In July, China's import and export trade surplus expanded by more than 90%

According to the data released by the General Administration of Customs on August 7, in the first seven months, China's total import and export value was 23.6 trillion yuan, a year-on-year increase of 10.4%. In July, China's total import and export value was 3.81 trillion yuan, a year-on-year increase of 16.6%. Among them, exports were 2.25 trillion yuan, an increase of 23.9%; Imports were 1.56 trillion yuan, an increase of 7.4%; The trade surplus was 682.69 billion yuan, an increase of 90.9%. In July, the year-on-year growth rate of foreign trade enterprises with import and export performance was also accelerating.

It is worth mentioning that in July, China's imports and exports with its trading partners under the regional comprehensive economic partnership agreement (RCEP) increased by 18.8% year-on-year, driving the overall import and export growth by 5.6 percentage points. RCEP provided new impetus for regional economic recovery and development.

RCEP came into effect on January 1 this year and is the largest free trade area in the world. Many foreign trade enterprises in China have fully benefited from such dividends as tariff preference, customs clearance simplification and trade and investment facilitation brought by RCEP. Li Kuiwen, director of the statistics and Analysis Department of the General Administration of customs, said that RCEP has further deepened regional economic connectivity and trade and investment cooperation, providing new impetus for regional economic recovery and development. Bai Ming, deputy director of the International Market Research Institute of the Research Institute of the Ministry of Commerce, told the reporter of the securities times that the favorable effect of the implementation of RCEP on China's import and export was highlighted in July.

The resilience of foreign trade import and export is also related to the stimulation of the vitality of market players. According to the statistics of the customs, in the first seven months, the number of foreign trade enterprises with actual import and export performance in China was 526000, an increase of 5.8% year-on-year, further improving the growth rate of 5.5% in the previous month. According to statistics, in the first seven months, the import and export volume of private enterprises, foreign-invested enterprises and state-owned enterprises increased year on year. The General Administration of Customs pointed out that the import and export of private enterprises increased rapidly and their proportion increased. The year-on-year growth of foreign trade enterprises with import and export performance means that the confidence of foreign trade participants is increasing.

According to customs statistics, the export in July was 2.25 trillion yuan, an increase of 23.9%, and the export increased by 18% in US dollars. The export performance in July was better than the market expectation. Although the PMI and CRB indexes of JPMorgan Chase global manufacturing industry were under pressure, they were still in the expansion range or relatively high, which indicates that global demand still supports China's exports. At the same time, exchange rate and base factors also support exports. Affected by COVID-19, the global industrial chain and supply chain are still unstable, and China has obvious advantages. The stable operation of production and life in the Yangtze River Delta region and the Pearl River Delta region has provided a favorable foundation for maintaining the growth of import and export.

From the perspective of domestic regions, in the first seven months of this year, the total import and export of the three provinces and one city in the Yangtze River Delta region was 8.58 trillion yuan, an increase of 11.7% year-on-year, 2.5 percentage points faster than that in the first half of the year.