According to the latest data released by the General Administration of Customs on the 7th, the total value of China’s imports and exports from January to February was 6.2 trillion yuan (RMB, the same below), a year-on-year increase of 13.3%, a sharp drop of 18.9 percentage points over the same period last year. Among them, exports increased by 13.6% and imports increased by 12.9%.
In terms of countries, in the first two months, the EU surpassed ASEAN and became China’s largest trading partner again. According to customs data, the total value of trade between China and the EU was 874.64 billion yuan, a year-on-year increase of 12.4%, accounting for 14.1% of China’s total foreign trade; The total value of trade between China and ASEAN was 870.47 billion yuan, an increase of 10.5%, accounting for 14%.
The EU has been China’s largest trading partner for many years. In the first eight months of 2020, ASEAN overtook the EU to become China’s largest trading partner.
In an interview with reporters, the International Market Research Institute of the Institute of international trade and economic cooperation of the Ministry of Commerce of China said that considering that the regional comprehensive economic partnership agreement (RCEP) has entered into force and the joint feasibility study of version 3.0 of China ASEAN free trade area is being promoted, it is expected that ASEAN and the EU will interact to become China’s largest trading partner in the future.
The Research Institute of the China Council for the promotion of international trade also said that the proportion of ASEAN and the EU in China’s foreign trade is actually quite close. In the long run, the trade between China and the EU, China and ASEAN will maintain benign growth.
In terms of products, China’s exports of mobile phones and household appliances fell in the first two months. ”Home economy” commodities such as mobile phones, household appliances and computers were the main force driving the high growth of China’s exports after the outbreak.
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Post time: Mar-10-2022