Although there is another wave of overseas epidemics, with the advent of the Christmas demand season, the steady recovery of China’s economy and the return of international manufacturing to China, the export growth rate in November refreshed the highest value in three years!
According to the latest data released by the General Administration of Customs on December 7, in terms of U.S. dollars, exports in November increased by 21.1% year-on-year, the highest growth rate since February 2018!
The detailed data is like this:
According to customs statistics, in the first 11 months of this year, my country’s total import and export value of goods trade was 29.04 trillion yuan, an increase of 1.8% over the same period last year (the same below). Among them, exports were 16.13 trillion yuan, an increase of 3.7%. In terms of U.S. dollars, my country’s total import and export value was 4.17 trillion U.S. dollars in the first 11 months, an increase of 0.6%. Among them, exports were 2.31 trillion US dollars, an increase of 2.5%.
In November, my country’s foreign trade imports and exports reached 3.09 trillion yuan, an increase of 7.8%. Among them, exports were 1.8 trillion yuan, an increase of 14.9%. In terms of US dollars, my country’s foreign trade imports and exports in November amounted to US$460.72 billion, an increase of 13.6%. Among them, exports were 268.07 billion US dollars, an increase of 21.1%.
1. The market
In the first 11 months, ASEAN was China’s largest trading partner, and China’s exports to ASEAN were 2.37 trillion yuan, an increase of 7%.
NO.2 European Union
The European Union is our second largest trading partner, and our exports to the European Union are 2.45 trillion yuan, an increase of 7%.
NO.3 United States
The United States is my third largest trading partner, and my exports to the United States are 2.82 trillion yuan, an increase of 6.9%.
Japan is my fourth largest trading partner, and my export to Japan is 90.43 billion yuan, basically the same as the same period last year.
NO.5 South Korea
South Korea is China’s fifth largest trading partner, with exports to South Korea 705.33 billion yuan, an increase of 1.6%.
Exports of mechanical and electrical products, textiles, and plastic products increased, while exports of clothing, footwear, luggage, etc. declined.
Details are as follows:
In the first 11 months, my country exported 9.57 trillion yuan in mechanical and electrical products, an increase of 5.4%, accounting for 59.3% of the total export value.
Among them, the export of automatic data processing equipment and its parts was 1.31 trillion yuan, an increase of 10.7%;
Mobile phones were 770.67 billion yuan, down 0.7%;
Automobiles (including chassis) 97.54 billion yuan, down 3.7%.
During the same period, exports of textiles, including masks, were 989.23 billion yuan, an increase of 33%;
Clothing was 861.07 billion yuan, down 6.2%;
Plastic products 527.78 billion yuan, an increase of 20.1%;
Furniture was 365.07 billion yuan, an increase of 11.2%;
Footwear was 218.94 billion yuan, down 21.3%;
Toys amounted to 210.48 billion yuan, an increase of 6.8%;
Luggage and bags were 127.95 billion yuan, down 23.8%.
In addition, exports of refined oil products were 55.932 million tons, a decrease of 6.9%; steel products were 48.826 million tons, a decrease of 18.1%.
3. Future Outlook
According to the November China Purchasing Managers Index released by the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing, in November, China’s Manufacturing Purchasing Managers Index (PMI) was 52.1%, an increase of 0.7 percentage points from October, 9 consecutively. The month is above the critical point. Among them, the new export order index and import index in November were 51.5% and 50.9%, which were 0.5 percentage points and 0.1 percentage points higher than in October, respectively.
By the end of the year, we also saw more signs of positive foreign trade.
The first is the signing of RCEP. This is currently the free trade agreement with the largest population, the largest economic aggregate, and the largest trade volume in the world. In terms of trade in goods, the 15 parties have adopted bilateral bidding arrangements for the liberalization of trade in goods. After the agreement takes effect, more than 90% of the goods trade in the region will eventually achieve zero tariffs, and the tax will be reduced to zero sum immediately Tax reduction to zero within 10 years will enable the RCEP Free Trade Zone to fulfill all its commitments to liberalize trade in goods in a relatively short period of time.
Today, ASEAN has surpassed the United States and the European Union to become China’s largest trading partner. With the implementation of RCEP, bilateral economic and trade ties will become closer, and the industrial chain will gradually merge, bringing more opportunities for Chinese manufacturing. We will wait and see how much RCEP will bring to foreign trade next year.
Secondly, the government has paid attention to the pain points of soaring ocean freight rates and hard-to-find cabinets that everyone has been paying attention to recently. On December 3, Gao Feng, a spokesperson for the Ministry of Commerce, said that he supports the acceleration of container return shipments, improves operational efficiency, supports container manufacturers to expand production capacity, and at the same time strengthens market supervision, strives to stabilize market prices, and provides a powerful force for the stable development of foreign trade. Logistics support.
In addition, in order to help foreign trade companies ease the pressure on export costs, on November 3, the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation jointly issued an announcement, promulgating the tax regulations for exporting and returning goods due to the new crown pneumonia epidemic. For goods declared for export from January 1, 2020 to December 31, 2020, due to the force majeure of the new crown pneumonia epidemic, goods that are re-transported into the country within one year from the date of export will not be levied import duties and import value-added taxes , Consumption tax; if export duties have been levied at the time of export, export duties shall be refunded. To a certain extent, this has also reduced some of the losses of export enterprises.
Finally, due to the recent accelerated spread of foreign epidemics, on December 3, the General Administration of Customs issued the “Announcement on the No longer subject to export commodity inspection for certain medical supplies”. Starting from December 3, 14 10-digit products including “9025199010” The medical supplies under the serial number are no longer subject to export commodity inspection. The categories involved include infrared thermometers, medical surgical caps, medical goggles, medical gloves, medical shoe covers, patient monitors, medical disinfection towels, and medical disinfectants. Friends who export epidemic prevention materials, it seems that there is still a wave of market!