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The Foreign Trade Performance of The First Half Year

Date: 2015-07-27 10:54:56 Hist: 168

 

According to the Customs statistics, China’s total import and export in the first half of 2015 reached 11.5 trillion yuan, down 6.9% year on year (the same as below). Among them, the export was 6.57 trillion yuan, up 0.9%, and import 4.96 trillion yuan, down 15.5%. The trade surplus was 1.61 trillion yuan, up 1.5 times. In terms of the U.S. dollar, the total import and export reached US$ 1.8808 trillion, down 6.9%, among which, the export was US$ 1.0720 trillion, up 1%, and the import US$ 808.8 billion, down 15.5%. The trade surplus was US$ 263.2 billion, up 1.5 times. The main characteristics of the foreign trade in the first half year were as follows:

 

1. The export decrease slowed down, and the import was affected largely by the price fall. In the first half year, China’s export growth decreased, and witnessed a consecutive negative growth from March to May. But the decrease was slowing down monthly, and transformed to a positive growth in June with a growth rate of 2.1%. Internationally, China’s export was better than that of the major economic entities, and the share in the international market was enhanced obviously. The import continued to slide down. The average price of the import commodities in the first half year was down 10.9%, dragging the import growth down 10.3 percentage points, but the decrease of the import has slowed down obviously in June.

 

2. China-US trade enjoyed a rapid growth, and the export to “One Belt and One Road” countries increased. Driven by the steady and good economy of the American economy, with the U.S, China’s import and export were up 4%. Among that, the export was up 9.3%, driving the overall export up 1.5 percentage points. With regard to Japan and the EU, the import and export were down 10.6% and 6.8% respectively. The market exploiting gained new achievements, and the export to the countries alongside “One Belt and One Road” and FTA partners (Hong Kong, Macao and Taiwan excluded) was up 0.4 and 1.2 percentage points respectively. Import from resources abundant countries like South Africa, Australia, Brazil and Russia was down 41.6%, 28..9%, 26.1% and 23.9% respectively, dragging the overall import growth down 3.7 percentage points. 

 

3. The dominant position of the general trade was further consolidated, and the processing trade continued the negative growth. Import and export of the general trade reached 6.3774 trillion yuan, down 6.3%, and accounting for 55.1% of the total import and export, up 0.3 percentage points year on year with a two-year consecutive increase. Among that, the export of general trade was up 6.3%, driving the total export up 3.3 percentage points. The import and export of the processing trade reached 3.5757 trillion yuan, down 8.6% with a negative growth for four consecutive months. The import and export of the other trade reached 1.5785 trillion yuan, down 5.3%. 

 

4. Export of mechanical and electrical products was better than that of the labor-intensive products, and import volume of bulk commodities increased but the price fell. The export of mechanical and electrical products reached 3.7827 trillion yuan, up 3%, driving the total export up 1.7 percentage points and accounting for 57.6% of the total export, up 1.2 percentage points year on year. The export of seven kinds of labor intensive products reached 1.3404 trillion yuan, up 0.7%. The import volume of part of bulk commodities remained a growth, but the price fell largely. Among that, the import volume of copper ore, liquefied petroleum gas, crude oil, refined oil and soybean was up 11.6%, 10.4%, 7.5%, 3.3% and 2.8% respectively, and the import price was down 14.9%, 24.5%, 45.8%, 37.5% and 24.1% respectively. The price fall of the five commodities dragged the total import down 7.6 percentage points. 

 

5. The private enterprises led the growth of export, while the state-owned and foreign invested enterprises were still low. The import and export of private enterprises reached 4.1406 trillion yuan, down 5.8%. Among that, the export was up 6.8%, driving the national export up 2.8 percentage points. The import and export of the state-owned enterprises reached 1.9709 trillion yuan, and that of the foreign invested enterprises reached 5.4201 trillion yuan, down 14% and 4.8% respectively. 

 

6.Regional development tends to be more coordinate, central and western China’s pulling role in export gets strengthened. The import and export of central China registered RMB850.1 billion, going up 0.3% . The export of western China totaled RMB871.5 billion, going down 6.2%. The speeds of central China and western China are higher than that of eastern China by 7.8% and 1.3% respectively. .The combined import and export of central and western China take up 14.9% of the national total with 0.5 percentage point higher year on year. The export of central and western China grew up 7.3% and 3.5% respectively, with contribution rate of 59.5% and 34.5% respectively to the growth of national export. The import and export of eastern China totaled RMB9.81 trillion, down 7.5% year on year, with export going up 0.1% and import going down 15.6%.