China’s foreign trade is very active – Dainik Savera Times

At present, the global economic recovery is sluggish, trade protectionism is on the rise, geopolitical conflicts continue, and foreign trade of the world’s major economies is generally declining rapidly. According to the report of the United Nations Conference on Trade and Development, global goods trade will decline by 7.5 percent in the year 2023.

Under such a background, China’s import and export performance is better than expected, which is a strong boost to international trade and economic development. From an export perspective, according to WTO predictions, China’s export market share in the international market in the year 2023 still remained relatively high at about 14 percent.

China has made full use of its advantages as the world’s largest manufacturing country. In 2023, out of the total export value of 237.7 trillion yuan, manufacturing products reached 235.1 trillion yuan, with equipment manufacturing exports increasing by 2.8 percent, accounting for about 60 percent of the total export value.

In particular, the international community has focused attention on the shipping and automobile industries. At the same time, according to data released by the Chinese Automobile Industry Association, in the year 2023, China’s vehicle export volume is expected to surpass Japan and become the world’s largest. Such as electric passenger vehicles, lithium-ion batteries and solar batteries

Total exports of “three new commodities” products surpassed 10 trillion yuan for the first time, reaching 10.6 trillion yuan, a growth rate of nearly 30 percent.
More importantly, the move from “Made in China” to “Created in China” has brought new momentum to exports.

In 2023, China’s exports of self-owned brand products increased by 9.3 percent, and their proportion in the total export value increased by 1.7 percentage points. From the “World Factory” to the Innovation Highland, China has brought not only products to the world, but also opportunities for win-win cooperation.

On the other hand, from the import point of view, China’s import prices declined slightly due to the fall in commodity prices. However, the number of imports increased by 2.9 percent. From raw materials like crude oil, natural gas, ore to specialty foods, digital home appliances, new business formats and models like cross-border e-commerce, these represent

That China’s production continues to grow, consumer demand is strong, and China’s ultra-large market advantages continue. Recently, the International Monetary Fund and other institutions have raised China’s economic growth forecast for the year 2023. Many international institutions estimate that China will contribute more than 30 percent to global economic growth in 2023.

And will continue to be the largest engine of the world economy.As China’s economy continues to reform, there will be more and more favorable conditions to support the development of foreign trade, bringing more good news for global trade and the world economy .

(Credits- China Media Group, Beijing)