China's import and export scale has exceeded 40 trillion yuan for the first time, maintaining its position as the world's largest trading country for goods for six consecutive years

The General Administration of Customs released data on the 13th: In 2022, China's foreign trade imports and exports withstood the impact of multiple unexpected factors, and the scale, quality, and efficiency of imports and exports increased simultaneously. For the first time in the year, the total value of imports and exports exceeded 40 trillion yuan, maintaining the status of the world's largest trading country in goods for six consecutive years.

According to customs statistics, the total import and export value of China's goods trade in 2022 was 42.07 trillion yuan, an increase of 7.7% compared to 2021. Among them, exports reached 23.97 trillion yuan, up 10.5%; Import reached 18.1 trillion yuan, up 4.3%. From a quarterly perspective, the total import and export value in the first and second quarters exceeded 9 trillion yuan and 10 trillion yuan, respectively. In the third quarter, the total import and export value increased to 11.3 trillion yuan, and in the fourth quarter, the total import and export value continued to maintain the level of 11 trillion yuan. From the perspective of trade mode, general trade has grown rapidly and its proportion has increased. In 2022, China's general trade import and export reached 26.81 trillion yuan, an increase of 11.5%, accounting for 63.7% of the total import and export value, an increase of 2.2 percentage points over the previous year.

Foreign trade import and export show strong resilience

In 2022, China's foreign trade import and export achieved stable growth based on the high base of the previous year, demonstrating strong resilience. According to the relevant person in charge of the General Administration of Customs, the main driving factors for maintaining growth in foreign trade include the following aspects:

There is a market for exports and sufficient competitive advantages for main products——

From the market perspective, in 2022, exports to major trading partners such as ASEAN and the EU will maintain rapid growth; Emerging markets accelerated their development. Exports to countries along the "the Belt and Road" drove the overall export growth by 6.1 percentage points, while exports to Africa and Latin America increased by 14.8% and 14.1% respectively.

From the perspective of products, the export of industrial products increased by 9.9% in 2022, driving the overall export growth by 9.4 percentage points. The export of labor intensive products has maintained rapid growth. The export growth of green and low-carbon products such as solar cells, lithium batteries, and electric passenger cars has exceeded 60%, and new export drivers have grown rapidly.

According to the latest data, the current international market share of China's exports is 14.7%, ranking first in the world for 14 consecutive years.

Import is supported and domestic demand has great potential——

In 2022, China will coordinate domestic and international situations, epidemic prevention and control, economic and social development, development and security, and steady economic development. Major economic indicators such as industrial added value above designated size and fixed assets investment will keep growing, providing strong support for import growth. The import of intermediate products increased by 7.5%, driving the overall import growth by 5.9 percentage points.

Supported by policies, strong endogenous impetus for foreign trade development——

In 2022, China introduced a package of policies and follow-up measures to stabilize the economy, involving ensuring smooth and smooth trade in the field of foreign trade, increasing fiscal, tax, and financial support, encouraging the development of new forms of foreign trade, supporting foreign trade enterprises to maintain orders and expand the market, and continuously improving the level of trade security and facilitation. As the effectiveness of policy measures continues to be released, the vitality of foreign trade entities is effectively stimulated.

The National Customs Work Conference held on January 13th emphasized that efforts should be made to implement a package of measures to promote stability and quality, and continuously optimize the port business environment. Promote the stable growth of foreign trade and share protection, and promote the development of new business forms such as cross-border e-commerce and overseas warehouses. Vigorously "stabilize the chain", accurately "supplement the chain", promote "strengthen the chain", innovate and optimize the supervision and inspection mechanism, and ensure the safety and stability of the industrial chain supply chain.

Robust operation of various entities

In 2022, there were 598000 foreign trade enterprises with import and export performance in China, an increase of 5.6%. The three major categories of foreign trade entities, namely private enterprises, foreign-invested enterprises, and state-owned enterprises, have fully utilized their respective advantages, and their import and export operations have performed steadily.

The position of private enterprises as the largest foreign trade entity continued to consolidate. In 2022, the state issued a package of economic stabilization policies and follow-up measures, effectively stimulating the vitality of various market entities, including private enterprises. There are 510000 private foreign trade enterprises with import and export performance, with the import and export value reaching 21.4 trillion yuan, an increase of 12.9%. The role of "stabilizer" for foreign trade continues to play. The proportion of the import and export scale of private enterprises reached 50.9%, an increase of 2.3 percentage points year-on-year. For the first time, the annual proportion exceeded half, and the contribution rate to foreign trade growth reached 80.8%.

During the same period, foreign invested enterprises imported and exported 13.82 trillion yuan, and state-owned enterprises imported and exported 6.77 trillion yuan, accounting for 32.9% and 16.1% of the total import and export value, respectively.

The role of free trade pilot zones and free trade ports as highlands for opening up to the outside world is prominent. In 2022, the Customs will continue to deepen reform and innovation, accelerate the exploration of institutional opening measures such as rules, regulations, management, and standards, and actively support the development of the Free Trade Pilot Zone and Hainan Free Trade Port. Throughout the year, the import and export of the pilot free trade zone reached 7.5 trillion yuan, an increase of 14.5%, including 3.3 trillion yuan for export, an increase of 18.1%, and 4.2 trillion yuan for import, an increase of 11.8%. After breaking through 100 billion yuan for the first time in 2021, the import and export of goods at Hainan Free Trade Port reached a new level in 2022, breaking through the 200 billion yuan barrier for the first time, reaching 2009.5 billion yuan, an increase of 36.8%.

Strong development in emerging markets

In 2022, China's imports and exports to ASEAN, the European Union, and the United States were 6.52 trillion yuan, 5.65 trillion yuan, and 5.05 trillion yuan, respectively, increasing by 15%, 5.6%, and 3.7%. Over the same period, imports and exports to countries along the "the Belt and Road" increased by 19.4%, accounting for 32.9% of the total foreign trade value, an increase of 3.2 percentage points; Imports and exports to the other 14 member countries of the Regional Comprehensive Economic Partnership Agreement (RCEP) increased by 7.5%. Strong development in emerging markets.

ASEAN has become China's largest trading partner for three consecutive years. The year 2022 marks the beginning of the comprehensive strategic partnership between China and ASEAN, with closer economic and trade exchanges between the two sides, with exports of 3.79 trillion yuan, an increase of 21.7%, and imports of 2.73 trillion yuan, an increase of 6.8%. During the same period, the proportion of ASEAN in China's foreign trade increased by 1 percentage point compared to 2021, reaching 15.5%.

"The economic and trade relationship between China and ASEAN has a solid foundation and great potential for development," said Lv Daliang, a spokesman for the General Administration of Customs. Looking ahead, the two sides have broad areas of cooperation, integrated development strategies, and smooth trade exchanges. Driven by the continuous improvement in the level of trade and investment liberalization and facilitation, China's bilateral trade with ASEAN is expected to achieve new and greater development.

One year has passed since RCEP came into effect, and dividends continue to be released. In 2022, China's imports and exports to other RCEP member countries reached 12.95 trillion yuan, an increase of 7.5%, accounting for 30.8% of the total foreign trade value. Eight countries with import and export growth rates exceeding double digits to other RCEP member countries, including Indonesia, Singapore, Myanmar, Cambodia, and Laos, all with import and export growth rates exceeding 20%.

The year 2023 marks the tenth anniversary of the joint construction of the "the Belt and Road" initiative. From 2013 to 2022, China's import and export with countries along the route increased by 8.6% annually. In 2022, trade with countries along the Belt and Road continued to maintain rapid growth, with imports and exports of 13.83 trillion yuan, 11.7 percentage points higher than the overall growth rate.

The relevant person in charge of the General Administration of Customs stated that looking forward to 2023, China's economy has strong resilience, great potential, and sufficient vitality. The fundamentals for long-term improvement remain unchanged. There are also many favorable conditions for the development of foreign trade, and there is solid support for promoting stable scale and optimized structure of foreign trade. (Reporter Du Haitao)