Ex­ports in­crease 15 per­cent, lead­ing to 1.28 tril­lion yuan trade sur­plus

China Daily (Hong Kong) - - BUSINESS - By ZHENG XIN zhengxin@chi­nadaily.com.cn

China’s for­eign trade prospects are set to re­main up­beat dur­ing the up­com­ing six months, after expanding at the fastest pace since the sec­ond half of 2011.

The Gen­eral Ad­min­is­tra­tion of Cus­toms said on Thurs­day that China’s for­eign trade was 13.14 tril­lion yuan ($1.94 tril­lion) from Jan­uary to June, an year-on-year in­crease of 19.6 per­cent.

Ex­ports amounted to 7.21 tril­lion yuan dur­ing the same pe­riod, up by 15 per­cent, while im­ports in­creased by 25.7 per­cent to 5.93 tril­lion yuan, lead­ing to a 1.28 tril­lion yuan trade sur­plus, down 17.7 per­cent year-on-year, it said.

“The brisk growth was bol­stered by a lower com­par­i­son ba­sis, gov­ern­ment sup­port and heal­ing global de­mand,” GAC spokesman Huang Song­ping told a me­dia brief­ing.

Con­sid­er­ing a higher com­par­i­son ba­sis, un­cer­tain­ties in the global en­vi­ron­ment and deep-seated prob­lems in the do­mes­tic econ­omy, Huang em­pha­sized a tough stance on for­eign trade in the sec­ond half of this year.

“With China’s trade struc­ture op­ti­mized, and its qual­ity and ben­e­fits im­proved, it’s be­lieved the eco­nomic prospects will re­main good, whereas un­sta­ble and un­cer­tain fac­tors will still af­fect the for­eign trade en­vi­ron­ment, and some deep-seated prob­lems and difficulties will con­tinue to ex­ist in the long term,” he said.

Tu Xin­quan, a pro­fes­sor of for­eign trade at the China In­sti­tute for WTO Stud­ies at the Univer­sity of In­ter­na­tional Busi­ness and Eco­nom­ics in Bei­jing, said China’s over­all for­eign trade re­mained sound and steady.

“The trade vol­ume has ex­panded and wit­nessed pos­i­tive changes since the sec­ond half of last year, buffer­ing the econ­omy from a slow­down amid head­winds at home and abroad,” said Tu.

“Trade prospects are ex­pected to re­main sta­ble dur­ing the next six months, thanks to the cur­rent macroe­co­nomic stim­u­lus, struc­tural re­forms and eco­nomic re­cov­ery in the US and Euro­pean coun­tries.”

Against the back­drop of global eco­nomic re­cov­ery, in­ter­na­tional mar­ket de­mand growth has boosted China’s ex­port vol­ume by 8.9 per­cent, while the con­tin­u­ous op­ti­miza­tion of the for­eign com­modi­ties trade struc­ture also led to the in­crease, which is in line with the sta­bi­liz­ing and pos­i­tive trend since 2016, said Huang.

Ris­ing ex­ter­nal de­mand has led to an in­crease in ex­ports dur­ing the past six months, while the in­creas­ing im­port vol­ume and price of ma­jor bulk com­modi­ties in­clud­ing iron ore, crude oil and nat­u­ral gas also con­trib­uted to the boost, ac­cord­ing to the ad­min­is­tra­tion.

Dur­ing the first six months, im­ports of iron ore, crude oil, soy­bean and nat­u­ral gas hit 539 mil­lion tons, 212 mil­lion tons, 44.81 mil­lion tons and 31.09 mil­lion met­ric tons, which in­creased 9.3 per­cent, 13.8 per­cent, 14.2 per­cent and 15.9 per­cent re­spec­tively.

Im­ports of crude oil and cop­per reached 15.03 mil­lion tons and 2.23 mil­lion tons, a re­spec­tive in­crease of 2.8 per­cent and 18.4 per­cent, and China’s im­port prices have wit­nessed an over­all growth of 12.7 per­cent, said the ad­min­is­tra­tion.

Huang said the ris­ing im­port-and-ex­port pro­por­tion of pri­vate busi­nesses will en­sure trade prospects re­main sta­ble dur­ing the next six months.

Im­ports and ex­ports of pri­vate en­ter­prises grew by 20.6 per­cent to 5.02 tril­lion yuan, ac­count­ing for 38.2 per­cent of the to­tal na­tional fig­ure, 0.3 per­cent higher than in the pre­vi­ous year.

Ex­ports by pri­vate busi­nesses in­creased 17.8 per­cent to 3.37 tril­lion yuan, 46.7 per­cent of the to­tal ex­port value, ac­cord­ing to the ad­min­is­tra­tion.

While im­ports and ex­ports to tra­di­tional mar­kets wit­nessed a full re­cov­ery, those to economies par­tic­i­pat­ing in the Belt and Road Ini­tia­tive have also reg­is­tered growth.

In the past six months, China’s trade with the Euro­pean Union, the United States and ASEAN mem­bers in­creased by 17.4 per­cent, 21.3 per­cent and 21.9 per­cent re­spec­tively, al­to­gether ac­count­ing for 41.4 per­cent of China’s to­tal im­port and ex­port value.

Over the same pe­riod, im­ports and ex­ports to Rus­sia, Pakistan, Poland and Kaza­khstan in­creased by 33.1 per­cent, 14.5 per­cent, 24.6 per­cent and 46.8 per­cent re­spec­tively, ac­cord­ing to fig­ures from the ad­min­is­tra­tion.

tril­lion yuan

China’s ex­ports in the first six months of this year

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