The total value of imports and exports in 2023 reached 41.76 trillion yuan-
China’s trade in goods is expected to remain the world’s first
The total value of imports and exports is 41.76 trillion yuan, an increase of 0.2% year-on-year-On January 12, the General Administration of Customs of China released the import and export data for the whole year of 2023. The data shows that in 2023, China’s import and export scale will increase steadily and the quality of development will be improved. Wang Lingjun, deputy director of the General Administration of Customs, said at a press conference held by the State Council Information Office on the same day that China’s comprehensive foreign trade competitive advantages are still outstanding, and it has the confidence, ability, conditions and confidence to promote the continued positive development of foreign trade this year.
Imports and exports grew overall, better than expected
In 2023, China’s exports of goods trade were 23.77 trillion yuan, an increase of 0.6%; imports were 17.99 trillion yuan, a decrease of 0.3%. How do you view this report card?
“The import and export of goods trade is better than expected and has achieved the goal of stabilizing and improving quality.” Wang Lingjun said.
Let’s look at exports first. The growth rate of exports has slowed down compared with previous years. “But we should see that exports have hit a new high on a high base, not only achieving a reasonable growth in quantity, but also maintaining the overall stability of the share, and achieving effective improvement in quality in terms of growth momentum and regional pattern, demonstrating strong resilience and comprehensive competitiveness.” said Lv Daliang, spokesman of the General Administration of Customs and director of the Statistics and Analysis Department.
According to the latest WTO data, it is expected that China’s export share of the international market will remain at a high level of about 14% in 2023. “Market share is a direct reflection of market competitiveness. In 2023, our share remained stable, our ‘cake’ did not become smaller, and our overall competitiveness remained solid.” said Lv Dalia
Look at imports again. The import value is determined by both import quantity and import price. In 2023, China’s import value fell slightly. In detail, the import price fell by 3.1% and the import quantity increased by 2.9%. “That is to say, the decline in import value in 2023 was affected by the downward trend in commodity price levels. my country’s import quantity still increased, which also reflects the continued recovery of my country’s production and strong consumer demand.” said Lv Daliang.
In 2023, China will import more than 5 trillion yuan of bulk commodities, nearly 3 trillion yuan of electronic components and nearly 2 trillion yuan of consumer goods, providing broad market space and cooperation opportunities for companies from all over the world.
Wang Lingjun said that in the field of foreign trade, imports and exports have maintained overall growth and continued to play a supporting role in the economy. China is expected to maintain its position as the world’s largest country in goods trade for seven consecutive years.
According to the timeline of the whole year, China’s imports and exports are clearly on the rise.
“The scale of imports and exports has risen quarter by quarter, and one quarter is stronger than the other.” Wang Lingjun introduced that the scale of imports and exports in the first quarter of 2023 was 9.69 trillion yuan, and the second, third and fourth quarters were all above 10 trillion yuan. In the fourth quarter, it was stronger every month, with year-on-year growth of 0.8%, 1.3% and 2.8% respectively, reaching 3.81 trillion yuan in December, setting a new monthly scale record.
At the same time, the quality of foreign trade development continues to improve, showing outstanding characteristics in terms of business entities and export products.
Business entities are full of vitality, and the main role of private enterprises has been enhanced. In 2023, China’s foreign trade entities with import and export performance reached 645,000, a record high. Among them, 556,000 private enterprises, with a total import and export of 22.36 trillion yuan, an increase of 6.3%, accounting for 53.5% of the total import and export value, an increase of 3.1 percentage points.
Product competitive advantages are stable, and export momentum is rich and active. In 2023, China exported 13.92 trillion yuan of mechanical and electrical products, an increase of 2.9%, accounting for 58.6% of the total export value. Among mechanical and electrical products, the “new three”, namely electric passenger cars, lithium-ion batteries and solar cell products, had a total export of 1.06 trillion yuan, breaking the trillion yuan mark for the first time, an increase of 29.9%.
“Overall, China’s foreign trade experienced a baptism of wind and rain last year, with a steady increase in import and export scale and an improvement in development quality. The achievements were hard-won.” Wang Lingjun said.
The number of free trade pilot zones has expanded to 22, with a total import and export of 7.67 trillion yuan, accounting for 18.4% of the total import and export value; the construction of Hainan Free Trade Port has been deepened, and annual import and export have maintained double-digit growth for three consecutive years; cross-border e-commerce import and export reached 2.38 trillion yuan, an increase of 15.6%… With the steady progress of high-level opening, new platforms and new formats have developed well, becoming another bright spot in the import and export data in 2023.
The dividends of foreign trade stabilization policies continue to be released. In 2023, various regions have come up with many hard and practical measures to promote the stable scale and excellent structure of foreign trade. “Various policies have been implemented and effective, and the dividends have continued to be released, which has effectively stabilized the basic foreign trade and stimulated new momentum.” Wang Lingjun said.
Why can China’s foreign trade “break through the waves” and maintain growth?
China’s advantages in super-large-scale market and strong production capacity continue to emerge. China is the world’s most promising large market, and its manufacturing scale ranks first in the world. In 2023, China exported 23.51 trillion yuan of manufacturing products, ranging from “power banks” to electric cars. Made in China has won many foreign consumers.
The hard work of foreign trade operators is equally valuable. “In response to changes in international demand, the majority of foreign trade operators have risen to the challenge, forged ahead, actively expanded markets, grabbed orders, and continuously opened up new development space.” Wang Lingjun said.
Looking forward to 2024, external demand will remain sluggish. Many international organizations predict that the overall growth of the world economy and trade this year will not be as good as before the epidemic. But China’s foreign trade advantages are still there. Recently, the General Administration of Customs’ survey results on key import and export enterprises showed that more than 3/4 of the enterprises expect imports and exports to remain the same or increase this year.
“China’s comprehensive foreign trade competitive advantages remain outstanding, new foreign trade momentum is gathering faster, and there are more favorable conditions for the development of foreign trade than unfavorable factors.” Wang Lingjun said, “We have the confidence, ability, conditions and confidence to promote the continued positive development of foreign trade this year.”
