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Foreign trade structure getting back on track
Published:
2023-12-15
2-way Jan-Sept cross-border e-commerce surges 14.4%
With the sustained growth of both trade activity and external demand in recent months, China is poised to further stabilize its exports and optimize its foreign trade structure in the next phase, said the Ministry of Commerce on Thursday.
Speaking at a weekly news conference in Beijing, Shu Jueting, spokeswoman for the ministry, said China's export volume has gone from shrinking to expanding since August, with the growth rate continuously expanding.
As positive factors continue to take effect in the fourth quarter, China's foreign trade value reached 3.7 trillion yuan ($515 billion) in November, up 1.2 percent year-on-year.
"A stable and improved foreign trade structure relies on a steady increase in volume," said Shu, adding that external demand also showed signs of recovery in recent months.
For example, China's exports to the United States grew 9.6 percent year-on-year in November, ending a 14-month decline, said the ministry.
She said that the momentum of recovery in demand for consumer electronics products, such as smartphones and home appliances, is evident. Imports of integrated circuits increased for the first time this year in November, with volume growing for three consecutive months, indicating a recovery in demand for exported electronic products.
To create effective drivers of China's foreign trade, Shu said the government will facilitate export-oriented companies to establish overseas warehouses for cross-border e-commerce, offer tailored training on new foreign trade formats to interested businesses and encourage innovations in cross-border e-commerce.
China's imports and exports via cross-border e-commerce reached 1.7 trillion yuan in the first three quarters, up 14.4 percent year-on-year, the ministry added.
China's two-way foreign trade amounted to 37.96 trillion yuan from January to November, remaining consistent with the corresponding period from the previous year, said the General Administration of Customs.
China's foreign trade improved mainly due to its exporters' growing competitiveness and the nation's soaring demand for foreign products and commodities, said Liang Ming, director of the Institute of International Trade under the Chinese Academy of International Trade and Economic Cooperation.
The ongoing economic rebound in the US and other developed economies, recovery of overseas demand and the progress of the Regional Comprehensive Economic Partnership have bolstered China's exports since the third quarter, Liang said.
Suzhou Junion Intelligent Technology Co Ltd, a Jiangsu province-based robotic products manufacturer, is deploying more resources to make technical breakthroughs and develop overseas markets, especially in the US and Europe, in recent years.
"Solar power is currently an industry with the biggest demand for industrial robots. In response to customer needs, we aim to develop comprehensive 'unmanned' products, achieving 'robot replacement' in all scenarios," said Ge Jianhua, the company's president.