In the first quarter, China’s total import and export value fell by 6.4% year on year, and its trade surplus decreased by 80%

In the first quarter, China’s total import and export value fell by 6.4% year on year, and its trade surplus decreased by 80%

According to customs statistics, the total value of China’s import and export of goods in the first quarter was 6.57 trillion yuan, down 6.4% from the same period last year. Among them, the export was 3.33 trillion yuan, down 11.4%; the import was 3.24 trillion yuan, down 0.7%; and the trade surplus was 98.33 billion yuan, down 80.6%. Specifically, it has the following six characteristics:
First, import and export picked up in March. In March this year, China’s foreign trade import and export reached 2.45 trillion yuan, down 0.8% year on year, 8.7 percentage points lower than that in January February. Among them, export was 1.29 trillion yuan, down 3.5%; import was 1.16 trillion yuan, up 2.4%.
Second, ASEAN has surpassed the EU as China’s largest trading partner. In the first quarter, China’s import and export to ASEAN amounted to 991.34 billion yuan, an increase of 6.1%, accounting for 15.1% of China’s total foreign trade value. ASEAN became China’s largest trading partner; the import and export to EU amounted to 875.93 billion yuan, a decrease of 10.4%; the import and export to us amounted to 668.01 billion yuan, a decrease of 18.3%; the import and export to Japan amounted to 465.68 billion yuan, a decrease of 8.1%. In addition, China one year, the “one belt, one road” countries’ imports and exports 2 trillion and 70 billion yuan, an increase of 3.2%, higher than the overall growth rate of 9.6 percentage points.
Third, the import and export of private enterprises decreased slightly and their proportion increased. In the first quarter, the import and export of private enterprises reached 2.78 trillion yuan, down 2%, accounting for 42.4% of China’s total foreign trade, up 1.9 percentage points from the same period last year. Among them, export reached 1.71 trillion yuan, down 7.3%, accounting for 51.4% of the total export value; import reached 1.07 trillion yuan, up 7.9%, accounting for 33.1% of the total import value. Foreign invested enterprises import and export 2.6 trillion yuan, accounting for 39.6% of China’s total foreign trade. The import and export of state-owned enterprises reached 1.16 trillion yuan, accounting for 17.7%.
Fourth, the proportion of import and export of general trade reached 60%. In the first quarter, China’s general trade import and export reached 3.94 trillion yuan, down 5.7%, accounting for 60% of China’s total foreign trade. Among them, export was 1.95 trillion yuan, down 11.3%; import was 1.99 trillion yuan, up 0.5%. The import and export of processing trade reached 1.56 trillion yuan, down 12.4%, accounting for 23.8%.
Fifth, mechanical and electrical products and labor-intensive products are the main export commodities. In the first quarter, China’s export of mechanical and electrical products reached 1.95 trillion yuan, down 11.5%, accounting for 58.5% of the total export value. During the same period, the export of seven categories of labor-intensive products, such as textiles and clothing, reached 596.98 billion yuan, down 15.3%, accounting for 17.9%.
Sixth, the import of bulk commodities such as iron ore, crude oil, coal and other key consumer goods such as meat increased rapidly. In the first quarter, China imported 260 million tons of iron ore, an increase of 1.3%; 130 million tons of crude oil, an increase of 5%; 95.778 million tons of coal, an increase of 28.4%; and 24.656 million tons of natural gas, an increase of 1.8%. In addition, 17.792 million tons of soybeans were imported, an increase of 6.2%; 951000 tons of pork were imported, an increase of 1.7 times; 513000 tons of beef were imported, an increase of 64.9%. Affected by the epidemic situation, 61.91 billion yuan of medical materials and drugs were imported, an increase of 14.8%.


Post time: Apr-15-2020

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