According to the latest customs statistics, China’s trade surplus in the seventh month of this year was 575.7 billion yuan (US$ 79.962 billion, Euro72.793 billion), a decrease of 15.7% compared with the same period last year.
According to official data released by the General Administration of Customs of Asian countries on Tuesday, the trade volume between China and other countries in RMB decreased by 8.3% in the seventh month of this year, Spanish EFE reported. In July 2023, the total trade volume between China and other countries was 3.46 trillion yuan, about 482.07 billion US dollars or 438.778 billion euros.
Among them, exports decreased by 9.2% year-on-year to 2.02 trillion yuan (US$ 280.01 billion, Euro2,558.63 billion). While imports increased by 6.9% to 1.44 trillion yuan (US$ 200.049 billion, Euro182.797 billion). Therefore, China’s trade surplus in July was 575.7 billion yuan (US$ 79.962 billion, Euro72.793 billion), a decrease of 15.7% compared with the same period last year.
From January to July, the trade volume between China and other parts of the world increased by 0.4% year-on-year, of which exports increased by 1.5% and imports decreased by 1.1%. On Tuesday, the Customs also released foreign trade data denominated in US dollars, which is used as a benchmark by international analysts and usually differs from China’s currency data due to exchange rate fluctuations.
In dollar terms, China’s trade with the rest of the world shrank by 13.6% in July, with the decline in exports (-14.5%) greater than that in imports (-12.4%). These data are worse than experts’ expectations. Experts expect that foreign sales will drop by 12.5% and purchases of foreign goods will drop by 5%.
Julian Evans Pritchard, an analyst at Capital Economics, pointed out that the dollar-denominated export contraction in July was the largest since the beginning of the new crown epidemic. He believed that in the face of the weak global demand caused by the end of the distortion effect caused by the virus and the slowdown in consumer spending caused by monetary tightening, exports will further decline.
n the first seven months of this year, the total dollar-denominated trade decreased by 6.1%, but in this cumulative figure, the decline of imports (-7.6%) was greater than that of exports (-5%).
Julian Evans Pritchard stressed: “We expect that exports will continue to decline in the next few months and then bottom out at the end of the year. In contrast, due to the economic support measures promoted by the government, imports may pick up in the coming months. ”
Post time: Aug-09-2023