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Original title: China’s trade surplus in November reached a record high, becoming the EU’s largest trading partner
Our reporter Ni Hao Our correspondent in Germany Aoki
In November, China’s imports and exports posted positive growth for six consecutive months, and export momentum was particularly strong. According to Reuters analysis on Dec. 7, China took the lead in repairing the supply side and overlapping the traditional peak in demand for overseas holidays, pushing China’s exports in November to a high of almost three years, and the trade surplus expanded to a record high. “China has seen an amazing export boom!” German “Le Monde” said on the 7th that strong export growth that exceeded expectations has brought more momentum, and China’s economic outlook has shown a trend development increasingly optimistic.
November exports increased 21.1% year-on-year
According to data released by China Customs on December 7, the country’s total import and export value in November was $ 460.72 billion, an increase of 13.6%. Among them, exports were 268.07 billion US dollars, an increase of 21.1%. Since June, China’s imports and exports have achieved positive growth for six consecutive months, and international market share has increased further. Li Kuiwen, Director of the Department of Statistics and Analysis of the General Administration of Customs of China, declared on the 7th that the effective prevention and control of the epidemic and China’s economic and social development have enabled China to achieve positive growth in imports and exports for six consecutive months. However, he also noted that the current external environment is complex and severe, China’s foreign trade still faces many uncertainties, and sustained and stable growth requires hard work.
According to Bloomberg statistics, China’s exports in November had the highest value added since February 2018. China’s trade surplus that month was $ 75.4 billion, at least the highest level recorded since 1990. The two data from the China’s foreign trade clearly outperformed Bloomberg’s previous expected growth. The State Administration of Foreign Exchange of China released the latest foreign exchange reserve data on the same day. At the end of November, China’s foreign exchange reserves were 3.1785 billion dollars, an increase of 1.61% from the end of October.
In the first 11 months of this year, China’s total import and export value was $ 4.17 trillion, an increase of 0.6% year-on-year. Among them, exports were US $ 2.31 trillion, an increase of 2.5%. The trade surplus reached US $ 459.92 billion, an increase of 23% year-on-year, which exceeded the total value of US $ 421.5 billion last year.
China’s largest exporter is mechanical and electrical products, which account for 59.3% of the total. Among them, the export value of “domestic economy” staples such as laptops and household appliances increased 18.4% and 22.2% respectively; textiles, including masks, rose 33%, to about 10 billion yuan. The export of clothing, footwear and luggage fell significantly, with the last two falling more than 20%. In terms of imports, China imported 92.803 million tons of soybeans in the first 11 months, an increase of 17.5%, and imports of integrated circuits were 2.2 trillion yuan, an increase of 15%.
Communications BankChief investigator of the Tang Jianwei Financial Research Center told the Global Times reporter on the 7th that China’s export growth exceeded expectations, reflecting the significant expansion in capacity supply and demand gaps in the abroad under the impact of the epidemic at the end of the year, and China’s export substitution effect has again been highlighted. Reuters believes that thanks to the earlier recovery of the Chinese economy from the epidemic, the momentum of foreign trade growth is expected to continue into the first half of next year.
Maintain the growth of imports and exports to the main trading partners.
In the first 11 months of this year, China’s imports and exports with major trading partners have maintained growth. Among them, ASEAN is China’s largest trading partner, accounting for 14.6% of China’s total foreign trade. China’s imports and exports with the top five ASEAN trading partners, the European Union, the United States, Japan and South Korea increased 6.7%, 4.7%, 6.9%, 1.4% and 0.9%, respectively.
“China has overtaken the United States to become Europe’s largest trading partner.” The German “Business Daily” reported on the 7th that China’s importance to the EU economy has reached a new level. Statistics show that in the first 11 months of this year, China’s exports to the EU were 2.45 trillion yuan, an increase of 7%; EU exports to China were 1.6 trillion yuan, an increase of 1.3%. China’s trade surplus with the EU was 840.19 billion yuan, an increase of 19.9%. Data released recently by Eurostat also shows that in the first three quarters of this year, China has replaced the United States as the EU’s largest trading partner. At present, China and the EU are in the final stage of negotiations on the China-EU investment agreement. EU officials said the deal could be completed by the end of this year.
In the first 11 months of this year, the United States was China’s third largest trading partner, with a bilateral trade volume reaching 3.65 trillion yuan, accounting for 12.6% of China’s total foreign trade. China. The Bloomberg report emphasized that in US dollar terms, China’s trade surplus with the United States reached US $ 37.4 billion, setting a new record. Furthermore, Japan and South Korea are China’s fourth and fifth trade partners, of which China has a trade deficit of 196.06 billion yuan with Japan and a trade deficit of 390.19 billion yuan with South Korea. Furthermore, large exporting countries such as Germany, Japan and the United Kingdom are increasing their exports to China. In some statistical intervals, China has become the largest exporter of these countries for the first time.
Global demand begins to recover
The German “Le Monde” stated on the 7th that there are two main reasons for the Chinese export boom: First, since the summer, China has controlled the epidemic to a large extent, and only a few infections, so economic activities have returned. to normal. Second, Chinese exporters benefited from the suspension of production in factories in other countries due to the epidemic.
Bai Ming, deputy director of the International Markets Research Department of the Institute of International Trade and Economic Cooperation of the Ministry of Commerce of the People’s Republic of China, believes that the industrial structure of China and its main trading partners are highly complementary, so the business relationship is relatively stable. In addition, the growing trade data also shows that the complete and stable production of China’s industrial chain makes China’s role in the global supply chain irreplaceable.
According to the Bloomberg report, strong trade data from China indicates that global demand has started to recover. The latest issue of the “Goods Trade Barometer” report published by the WTO shows that the global prosperity index for goods trade reached 100.7, a significant increase from 84.5 published in August. An index greater than 100 indicates that the growth of world trade in goods is higher than expected.
The WTO emphasizes that the current world trade situation remains highly uncertain. With the rebound in the epidemic in Europe and North America, many countries have reintroduced lockdown measures, which can trigger a new round of business closures or financial difficulties. Growth in world trade in goods could slow in the fourth quarter of this year.
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