China's Exports to US Surge 13.9%

• Article
• 2024-09-27
• 20 Comments

The foreign trade import and export data for the first four months of this year has been announced.

The good news is that exports are warming up comprehensively.

As one of the "three engines" driving the economy, exports have stabilized.

However, challenges also exist simultaneously.

According to the valuation in RMB, the total foreign trade import and export volume of our country in the first four months of 2024 was 13.8 trillion, a year-on-year increase of 5.7%, with exports growing by 4.9% and imports by 6.8%, which is a good overall performance.

Let's focus on the data for March and April.

After the data for March was released, many people felt that our country's exports had declined too much, and there was a widespread sense of concern and pessimism in the market because the export data for March did indeed drop significantly.

The severe decline in exports in March this year was mainly due to the high base in March last year.

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According to statistics, the increase in exports in March last year was as high as 20%, so it is normal to see a decline in exports in March this year facing such a high base.

Therefore, the data for April is very important, as it can be compared with the same period last year and also with March to make an overall judgment on the situation of exports.

According to the data released by the customs, the total value of our country's imports and exports in April this year was 512.5 billion US dollars, an increase of 4.4%, of which exports were 292.4 billion US dollars, a year-on-year increase of 1.5%, and imports increased by 8.4% year-on-year.

It can be said that after the sharp decline in exports in March, exports warmed up comprehensively in April, which is of great significance for the overall export in the first half of the year and the growth of foreign trade in the second half.

The "comprehensive warming up" is not baseless, but is supported by data.

First of all, looking at exports to various countries, the export situation of our country to Europe and the United States in April this year was very good, with a significant increase compared to the previous month.

Although the year-on-year growth rate is still negative, it is much better than in March.

In April this year, our country's exports to the EU increased by 10% compared to the previous month, and the year-on-year decline was 3.6%, with a significant narrowing of the decline compared to March; at the same time, our country's exports to the United States increased by 13.9% compared to the previous month, and the year-on-year decline was 2.8%, with a similar narrowing of the decline.

However, our country's exports to ASEAN in April decreased by 5.5% compared to the previous month, and increased by 8% year-on-year, which is just the opposite of Europe and America, indicating that our country's exports to Europe and America improved in April, while the transshipment trade from Southeast Asia relatively decreased.

In addition, exports to Indonesia, the UK, Brazil, and Africa increased by more than 10% compared to the previous month, and exports to Vietnam, Singapore, Indonesia, and Brazil increased by more than 10% year-on-year, especially exports to Indonesia and Brazil, which increased significantly both month-on-month and year-on-year.

Secondly, looking at the exported products, low-end exports have returned to the normal growth range, and the "new three" exports continue to be the driving force for exports.

The export of labor-intensive products such as clothing and toys in March fell sharply, and increased significantly compared to the previous month in April.

Although the year-on-year growth is still negative, it is gradually returning to the normal level.

In April, the export of mobile phones, home appliances, automatic processing equipment, and liquid crystal panels increased by 7.3%, 10.9%, 8.2%, and 11.9% respectively, all performing well, and the export of ships increased by 91% year-on-year, with the export amount exceeding 4 billion US dollars for the first time.

It is worth noting that the export of integrated circuits in April increased by 17.8% year-on-year, indicating that the semiconductor industry is still exerting efforts, and exports continue to move towards the mid-to-high-end industries.

The export of automobiles is still a highlight.

In April, our country exported 550,000 vehicles, an increase of 30.8% year-on-year, and the export amount exceeded 10 billion US dollars for the first time, increasing by 28% year-on-year.

New energy vehicles are still an important driving force, and it can be said that the automotive industry has become an example of the transformation and upgrading of our country's industries.

However, as we have achieved good results in the transformation and upgrading of an industry, the United States has once again imposed sanctions.

According to the news of the Observer Network, the United States may impose tariffs on China's electric vehicles, batteries, and solar equipment industries as early as next week.

Since February this year, the United States has begun to consider preventing Chinese electric vehicles from entering the US market.

Subsequently, when Yellen visited, he said that our new energy industry has a surplus of production capacity and constantly hyped various topics.

Electric vehicles, batteries, and solar equipment are the "new three" of our country's exports, and are an important growth point for driving our country's export growth in recent years.

This time, the United States is precisely targeting.

It is understood that the European Union is also introducing relevant measures, and Europe and the United States are brewing another round of trade wars.

To put it bluntly, why don't Europe and the United States ever say that our clothing and textile production capacity is excessive?

The reason is very simple.

No matter how well the clothing industry develops, it is only a low-end industry and will not pose any threat to the United States.

The United States doesn't care at all, and even supports us to continue to develop low-end industries to provide an endless supply of cheap goods for the United States.

From the past clothing, toys, shoes and socks, to today's home appliances, mobile phones, automobiles, and to the future semiconductors, chips, large aircraft, our industrial upgrading road will continue, and will not stop because of any external interference.

However, it is an inevitable fact that the resistance faced is gradually increasing.

But the more it is blocked, the more it forces us to accelerate the speed of industrial upgrading.

Therefore, the current situation has both challenges and opportunities.

It is very important to stabilize the overall export growth momentum and to accelerate industrial upgrading.

While stabilizing the overall export growth momentum, we should accelerate industrial upgrading and accelerate the impact on the mid-to-high-end industries.