Huge Market: China’s Foreign Trade Sets a New Record in 2018!
During the year of 2018, China’s foreign trade remained stable overall and saw steady growth, with the import and export scale reaching a record high. Therefore, China is expected to maintain its position as the world’s largest trader in goods.
According to customs statistics, the total value of China’s foreign trade, imports and exports together, was 30.51 trillion yuan in 2018. Priced in terms of U.S. dollars, China’s total foreign trade value was US$4.62 trillion in 2018, up 12.6 percent. Exports amounted to US$2.48 trillion of that, up 9.9 percent, and imports were US$2.14 trillion, up 15.8 percent from the previous year. The foreign trade surplus stood at US$351.76 billion, shrinking 16.2 percent, the lowest since 2013.
Specifically, the foreign trade situation presents the following characteristics.
FIRST, the annual total value of imports and exports has reached a new level. In 2005, the total value of China’s foreign trade import and export exceeded 10 trillion yuan for the first time; in 2010, it exceeded 20 trillion yuan; in 2018, it reached a new high of more than 30 trillion yuan, 2.7 trillion more than the historical high in 2017.
SECOND, the import and export of general trade grew rapidly, and the proportion increased. In 2018, China’s general trade import and export was 17.64 trillion yuan, an increase of 12.5%, accounting for 57.8% of China’s total import and export value, an increase of 1.4 percentage points over 2017, and the trade structure was optimized.
THIRD, the import and export of major trading partners increased in an all-round way, and the import and export of countries along the “Belt and Road” increased well. The potential of trade cooperation between China and the countries along the “Belt and Road” is continuously released and has become a driving force. The new impetus for China’s foreign trade development.
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FOURTH, the import and export growth of private enterprises has increased. In 2018, the import and export of private enterprises in China was 12.1 trillion yuan, an increase of 12.9%, accounting for 39.7% of China’s total import and export value, an increase of 1.1 percentage points over 2017.
FIFTH, the growth rate of imports and exports in the central and western regions and the northeast region is higher than the overall growth rate of the country, and regional development is more coordinated.
SIXTH, the proportion of exports of mechanical and electrical products increased, and the structure of export commodities continued to optimize. Among them, automobile exports increased by 8.3%, and mobile phone exports increased by 9.8%. In the same period, the seven categories of labor-intensive products such as clothing and toys exported a total of 3.12 trillion yuan, an increase of 1.2%, accounting for 19% of the total value of exports.
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SEVENTH, the import volume of bulk commodities such as crude oil, natural gas and copper increased, and iron ore and soybean imports decreased.
We believe that with further opening up and the further advancement of supply-side structural reforms, China’s foreign trade development this year is expected to stabilize and improve in terms of both quality and efficiency.
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For global importers, eGTCP.com can offer a series of integrated foreign trade services, like order matching & sourcing (6C smart-matching), financing support and credit inquiry, so as to achieve smooth trade transactions. The annual Global Trade Credit Conference makes it possible for buyers and suppliers to negotiate face to face, and matches orders more efficiently.
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