China's Foreign Trade Volume Reached A Record High In 2018

- Jan 14, 2019-

SMM News: On Monday, January 14, the China Customs Administration released data showing that in 20 US dollars, China's foreign trade import and export value in 2018 was 4.62 trillion US dollars, an increase of 12.6%, a record high; among them, exports of 2.48 trillion The US dollar grew 9.9%, and the export growth rate reached a new high since 2011. Imports reached 2.14 trillion US dollars, up 15.8%, surpassing 2 trillion US dollars for the first time; trade surplus was 351.76 billion US dollars, narrowing 16.2%, the lowest since 2013.

In terms of Renminbi, China's total import and export value in 2018 was 30.51 trillion yuan, an increase of 9.7% over 2017. Among them, exports increased by 7.1% year-on-year, and imports increased by 12.9% year-on-year. The annual trade surplus was 2.33 trillion yuan, narrowing by 18.3%.

In terms of Sino-US trade, China’s exports to the United States in 2018 were US$478.4 billion, a year-on-year increase of 11.3%. Li Kuiwen, spokesperson of the General Administration of Customs and director of the Department of Statistical Analysis, said that the import and export data in 2018 has the following characteristics:

First, the annual total value of imports and exports has reached a new level. In 2005, the total value of China's foreign trade import and export exceeded 10 trillion yuan for the first time; in 2010, it exceeded 20 trillion yuan; in 2018, it reached a new high of more than 30 trillion yuan, 2.7 trillion more than the historical high in 2017. .

Second, the import and export of general trade grew rapidly, and the proportion increased. In 2018, China's general trade import and export was 17.64 trillion yuan, an increase of 12.5%, accounting for 57.8% of China's total import and export value, an increase of 1.4 percentage points over 2017, and the trade structure was optimized.

Third, the import and export of major trading partners increased in an all-round way, and the import and export of countries along the “Belt and Road” increased well. In 2018, China's import and export of the top three trading partners EU, the United States and ASEAN increased by 7.9%, 5.7% and 11.2% respectively, which together accounted for 41.2% of China's total import and export value. In the same period, China's total import and export of countries along the “Belt and Road” level was 8.37 trillion yuan, an increase of 13.3%, which was 3.6 percentage points higher than the national overall growth rate. The potential of trade cooperation between China and the countries along the “Belt and Road” is continuously released and has become a driving force. The new impetus for China's foreign trade development. Among them, imports and exports to Russia, Saudi Arabia and Greece increased by 24%, 23.2% and 33% respectively.

Fourth, the import and export growth of private enterprises has increased. In 2018, the import and export of private enterprises in China was 12.1 trillion yuan, an increase of 12.9%, accounting for 39.7% of China's total import and export value, an increase of 1.1 percentage points over 2017. Among them, the export was 7.87 trillion yuan, an increase of 10.4%, accounting for 48% of the total export value, the proportion increased by 1.4 percentage points, and continued to maintain the status of the largest export entity; imports 4.23 trillion yuan, an increase of 18.1%. In 2018, the contribution of private enterprises in China to the growth of foreign trade import and export exceeded 50%, which became a highlight of China's foreign trade development. In the same period, the import and export of foreign-invested enterprises was 12.99 trillion yuan, an increase of 4.3%, accounting for 42.6%; the import and export of state-owned enterprises was 5.3 trillion yuan, an increase of 16.8%, accounting for 17.4%.

Fifth, the growth rate of imports and exports in the central and western regions and the northeast region is higher than the overall growth rate of the country, and regional development is more coordinated. In 2018, the growth rate of foreign trade in the 12 provinces and cities in the west was 16.1%, exceeding the national growth rate by 6.4 percentage points; the growth rate of foreign trade in the six provinces and cities in the central region was 11.4%, exceeding the national growth rate by 1.7 percentage points; the growth rate of foreign trade in the three northeastern provinces was 14.8%. More than the national growth rate of 5.1 percentage points; the eastern 10 provinces and cities foreign trade growth rate of 8.8%.

Sixth, the proportion of exports of mechanical and electrical products increased, and the structure of export commodities continued to optimize. In 2018, China's exports of mechanical and electrical products reached 9.65 trillion yuan, an increase of 7.9%, accounting for 58.8% of China's total export value, an increase of 0.4 percentage points over 2017. Among them, automobile exports increased by 8.3%, and mobile phone exports increased by 9.8%. In the same period, the seven categories of labor-intensive products such as clothing and toys exported a total of 3.12 trillion yuan, an increase of 1.2%, accounting for 19% of the total value of exports.

Seventh, the import volume of bulk commodities such as crude oil, natural gas and copper increased, and iron ore and soybean imports decreased. In 2018, China imported 462 million tons of crude oil, an increase of 10.1%; natural gas 90.39 million tons, an increase of 31.9%; refined oil of 33.48 million tons, an increase of 13%; copper 5.3 million tons, an increase of 12.9%. In addition, imported iron ore 1.064 billion tons, a decrease of 1%; soybeans 88.03 million tons, a decrease of 7.9%. According to preliminary calculations, China's import prices rose by 6.1% in the whole year. Among them, crude oil rose 30%, refined oil rose 20%, natural gas rose 22.9%, and copper rose 3.2%.