China's foreign trade managed to stabilize its scale and enhance its quality while showing great resilience in the first six months of 2023 under the backdrop of shrinking external demands.
Currently, China has 214 trade partners worldwide. In H1 of the year, the country's total foreign trade volume exceeded 20 trillion yuan (about 2.79 trillion U.S. dollars), setting a new record high.
Recently, around 3,000 containers loaded fully with Chinese products such as textiles, glasswork and mechanical equipment have been shipped to emerging markets like Mexico, Colombia and Peru via the newly opened routes to South America from Qingdao Port in east China's Shandong Province.
"In the first half of 2023, Qingdao Port added 15 new container trade routes, including five to Europe and America, and nine connecting countries alongside the Belt and Road as well as countries with RCEP partnership," said Zhang Yong, deputy manager of Qingdao Port Container Company.
Although the growth of cargo volume has been slowing down worldwide, China's foreign trade entities are still actively exploring new demands in the global market.
Data from cross-border e-commerce showed that household appliances for relieving heat are warmly welcomed by overseas consumers this year. From Jan to June, the export of mechanical and electrical products took up nearly 60 percent of China's total export value.
Meanwhile, private enterprises have become the main force in China's foreign trade.
Concurrently, the imports and exports of China's private firms accounted for 52.7 percent of the country's total, up 3.3 percentage points year on year.
While electric vehicles, lithium batteries and solar cells have also stepped up their pace in export, with a combined growth of 61.6 percent.
So far, China have over 100,000 cross-border e-commerce entities. In the first six months, the export of cross-border e-commerce increased by 16 percent year on year.
"New trade modes like the cross-border e-commerce, establishment of overseas warehouse, marketing purchase and bonded processing have expanded China's trade space, making the country's foreign trade more resilient than before," said Bi Jiyao, vice president of Chinese Academy of Macroeconomic Research.
Source:
CCTV
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