Since the beginning of this year, the Pearl River Delta and the Yangtze River Delta, China’s two major foreign trade areas, have been affected by the epidemic. We know how difficult it has been for the past six months!

On July 13, the General Administration of Customs released the report card of my country’s foreign trade in the first half of the year. In RMB terms, the total value of imports and exports in the first half of this year was 19.8 trillion yuan, a year-on-year increase of 9.4%, of which exports increased by 13.2% and imports increased by 4.8%.

In May and June, the downward trend of growth in April was quickly reversed. In RMB terms, the export growth rate in June was even as high as 22%! This increase was achieved on the basis of the high base in June 2021, which is not easy. !

In terms of trading partners:

In the first half of the year, China’s imports and exports to ASEAN, the European Union and the United States were 2.95 trillion yuan, 2.71 trillion yuan and 2.47 trillion yuan, up 10.6%, 7.5% and 11.7% respectively.

In terms of export products:

In the first six months, my country’s export of mechanical and electrical products reached 6.32 trillion yuan, an increase of 8.6%, accounting for 56.7% of the total export value. Among them, automatic data processing equipment and its parts and components were 770.06 billion yuan, an increase of 3.8%; mobile phones were 434.00 billion yuan, an increase of 3.1%; automobiles were 143.60 billion yuan, an increase of 51.1%.

In the same period, the export of labor-intensive products was 1.99 trillion yuan, an increase of 13.5%, accounting for 17.8% of the total export value. Among them, textiles were 490.50 billion yuan, an increase of 10.3%; clothing and clothing accessories were 516.65 billion yuan, an increase of 11.2%; plastic products were 337.17 billion yuan, an increase of 14.9%.

In addition, 30.968 million tons of steel were exported, an increase of 29.7%; 11.709 million tons of refined oil, an increase of 0.8%; and 2.793 million tons of fertilizers, a decrease of 16.3%.

It is worth noting that in the first half of this year, my country’s auto exports entered the fast lane and are increasingly approaching Japan, the largest auto exporter. In the first half of the year, my country exported a total of 1.218 million vehicles, a year-on-year increase of 47.1%. In June, auto companies exported 249,000 vehicles, hitting a record high, an increase of 1.8% month-on-month and a year-on-year increase of 57.4%.

Among them, 202,000 new energy vehicles were exported, a year-on-year increase of 1.3 times. In addition, with the great strides of new energy vehicles going abroad, Europe is becoming a major incremental market for China’s auto exports. According to customs data, last year, China’s auto exports to Europe increased by 204%. Among the top ten exporters of new energy vehicles in China, Belgium, the United Kingdom, Germany, France and other developed countries are at the forefront.

On the other hand, the downward pressure on exports of textiles and clothing has increased. Among the main garment export products, the growth momentum of knitted garment exports is stable and good, and the export of woven garments is characterized by a decrease in volume and an increase in price. At present, among the top four markets for Chinese apparel exports, Chinese apparel exports to the United States and the European Union have grown steadily, while exports to Japan have declined.

According to the research and judgment of Minsheng Securities, the export performance of four types of industrial products in the second half of the year was better.

One is the export of machinery and equipment. Expansion of capital spending in overseas manufacturing and extractive industries requires the import of equipment and components from China.

The second is the export of means of production. China’s means of production are mainly exported to ASEAN. In the future, the continuous restoration of ASEAN production will drive the export of Chinese means of production. In addition, the price of means of production has a strong correlation with energy costs, and strong energy prices in the future will push up the export value of means of production.

The third is the export of the automobile industry chain. At present, the current situation of the automobile industry in overseas countries is in short supply, and it is expected that China’s exports of complete vehicles and auto parts are not bad.

The fourth is the export of overseas new energy industry chain. In the second half of the year, the demand for new energy investment overseas, especially in Europe, will continue to be booming.

Zhou Junzhi, chief macro analyst at Minsheng Securities, believes that the biggest advantage of China’s exports is the entire industry chain. A complete industrial chain means that overseas demand – whether it is residents’ consumption demand, travel demand, or enterprise production demand and investment demand, China can produce and export.

She said that the decline in overseas durable goods consumption does not mean that exports have weakened at the same frequency. Compared with the consumption of durable goods, we should pay more attention to the export of intermediate goods and capital goods this year. At present, industrial production in many countries has not recovered to the level before the epidemic, and the repair of overseas production is likely to continue throughout the second half of the year. During this period, China’s exports of production equipment parts and production materials will continue to increase.

And foreign trade people who are concerned about orders have already gone overseas to talk about customers. At 10:00 am on July 10th, Ningbo Lishe International Airport, carrying Ding Yandong and other 36 Ningbo foreign trade people, took flight MU7101 from Ningbo to Budapest, Hungary. Business personnel chartered flights from Ningbo to Milan, Italy.