The General Administration of Customs released the latest foreign trade data on May 9. In the first four months of this year, my country’s total foreign trade import and export value was 13.32 trillion yuan, a year-on-year increase of 5.8%, of which exports were 7.67 trillion yuan, a year-on-year increase of 10.6%.
In April this year, my country’s imports and exports were 3.43 trillion yuan, an increase of 8.9%, of which exports were 2.02 trillion yuan, an increase of 16.8%.
At this point, China’s exports have maintained growth for the second consecutive month after ending the continuous negative growth since October last year in March.
Highlight! Significant changes have occurred in the export market
In the first four months, ASEAN was China’s largest trading partner. The total trade value between China and ASEAN was 2.09 trillion yuan, an increase of 13.9%, accounting for 15.7% of China’s total foreign trade value. Among them, exports to ASEAN were 1.27 trillion yuan, an increase of 13.9%. 24.1%. It is worth noting that in April, my country’s exports to ASEAN were 4.5% year-on-year, a drop of 30.9 percentage points from March. As my country’s largest export-supported economy, we need to be wary of the weakening trend that may continue in the future;
The EU is my second largest trading partner. The total trade value between China and the EU was 1.8 trillion yuan, an increase of 4.2%, accounting for 13.5%. Among them, exports to the EU were 1.17 trillion yuan, an increase of 3.2%;
The United States is my third largest trading partner. The total trade value between China and the United States was 1.5 trillion yuan, down 4.2%, accounting for 11.2%. Among them, exports to the United States were 1.09 trillion yuan, down 7.5%. April was the ninth consecutive month. Negative month-on-month growth;
Japan is China’s fourth largest trading partner. The total trade value between China and Japan was 731.66 billion yuan, a decrease of 2.6%, accounting for 5.5%. Among them, exports to Japan were 375.24 billion yuan, an increase of 8.7%. In addition, China’s exports to Russia surged 153.1% year-on-year in April, recording triple-digit growth for two consecutive months.
The outlet! Exports of popular products are growing at an alarming rate
At present, the “three new hot products” exported by my country are automobiles, lithium batteries, and solar cells, and the growth rate is quite alarming.
In terms of export products in April, the export growth rate of labor-intensive products fell the most. The growth rate of textiles, clothing, shoes, hats and bags fell to 12%, and the growth rate of toys fell to -1%. The growth rates fell by 14 and 32 percentage points respectively. .
The growth rate of automobile exports rebounded sharply to 83%, general machinery and equipment rebounded to 21%, and the decline of mobile phone, computer, audio and video equipment narrowed to -14%, and the growth rates rebounded by 24, 8 and 11 percentage points respectively.
Extension: Vietnam’s exports plummeted, with more difficulties than opportunities
At the same time, the latest data released by the National Bureau of Statistics of Vietnam showed that Vietnam’s exports in April fell by 17.1% year-on-year to US$27.5 billion; imports fell by 20.5% year-on-year to US$26 billion. Exports from January to April fell by 11.8% year-on-year to US$108.6 billion; imports fell by 15.4% year-on-year to US$102.2 billion.
The latest S&P Global report shows that Vietnam’s manufacturing purchasing managers index (PMI) reached only 46.7 points in April 2023, lower than 47.7 points in March 2023. This is the second consecutive month that Vietnam’s manufacturing PMI has fallen below 50 points, reflecting a contraction in manufacturing activity. The data showed business conditions fell for the fifth time in the past six months, the biggest drop since the start of the year.
Companies surveyed by S&P Global said it was difficult to find new orders amid weak demand. However, the S&P Global report shows that business sentiment is optimistic, and it is expected that the current weak demand conditions will be temporary and a recovery will occur next year. Still, business optimism remains at its lowest level this year.
Vietnamese Prime Minister Pham Minh Zheng publicly stated that Vietnam is affected by the deterioration of the global economy and faces more difficulties than opportunities.
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