CUSTOMS: China Jan-Aug foreign trade value dips 0.6%

Posted on 08 September 2020

Over January-August, China’s total foreign trade value dipped 0.6% on year, which narrowed further by 1.1 percentage points from that for the first seven months, but the imports values for both August and the first eight months decreased on year, the latest statistics from the country’s General Administration of Customs on September 7 showed.

In the first eight months, the total trade value approximated Yuan 20 trillion ($2.93 trillion) with about Yuan 11 trillion being exports, up 0.8% on year, and imports value fell 2.3% on year, according to the official data, resulting in a surge of 17.2% on year in China’s trade surplus to about Yuan 2 trillion.

For August alone, the imports value fell 0.5% on year to Yuan 1.23 trillion.

Until August, the ASEAN countries remained China’s top trader partner with the value at about Yuan 2.9 trillion, up 7% on year, or accounting for 14.6% of the total, the same ratio as by July, and the European Union safeguarded its No.2 position with the value up 1.4% on year to Yuan 2.8 trillion or 14% of the total, while the trade with the U.S., the third trad partner, fell 0.4% on year to Yuan 2.4 trillion, or 12.1% of the total, all being in trade surplus, according to the Customs data.

Over January-August, China’s privately-owned enterprises remained the pillars in China’s foreign trade with the total value up 8.5% on year to Yuan 9.2 trillion, which accounted for 45.9% of the total, being 3.9 percentage points higher on year or 0.3 percentage point higher than the first seven months.

In the first eight months, electric and electronic products and machinery were still China’s core exports items, contributing to about Yuan 6.5 trillion or 58.5% of the country’s total exports value, up 2.1% on year.

Of all the key metallurgic, energy, and agricultural products in imports including iron ore, crude oil, coal, natural gas and soybean, all showed the tendency of higher volumes partially due to lower unit prices and better demand in China than elsewhere in the world until August, Mysteel Global noted.

In the first eight months, China’s iron ore imports, for example, grew 11% on year to about 760 million tonnes while the unit price fell 0.2% on year to Yuan 652.4/t, the Customs data showed.

 

Written by Hongmei Li, li.hongmei@mysteel.com

Source : Mysteel Global