to August this year exceeded 28 trillion yuan, an increase of 6%. Among them, exports exceeded 16 trillion yuan, an increase of 7%, imports exceeded 12 trillion yuan, an increase of 4.7%, and trade surplus amounted to 4.3 trillion yuan, approximately US$649.3 billion, an increase of more than 13%. Among them, China’s exports to the US and ASEAN have increased significantly, and the US has once again become China’s largest export target country.
In US dollar terms, China’s exports from January to August this year amounted to US$2.3 trillion, an increase of 8.7% year-on-year. In August this year, China’s exports to most countries maintained growth, with the US, EU and ASEAN being China’s top three export markets. The three categories of goods with the highest export value from China in August were automatic data processing equipment and components, clothing and accessories, and integrated circuits. Among them, textile exports still accounted for a large share, but the growth rate remained low. In addition, automobile exports are growing very rapidly, the export of automobiles and auto parts reached 135.5 billion yuan in August, becoming the industry with the highest export value.
In August, China’s ship exports increased by 81%, integrated circuit exports increased by 24%, and automobile exports increased by 22%. From January to August this year, Chinese shipyards won 70% of global orders, while South Korea won 14% of orders. In August, China won 90% of global shipbuilding orders, while South Korea, which ranked second, received only 2%. Some Chinese shipbuilding companies have already scheduled orders until 2028. Chinese car company BYD’s sales in July ranked third in the world behind Toyota and Volkswagen. China’s new energy vehicles not only have a higher growth rate than joint ventures in the domestic market, but are also gaining sales globally. The automobile industry involves many industries upstream and downstream, creating a large number of jobs. The automobile industry plays an important role in promoting exports.
The rapid growth of China’s exports reflects the strong growth of China’s manufacturing industry. China’s annual steel output has exceeded 1 billion tons, accounting for more than 50% of global steel production. In the history of world steel production, only the United Kingdom in the 19th century and the United States in the 20th century could achieve this ratio. Today, most global new ship orders are taken by Chinese shipyards, with high-end ships such as large container ships and natural gas transport ships mostly built by Chinese shipyards. On the other hand, China’s automobile production is expected to exceed 30 million units in 2023, and automobile exports have overtaken Japan to become the first in the world. In addition, breakthroughs in the fields of photovoltaic electricity, quantum communications, ultra-high voltage transmission, high-speed rail, large aircraft, drones, etc. are also noteworthy.
(Credits- China Media Group, Beijing)
