China’s imports and exports continue to grow

Recently, despite the impact of the global economic slowdown, weakening demand in Europe and the United States and other factors, China’s import and export trade still maintained a strong resilience. Since the beginning of this year, China’s main coastal ports have added more than 100 new foreign trade routes. In the first 10 months of this year, more than 140,000 China-Europe freight trains were launched. From January to October this year, China’s imports and exports to countries along the Belt and Road increased by 20.9 percent year-on-year, and imports and exports to RCEP members increased by 8.4 percent. These are all examples of China’s high-level opening-up. Experts say that among countries that have released trade data so far, China’s contribution to the world’s total exports ranks first.


Since the beginning of this year, in the face of slowing international demand and the spread of COVID-19, China’s export has shown strong resilience, and its contribution to the world’s export remains the largest. In November, “charter flights to sea” has become a new way to help foreign trade enterprises take the initiative to expand the international market. In Shenzhen, more than 20 foreign trade enterprises chartered flights from Shekou to Hong Kong Airport to Europe, Southeast Asia and other places to seek business opportunities and increase orders.

Since the beginning of this year, Chinese foreign trade enterprises have actively expanded the market. From January to October, China’s export reached 19.71 trillion yuan, up by 13%. The export market has become more diversified. China’s exports to countries along the Belt and Road increased by 21.4 percent and to ASEAN by 22.7 percent. The export scale of mechanical and electrical products increased significantly. Among them, auto exports increased by more than 50 percent. Moreover, China’s open platforms, such as pilot free trade zones and comprehensive bonded areas, are also unleashing new growth drivers for high-quality foreign trade.

At Lianyungang port in Jiangsu province, used cars from a company in Nanjing’s Jiangbei New Area are being loaded onto a ship for export to the Middle East. Nanjing Area of Jiangsu Pilot Free Trade Zone and Jinling Customs jointly tailored an integrated customs clearance program for automobile export enterprises. Enterprises only need to complete the declaration at the local customs to transport vehicles to the nearest port for release. The whole process takes less than one day.

In Hubei province, Xiangyang Comprehensive Free Trade Zone has been officially closed for operation. Enterprises in the zone not only do not have to pay VAT in full, but also enjoy export tax rebates and greatly reduce transportation costs. In the first 10 months of this year, China’s import and export volume, imports and exports all hit record highs for the same period, driven by a series of high-level opening-up policies. The trade structure continued to improve, with general trade accounting for 63.8 percent, 2.1 percentage points higher than the same period last year. The surplus of trade in goods reached US $727.7 billion, up 43.8% year on year. Foreign trade has further strengthened its support for China’s economic growth.

The development of foreign trade cannot do without the support of shipping. Since this year, China’s main coastal ports have added more than 100 new foreign trade routes. Major coastal ports actively open up new foreign trade routes, improve the level of shipping capacity, and weave more dense foreign trade routes also provide a strong boost for the stable growth of foreign trade. In November, Xiamen Port ushered in the 19th and 20th new international container liner routes this year. Among them, the 19th newly added route is direct to Surabaya port and Jakarta Port in Indonesia. The fastest flight only takes 9 days, which will effectively facilitate the import and export of goods from Xiamen Port to Indonesia. Another new route covers countries such as Vietnam, Thailand, Singapore, Malaysia and Brazil.

The data of the first 10 months of this year reflect some new characteristics of China’s foreign trade. China has a complete industrial supporting system, strong foreign trade resilience, close economic and trade cooperation with emerging markets, and fast growth in scale. The new advantage products of Chinese international competition increased sharply.


Post time: Nov-21-2022