On January 12, the State Council Information Office held a press conference at which Wang Lingjun, Deputy Director of the General Administration of Customs (GACC), and Lyu Daliang, spokesman for GACC and Director General of the Department of Statistics & Analysis, were invited to introduce the import and export in 2023. According to customs statistics, China's total import and export value reached RMB 41.76 trillion in 2023, an increase of 0.2% year-on-year. The value of exports was RMB 23.77 trillion, up 0.6%; the value of imports was RMB 17.99 trillion, down 0.3%.
"In 2023, China's import and export of goods trade was better than expected, achieving the goal of maintaining stability and improving quality." Wang Lingjun said that all localities and departments had taken some powerful and practical measures to promote the stable scale and optimal structure of foreign trade, boost the development of private economy, and accelerate the integrated development of domestic and foreign trade. The customs had also taken many specific targeted support measures to optimize the business environment and promote the sustained high-quality development of processing trade. The implementation of various policies and the continuous release of dividends had effectively stabilized the fundamentals of foreign trade and stimulated new momentum.
The overall competitiveness of foreign trade was solid, and the export share remained stable
In the past year, the world economic recovery was sluggish, the overall performance of global trade was relatively weak, and weak external demand had a direct impact on China's export. However, China's export reached a new high on the high base. It not only achieved reasonable growth in volume, but also maintained overall stability in share. Moreover, it achieved qualitative and effective improvement in growth momentum, regional pattern and other aspects, demonstrating strong resilience and comprehensive competitiveness. According to the latest data from the World Trade Organization, it is estimated that China's export market share remained at a high level of about 14% in 2023, and its overall competitiveness was still robust.
The operation of foreign trade was generally stable, with a clear trend of improvement in the fourth quarter. The import and export scale rose quarter by quarter, reaching RMB 9.69 trillion in the first quarter and more than RMB 10 trillion in the second, third and fourth quarters. In October, November and December, the monthly import and export increased by 0.8%, 1.3% and 2.8% year-on-year respectively. In December, the import and export scale reached RMB 3.81 trillion, a record high.
The business entities were full of vitality, and the role of private enterprises as the main force was enhanced. In 2023, the number of foreign trade entities with import and export performance in China reached 645,000, hitting a record high. Among them, there were 556,000 private enterprises, with a total import and export value of RMB 22.36 trillion, up 6.3%, accounting for 53.5% of the total import and export value, an increase of 3.1%. The vast number of foreign trade business entities faced difficulties, forged ahead with determination, actively expanded the market, strove for orders and constantly opened up new development opportunities.
The competitive advantages of products were stable, and the export momentum was abundant and active. China's export of mechanical and electrical products reached RMB 13.92 trillion, up 2.9%, accounting for 58.6% of the total export value. During the same period, the export of labor-intensive products was RMB 4.11 trillion, accounting for 17.3% of the total export value. Among mechanical and electrical products, the total export value of the "New Three", namely, electric vehicles for transport of persons, lithium-ion batteries and solar cells, was RMB 1.06 trillion, over RMB 1 trillion for the first time, up 29.9%. The export of ships and household appliances increased by 35.4% and 9.9% respectively. Export momentum reflects the progress from "Made in China" to "Created in China".
Customs data show that in recent years, with the continuous advancement of China's modern industrial system construction, China's automobile industry has persisted in carrying out scientific and technological innovation, building a complete industrial chain and supply chain, and the production and sales of automobiles have reached record highs, and the corresponding export scale has also been gradually expanding.
"China has vigorously promoted the green and low-carbon transformation and upgrading of the automobile industry, and the export of new energy vehicles has added a bright color to the industry. At present, one out of every three vehicles exported by China is an electric vehicle for transport of persons, which contributes to the global green and low-carbon transformation." said Lyu Daliang.
The business environment continued to be improved, and trading partners were diversified
Last year, GACC paid close attention to the implementation of various national policies and measures for stabilizing foreign trade. Focusing on maintaining stability, improving quality, and addressing the concerns of enterprises, it issued 16 measures to optimize the business environment, among others. Local customs offices refined nearly 1,000 specific measures in combination with local conditions. The improvement of the business environment, the reduction of customs clearance time and the optimization of supervision methods were welcomed by business entities.
In 2023, China's import and export to BRI countries reached RMB 19.47 trillion, up 2.8%. The scale and proportion of foreign trade were the highest since the Belt and Road Initiative was put forward. Customs clearance of goods was smoother. In 2023, 17,000 China-Europe Railway Express trains were sent out and 1.9 million TEUs of goods were delivered, up 6% and 18% year-on-year respectively. Mutual benefit and win-win results were further deepened. China's export to the countries involved in the construction of foreign projects reached RMB 86.1 billion, an increase of nearly 30%.
In 2023, China's imports and exports to the other 14 member countries of the Regional Comprehensive Economic Partnership (RCEP) totaled RMB 12.6 trillion, up 5.3% from 2021 before the agreement took effect. RCEP, together with bilateral free trade agreements that have come into force between China and other member states, created favorable conditions for enterprises to enjoy better benefits.
In 2023, China's import and export to Latin America and Africa reached RMB 3.44 trillion and RMB 1.98 trillion respectively, up 6.8% and 7.1% respectively. In the fourth quarter, China's import and export with the EU and the United States picked up, reaching RMB 5.51 trillion and 4.67 trillion respectively.
Bilateral trade between China and ASEAN continued to grow, with import and export reaching RMB 6.41 trillion. ASEAN has remained China's largest trading partner for 4 consecutive years, and China has also been its largest trading partner for many years. "The Customs will implement various customs clearance facilitation measures, steadily promote the construction of smart border ports between China and Vietnam, vigorously support the high-quality development of China-Laos Railway, actively support the construction of New Western Land-sea Corridor, and help China-ASEAN bilateral trade achieve greater development." said Lv Daliang.
High-level opening up was steadily promoted, and the development of new platforms and new forms of business gained momentum
In 2023, China's high-level opening up was steadily promoted. Key exhibitions such as the China International Import Expo, the China International Consumer Products Expo and the Canton Fair were successfully held, providing new opportunities for global manufacturers to enter the Chinese market. China was accelerating the cultivation of innovation demonstration zones for import trade and developing new formats and models such as cross-border e-commerce, so that Chinese consumers could enjoy more featured high-quality products from all over the world. Last year, the import of consumer goods such as specialty foods, maternal and infant supplies and digital home appliances was RMB 1.95 trillion, up 1.2%.
According to preliminary estimates by the customs, China's cross-border e-commerce import and export reached RMB 2.38 trillion in 2023, up 15.6%. Specifically, export amounted to RMB 1.83 trillion, an increase of 19.6%, while import amounted to RMB 548.3 billion, an increase of 3.9%. Focusing on the difficulties and bottlenecks in the development of cross-border e-commerce, Customs promoted intelligent supervision of cross-border e-commerce, ensured the quality safety and convenient customs clearance of import and export products, and continuously improved the efficiency of supervision and the sense of gain of relevant enterprises and consumers.
The Central Economic Work Conference proposed to "expand trade in intermediate goods". According to Wang Lingjun, intermediate goods include raw materials, semi-finished products and parts. In 2023, China's import and export of intermediate goods reached RMB 25.53 trillion, accounting for 61.1% of the total import and export value. To be specific, the export of intermediate goods was RMB 11.24 trillion, accounting for 47.3% of China's total export value; the import of intermediate goods was RMB 14.29 trillion, accounting for 79.4% of China's total import value.
"Thanks to a complete industrial system and strong supply capacity, China's exported intermediate goods meet the needs of industrial development in different regions around the world. China's intermediate goods are imported to more than 200 countries and regions in six continents, and the huge market demand also provides great cooperation opportunities for enterprises from various countries." said Wang Lingjun.
Looking ahead to 2024, Wang Lingjun remarked, the complexity, severity and uncertainty of the external environment would rise. However, at the same time, he continued, it was important to note that the basic trend of China's economic recovery and long-term improvement had not changed, and the factors and conditions supporting high-quality development were still gathering and increasing. "I believe that with the gradual emergence of policy effects and the steady progress of high-level opening up, China will accelerate the cultivation of new momentum for trade development, continue to consolidate the fundamentals of foreign trade and investment, and further lay a solid foundation for stable growth in import and export, quality improvement and efficiency increase."
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