Total Import and Export Value in the First Ten Months of this Year Exceed That o

In October, China has an import and export value of USD 221.5 billion (a growth of 17.6%), including an export of USD 128.4 billion (a growth of 19.2%) and an import of USD 93.09 billion (a growth of 15.6% that is 9.7 percentage points down compared with that of the same period last month due to the substantial drop in processing trade imports). This is also the first time for import growth to fall below 20% this year. The trade surplus also hit historic high this month, exceeding USD 30 billion for the first time to reach USD 35.28 billion and registering a substantial growth of 29.9% or USD 8.11 billion compared with that of the same period last year.

China’s imports and exports in the first ten months of the year have the following main characteristics:

I.       Robust growth of general trade with strong growth momentum for imports

In the first ten months of the year, China’s imports and exports through general trade reach USD 1.0584 trillion, registering a growth of 35.1% and accounting for 48.4% of China’s total imports and exports that is 3.8 percentage points up compared with that of the same period last year. The exports through general trade reach USD 557.8 billion, registering a growth of 26.9% that is 4.7 percentage points down and accounting for 46.4% of China’s total imports and exports. The imports through general trade reach USD 500.6 billion, registering a growth of 45.6% that is 19.8 percentage points up. The surplus of general trade reaches USD 57.2 billion which is a net drop of USD 38.52 billion compared with that of the same period last year.

II.     Apparently reduced growth of processing trade and substantially reduced growth of imports

In the first ten months of the year, China’s imports and exports through processing trade reach USD 899.3 billion, registering a growth of 12.9% that is 5.8 percentage points down compared with that of the same period last year and accounting for 41.1% of China’s total imports and exports that is 4.2percentage points down compared with that of the same period last year. The exports through processing trade reach USD 571 billion, registering a growth of 14.8% and accounting for 47.5% of China’s total imports and exports that is 3 percentage points down compared with that of the same period last year. The imports through processing trade reach USD 328.3 billion, registering a growth of 9.9% that is 11.6 percentage points down and accounting for 33.3% of China's total imports and exports that is 5.4 percentage points down. The surplus of processing trade reaches USD 242.6 billion which is a net increase of USD 43.73 billion compared with that of the same period last year.

The aggravation of the global financial crisis and the obvious slowdown of the global economy have substantially reduced the growth of China’s processing trade imports in October although the exports still grow at a stable rate due to the delayed effects thereof. In October, the exports through processing trade reach USD 62.19 billion, registering a growth of 8.6% that is 12.6 percentage points down; the imports through processing trade reach USD 33.69 billion, registering a growth of merely 2.6% that is 15.6 percentage points down substantially compared with that of the same period last year.

III.    Stable growth of imports and exports by foreign-funded enterprises and substantial growth of imports and exports by collective and private enterprises

In the first ten months of this year, foreign-funded enterprises have a total import and export value of USD 1.2055 trillion, registering a growth of 18.9% and accounting for 55.1% of China’s total imports and exports that is 2.5 percentage points down compared with that of the same period last year. Their exports reach USD 668.6 billion, registering a growth of 19.3% and accounting for 55.6% of China’s total exports. Their imports reach USD 536.9 billion, registering a growth of 18.5% and accounting for 54.4% of China’s total imports and exports. In the same period, state-owned enterprises have a total import and export value of USD530.4 billion, registering a growth of 31.8% and accounting for 24.2% of China’s total imports and exports that is 1.4 percentage points up compared with that of the same period last year. Their exports reach USD 218.6 billion, registering a growth of 18.6% and accounting for 18.2% of China’s total exports. Their imports reach USD311.8 billion, registering a growth of 42.9% that is 15.3 percentage points higher than the general growth of total imports and accounting for 31.6% of China’s total imports and exports.

In addition, collective and private enterprises and other types of enterprises have also seen rapid growth of exports. In the first ten months, they have a total import and export value of USD 452.9 billion, registering a growth of 31.9% and accounting for 20.7% of total imports and exports in the same period. The exports and imports amount to USD 315.3 billion and USD 137.6 billion respectively, register a growth of 30.4% and 35.4% respectively.

IV.    Reduced growth of bilateral trade with the US and robust growth of trade with India

In the first ten months, the EU is still the No.1 trade partner and No. 1 export market of China with a bilateral trade value of USD 359.4 billion that grows by 25%, or 11.4% and 7.3% higher than the growth of bilateral trades with the US and Japan respectively. China’s exports to the EU reach USD 246.7 billion, registering a growth of 24.5% and accounting for 20.5% of China’s total exports; China's imports from the EU reach USD 112.7 billion, registering a growth of 26.2%. The trade surplus with the EU reaches USD 134 billion, registering a growth of 23.1%. In the same period, the US still remains the second largest trade partner of China with a bilateral trade value of USD 281.3 billion, registering a growth of 13.6% that is 3.1 percentage points down. China’s exports to the US reach USD 212.8 billion, registering a growth of 11.4% and accounting for 17.7% of China’s total exports; China's imports from the US reach USD 68.56 billion, registering a growth of 21.1%. The trade surplus with the US reaches USD 144.24 billion, registering a growth of 7.3%. Japan still remains the third largest trade partner of China with a bilateral trade value of USD 225.9 billion, registering a growth of 17.7%. China’s exports to Japan reach USD 96.12 billion, registering a growth of 16.2%; China's imports from Japan reach USD 129.7 billion, registering a growth of 18.8%. The trade deficit with Japan reaches USD 33.54 billion, registering a growth of 26.9%.

In addition, India is the ten biggest trade partner of China. In the first ten months of the year, the bilateral trade between China and India reaches USD 45.52 billion, registering a growth of 49.5%. The growth rate of the bilateral trade between China and India is the quickest among all China’s top ten trade partners (see the following table).

V.      Reduced growth of Guangdong’s foreign trade and apparently accelerated growth of Beijing’s imports and exports

In the first ten months, Guangdong has a total import and export value of USD 577.8 billion, registering a growth of 12.6% that is 8.6 percentage points down compared with that of the same period last year and accounting for 26.4% of China’s total imports and exports. It also tops all other provinces and municipalities of China in terms of import and export scale, as against the USD 338 billion and 275.2 billion of Jiangsu and Shanghai respectively that grow by 18.9% and 19.8% respectively. In addition, Beijing’s imports and exports amount to USD 237.3 billion, registering a growth of 54.4% that is 37.1 percentage points up. The foregoing four provinces and municipalities account for 65.3% of China’s total imports and exports in the same period.

VI.    Stable growth of E&M product exports and reduced growth of exports of traditional bulk commodities

In the first ten months, China’s export of E&M products reaches USD 693.14 billion, registering a growth of 23.2% and accounting for 57.7% of China’s total imports and exports that is basically the same as that of the same period last year. Exports of electronic appliances and electronic products reach USD 288.9 billion, or a growth of 21%. Exports of hi-tech products (overlapping with E&M products) reach USD 350.7 billion, or a growth of 19.6%. Exports of traditional bulk commodities show a slowdown trend. Exports of garments and apparel attachments reach USD 98.27 billion, registering a growth of 2.8% that is 20.1 percentage points down. Exports of textiles, yarns, fabrics and their products reach USD 55.42 billion, registering a growth of 20.6% that is 6.1 percentage points up. Exports of shoes reach USD 24.45 billion, registering a growth of 16.3% that remains basically unchanged. Exports of furniture reach USD 21.6 billion, registering a growth of 22.7% that is 4.5 percentage points down. Exports of plastic products reach USD 12.36 billion, registering a growth of 3% that is 6.2 percentage points down. In addition, exports of crude oils reach 3.1 million tons, or a drop of 15.8%. Exports of product oils reach 13.76 million tons, or a drop of 6%. Exports of coals reach 38.28 million tons, or a drop of 11.5%. Exports of steels reach 53.12 million tons, or a drop of 1.2%. Exports of steel billets reach 1.24 million tons, or a drop of 79.8%.

VII.  Considerably increased share of crude product imports and substantial growth of mean import prices of main products

In the first ten months, China’s imports of crude products reach USD 322.3 billion, registering a growth of 66.3% and accounting for 32.7% of China’s total import value in the same period that is 7.9 percentage points compared with that of the same period last year. Imports of iron ores reach 380 million tons and mean import price is USD 141.4/t, registering a growth of 20.2% and 74% respectively. Imports of crude oils reach 150 million tons and mean import price is USD 772.4/t, registering a growth of 1.6% and 66.3% respectively. Imports of product oils reach 33.28 million tons and mean import price is USD 837.1/t, registering a growth of 14.8% and 84.8% respectively. Imports of coals reach 35.92 million tons and mean import price is USD 83.7/t, registering a growth of 15.2% and 80.7% respectively. Imports of soybeans reach 30.82 million tons and mean import price is USD 607.8/t, registering a growth of 25.6% and 75.1% respectively. In the same period, China’s imports of industrial products reach USD 664.1 billion, registering a growth of 14.7% and accounting for 67.3% of China’s total imports in the same period. Imports of E&M products reach USD 462.6 billion, or a growth of 14.7%. Imports of chemical and related products reach USD 104.8 billion, or a growth of 18.9%. Imports of automobiles reach 340,000 units, or a growth of 39.7%. Imports of steels reach 13.47 million tons, or a drop of 5%.