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Global market demand is weak, how to stabilize foreign trade orders to expand the market?

July 18, 2023

China's total import and export value of goods in the first half of the year was 20.1 trillion yuan, up 2.1 percent year-on-year, according to the latest data from the General Administration of Customs. However, compared with the data of the first five months, the growth rate of import and export in the first half of the year contracted by 2.6 and 4.4 percentage points respectively.

While the scale of foreign trade has reached a new high, the growth rate of import and export has slowed down in the past two months, and the pressure behind it cannot be underestimated. The slowdown in global economic growth has led to multiple factors such as insufficient demand, and the operation of foreign trade is facing no small challenge.

In the first half of this year, there were 540,000 foreign trade enterprises with import and export performance, an increase of 6.9% year-on-year, of which private enterprises continued to expand, an increase of 8.3% year-on-year; imports and exports of private enterprises reached 10.59 trillion yuan, up 8.9% year on year, accounting for 52.7% of the total import and export value, up 3.3 percentage points year on year. Lu Daliang, spokesman for the General Administration of Customs, said that the current foreign trade in China does have pressure, ups and downs, there are challenges, but the overall development is stable, year-on-year seems to go "slow" a little, but the chain is still a step by step steadily forward.

The survey found that in the context of weak global consumption, the export momentum of high-tech application-oriented enterprises led by high-end, intelligent and green technology still maintains a high level. Promoting scientific and technological innovation and industrial upgrading, and providing more competitive export products are the key to achieving stable growth of import and export.In the first half of the year, China's export of mechanical and electrical products was 6.66 trillion yuan, an increase of 6.3%, accounting for 58.2% of the total export value, an increase of 1.4 percentage points. Yang Guangpu, director of the Macroeconomic Research Department of the Development Research Center of The State Council, said that the global demand for high-tech products and applications is still growing, and the position of Chinese manufacturing in the global value chain is constantly improving, and the room for improvement is still large.