China's Foreign Trade Growth in 2023: Key Data

Data recently released by the General Administration of Customs shows that in the first five months of this year,Chinastotal value reached 16.77 trillion yuan,a year - on - year increase of 4.7%.Among them,exports were 9.62 trillion yuan,an increase of 8.1%; imports were 7.15 trillion yuan,an increase of 0.5%; and the trade surplus was 2.47 trillion yuan,an expansion of 38%.

Denominated in US dollars,in the first five months of this year,Chinas total value of imports and exports was 2.44 trillion US dollars,a decrease of 2.8%.Among them,exports were 1.4 trillion US dollars,an increase of 0.3%; imports were 1.04 trillion US dollars,a decrease of 6.7%; and the trade surplus was 359.48 billion US dollars,an expansion of 27.8%.

In May this year,Chinas total value of imports and exports was 3.45 trillion yuan,a year - on - year increase of 0.5%.Among them,exports were 1.95 trillion yuan,a decrease of 0.8%; imports were 1.5 trillion yuan,an increase of 2.3%; and the trade surplus was 452.33 billion yuan,a narrowing of 9.7%.

In the first five months,Chinas imports and exports with ASEAN and the EU increased,while those with the US and Japan decreased.ASEAN was Chinas largest trading partner,with a total trade value of 2.59 trillion yuan,an increase of 9.9%.The EU was Chinas second - largest trading partner,with a total trade value of 2.28 trillion yuan,an increase of 3.6%.The US was Chinas third - largest trading partner,with a total trade value of 1.89 trillion yuan,a decrease of 5.5%.Japan was Chinas fourth - largest trading partner,with a total trade value of 902.66 billion yuan,a decrease of 3.5%.

In the first five months,China exported 5.57 trillion yuan worth of mechanical and electrical products,an increase of 9.5%,accounting for 57.9% of the total export value.Among them,the export of automobiles was 266.78 billion yuan,an increase of 124.1%.Experts said that favorable policies,coupled with the strong development momentum of Chineseautomobiles and the continuous growth of exports to foreign countries,will drive the export of Chinese automobiles.It is expected that the export of Chinese automobiles will still maintain a good growth trend in the future.

In the first five months,the imports and exports of private enterprises were 8.86 trillion yuan,an increase of 13.1%,accounting for 52.8% of Chinastotal value,an increase of 3.9 percentage points compared with the same period last year.Among them,exports were 6.09 trillion yuan,an increase of 16.2%; imports were 2.77 trillion yuan,an increase of 6.8%.

Many institutions believe that the high base and the decline in the peak of export demand have dragged down the year - on - year growth rate of domestic exports in May.The research department said that the significant decline in the export growth rate is mainly because the export growth rate naturally declined after the release of the backlog of export demand in March ended.Currently,overseas developed economies such as the US are still in the inventory - de - stocking stage,which has dragged down domestic exports to a certain extent.

CITIC Securities Research Department stated that emerging countries such as those in the "Belt and Road" initiative have begun to increasingly support China’s exports.The chief economist of Zheshang Securities noted that the economic development of emerging market countries and the global expansion of "Made in China" are bolstering exports.Emerging market countries also represent a significant new growth driver for China’s exports,particularly in "Belt and Road" nations and the ASEAN region.