According to China Customs statistics, China’s foreign trade value stood at RMB13.14 trillion in the first half of 2017, an increase of 19.6% year-on-year (similarly hereinafter). Exports amounted to RMB7.21 trillion, up by 15%. Imports increased by 25.7% to RMB5.93 trillion. Trade surplus decreased by 17.7% to RMB1.28 trillion. Here follow the details:
1. The volume and proportion of general trade have increased. In the first half of 2017, China’s general trade amounted to RMB7.46 trillion, up by 20.5%, taking up 56.7% of China’s total foreign trade, 0.4 percentage points higher than that of the previous year, which reflected an improved structure of trade modes.
2. Imports and Exports to traditional markets have witnessed a full recovery and to countries along the “Belt and Road” have registered a growth. In the first half of 2017, China’s imports and exports to the EU, the US and ASEAN increased by 17.4%, 21.3% and 21.9% respectively, altogether accounting for 41.4% of China’s total import and export value. Over the same period, imports and exports to Russia, Pakistan, Poland and Kazakhstan increased by 33.1%, 14.5%, 24.6 % and 46.8% respectively.
3. The proportion of imports and exports of private enterprises has increased. In the first half of this year, the imports and exports of private enterprises grew by 20.6% to RMB5.02 trillion, accounting for 38.2% of the total national figure, 0.3 percentage points higher than that of the previous year. Exports by private enterprises increased by 17.8% to RMB3.37 trillion, accounting for 46.7% of the total export value, with the proportion up by 1.1 percentage points. The status of the largest export operator was further consolidated. Imports grew by 26.8% to 1.65 trillion.
4. The imports and exports of central and western areas and Liaoning，Jilin and Heilongjiang have experienced a rapid growth. In the first half of 2017, the overall growth of foreign trade of eighteen provinces and cities in central and western China reached 27.1%, 7.5 percentage points higher than the national figure. The overall growth of foreign trade of Liaoning，Jilin and Heilongjiang hit 23.1%, 3.5 percentage points higher than the national figure. The overall growth of foreign trade in the ten provinces and cities in East China was 18.3%.
5. Electro-mechanical products and traditional labor-intensive products remained the major exported goods. In the first half of this year, exports of electro-mechanical products increased by 14.6% to RMB4.13 trillion, taking up 57.2% of the total export value. Exports of automobiles, ships and mobile phones increased by 32.5%, 25.1% and 13.5% respectively. Over the same period, exports of traditional labor-intensive products increased by 12.9% to RMB1.48 trillion, accounting for 20.5% of the total export value.
6. The import volume and price of major bulk commodities such as iron ore, crude oil and natural gas has increased. In the first half of this year, the import of iron ore, crude oil, soybean and natural gas hit 539 million tons, 212 million tons, 44.81 million tons and 31.09 million tons, which increased by 9.3%, 13.8%, 14.2% and 15.9% respectively. The import of crude oil and copper reached 15.03 million tons and 2.23 million tons, which decreased by 2.8% and 18.4% respectively. Over the same period, China’s import prices witnessed an overall growth of 12.7%, where the average import prices of iron ore, crude oil, soybean, natural gas, refined oil and copper increased by 55%, 47.9%, 18%, 10%, 35.6% and 29.5% respectively.
7. China’s Export Leading Index rose and kept stable with positive changes for the eighth consecutive month. China’s Export Leading Index was 41.5 in June, 0.4 points higher than that of the previous month. Data from an online survey showed that China’s Export Managers’ Index in June was 44.7, 0.5 points lower than that of the previous month. The New Export Order Index, Manager Confidence Index dropped by 0.3 points and 1.1 points to 48.5 and 49.8 respectively. The Export Enterprises’ Comprehensive Cost Index was 23, up by 0.1 points.
Overall, China’s import and export remained sound and steady and witnessed positive changes since the second half of last year, with an increasingly coordinated growth. In the second half of this year, unstable and uncertain factors will still affect the foreign trade environment, and some deep-seated problems and difficulties will continue to exist for a long time. At the same time, China’s trade structure is being optimized, quality and benefit being improved, new energy being accumulated, and the economic prospects remained good. China Customs will implement the policies and measures mapped out by the Central Economic Work Conference and the annual Government Report, adhere to the general work guidelines of making progress while maintaining stability, make a solid progress in implementing the policies and measures for a steady foreign trade growth so that the foreign trade will enjoy a stable performance with good momentum for growth.
（The English version is only for reference. In the event of any discrepancy between the Chinese and English versions, the Chinese version shall prevail.）
General Administration of Customs of the People's Republic of China
Address: No.6. Jianguomennei Avenue, Dongcheng District, Beijing, China Postcode: 100730