China’s Imports & Exports Grew 4.7% in the First Five Months

According to GACC, from January to May of this year, China’s total import and export value was 16.77 trillion yuan, a year-on-year increase of 4.7%. Among them, exports were 9.62 trillion yuan, up by 8.1%; imports reached 7.15 trillion yuan, an increase of 0.5%, and the trade surplus was 2.47 trillion yuan, an increase of 38%.
Mainly Has the Following 4 Features
1.Private Enterprises Exceeds 50%
Statistically, in the first 5 months, private enterprises are still the main force and leader of promoting China’s foreign trade. The import and export of private enterprises reached 8.86 trillion yuan, an increase of 13.1%, accounting for 52.8% of China’s total foreign trade.
2.Exports of Mechanical & Electrical Products and Labor-Intensive Products Increased
In the first 5 months, electrical products and labour-intensive products maintained a good growth trend, with an increase of 9.5% and 5.4% respectively. Relying on product quality and technical support, as well as a good business environment, China is becoming more and more attractive to the international market.
3.Growth in Imports and Exports to ASEAN and EU
Since the implementation of RCEP, China’s trading partners have become more diverse. From January to May, China’s import and export to ASEAN and the EU, its major trading partners, increased by 9.9% and 3.6% respectively, while the one to countries related to the Belt and Road Initiative increased to 5.78 trillion yuan, an increase of 13.2%.
4.The Proportion of General Trade Increased
China’s trade structure has been continuously optimized, and the proportions of general trade, processing trade, and bonded logistics have all increased. Among them, general trade accounted for the largest proportion. The import and export in the first five months reached 11 trillion yuan, an increase of 7%, accounting for 65.6% of China’s total foreign trade value.

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