Following the strong rise in October, China’s foreign trade recovery in November was more vigorous. According to the data released by the General Administration of Customs on the 7th, in US dollars, China’s foreign trade imports and exports in November were 46.72 billion US dollars, an increase of 13.6%. Among them, exports increased by 21.1% and imports increased by 4.5%.
It can be seen that strong exports have played a key supporting role in China’s foreign trade, which is a dazzling report card. 21.1% of export growth far exceeded the previous forecast of 12% by Bloomberg survey analysts, and the highest export growth recorded since February 2018. As of November, China’s exports had achieved positive growth for six consecutive months.
In terms of export commodity categories, electromechanical products contribute to the overall export growth. Due to the recovery of overseas demand, China exported $1.37 trillion in mechanical and electrical products from January to November this year, an increase of 4.3% year-on-year, accounting for more than 59% of the total export value. In addition, due to the repeated impact of the epidemic, the international community’s demand for medical devices, personal protective equipment and home office supplies has increased significantly, which has also boosted the growth of China’s exports. From January to November, the total export of medical instruments and devices (in US dollars) increased by 42.5% year-on-year; textile exports, including masks, increased by 31%.
In dollar terms, Chinese imports also rose significantly in November. Reuters analysis said that the rise in domestic consumer demand and the rise in commodity prices “uplifted” the import data. This also shows that the signal of consumption recovery in the Chinese market has become clearer and clearer.
After years of development, the “Double Eleven” shopping festival initiated by Chinese e-commerce has become more mature and more mature, and is regarded as a barometer to measure China’s consumer market. Under the epidemic this year, the major e-commerce platforms of the “Double Eleven” shopping festival still produced beautiful data, indicating that China’s strong domestic demand and the “strong combination” of digital innovation dividends are further expanding the domestic market, which also benefits cross-border e-commerce a lot.
More importantly, China’s continued recovery of foreign trade has provided an important impetus for stabilizing the global industrial chain and supply chain. In the first 11 months of this year, China’s imports and exports to the top five trading partners, including ASEAN, the European Union, the United States, Japan and South Korea, have all increased. Among them, China’s trade volume (in US dollars) with ASEAN, the largest trading partner, increased by 5.6%; trade with the EU and the United States increased by 3.5% and 5.8%, respectively.
In February this year, China’s exports accounted for 14% of the total exports of OECD members and China, which has been above 20% since April, surpassing the record of 19% in 2015. The article said that China’s increasing share of exports from major global economies shows that the global economy is becoming more and more clear.
In addition, there is a data that is very noteworthy: the latest disclosure of the National Bureau of Statistics of China’s November PMI (China Manufacturing Purchasing Managers Index) reached 52.1%, a new high since September 2017. In particular, the PMI index of small enterprises, which had not recovered as expected, also increased by 0.7 percentage points in November. Large, medium and small enterprises are in the boom range, which fully shows that China’s manufacturing recovery has a more solid foundation.
The sustained recovery of foreign trade, accelerated recovery of industry, recovery of the consumer market, employment and other basic livelihoods are guaranteed… The signal of China’s economic recovery is becoming clearer and clearer, and the pace is obviously accelerating.
As a result, many international organizations assessed that China would be the only major economy to achieve positive growth this year, and optimism at the corporate level is also accumulating. Recently, the fourth quarter survey released by the Global Chief Financial Officers Committee of Consumer News and Business Channel (CNBC) shows that the chief financial officers of large multinational companies interviewed believe that China is gradually getting rid of the haze of the coronavirus epidemic to achieve economic growth, so they have looked forward to China’s economy from the third quarter. “Elevate” to “moderate improvement”.
According to the October report released by the World Trade Organization, the volume of global trade in goods is expected to shrink by 9.2% in 2020. Against this background, China’s foreign trade imports and exports have grown against the trend, even better than expected, highlighting the resilience of China’s economy, reflecting the competitive advantage of the world’s largest production and manufacturing center, and also vigorously boosting confidence in global trade and world economic recovery.
Although it is still facing external uncertainties, it has become a market consensus that China’s foreign trade has recovered strongly and the economy continues to improve. A China that accelerates the construction of a new development pattern will continue to be committed to common opening up and common development, and become a “stabilizer” of global trade and a “strong engine” of world economic growth.