Data released by the General Administration of Customs on September 7 showed that in the first eight months of this year, China's total import and export value of goods trade was 20.05 trillion yuan, down 0.6% compared with the same period last year (the same below), and the decline rate was 1.1 percentage points narrower than that in the previous seven months. Among them, exports were 11.05 trillion yuan, an increase of 0.8%; imports were 9 trillion yuan, down 2.3%. From January to August, the trade surplus reached 2.05 trillion yuan, an increase of 17.2%. From August, China's foreign trade import and export increased by 6%. Among them, exports were 1.65 trillion yuan, an increase of 11.6%; imports were 1.23 trillion yuan, down 0.5%; trade surplus was 416.59 billion yuan, an increase of 74.4%.
Customs data showed that imports of iron ore, crude oil, coal, natural gas and soybeans increased in August, while prices fell. In the first eight months, the average import prices of iron ore, crude oil, coal and natural gas fell by 0.2%, 30.1%, 8.4% and 18.1% respectively. Data show that in the first eight months of this year, ASEAN, the European Union and the United States are still China's top three trade partners. Among them, the total trade value between China and ASEAN increased by 7%, accounting for 14.6% of China's total foreign trade value; the total trade value with EU increased by 1.4%, accounting for 14% of China's total foreign trade; the total value of Sino US trade decreased by 0.4%, accounting for 12.1% of China's total foreign trade.
It is worth noting that the growth rate of China's exports to the United States contracted significantly in August. From January to August, China's exports to the United States decreased by 0.5%, up 3.6% compared with the previous seven months; while imports from the United States increased from 0.3% in July to an increase of 0.2%. In the first eight months, China US trade surplus was 1.32 trillion yuan, down 0.8%.
In addition, in recent years, the appreciation of the RMB has also raised concerns about the future export situation. However, Guan Tao, the global chief economist of BOC securities, once said that the real impact on the price competitiveness of Chinese products is the change of multilateral exchange rate. In his opinion, although the RMB has appreciated against the US dollar recently, other currencies have also appreciated against the US dollar. Therefore, from the perspective of multilateral exchange rate, the impact of RMB on US dollar appreciation is not so great. The recent RMB appreciation has a limited impact on foreign trade and exports, mainly because the exchange rate of RMB against a basket of currencies is in a reasonable range, and the diversification of domestic exports reduces the impact of RMB appreciation against the US dollar; At the same time, domestic exports are also related to import costs. The moderate appreciation of RMB can reduce the import price, which can offset the drag of RMB appreciation on exports to a certain extent.