The General Administration Of Customs Released Foreign Trade Data For The First 10 Months

The General Administration of Customs released foreign trade data for the first 10 months

On November 7, the General Administration of Customs released foreign trade data for the first 10 months of this year. China's monthly import and export year-on-year growth rate has finally turned from negative to positive after four consecutive months of negative growth. According to the statistics of the General Administration of Customs, in the first 10 months of this year, the total value of China's imports and exports was 34.32 trillion yuan, up 0.03% year on year (the same below). Of this amount, exports reached 19.55 trillion yuan, up 0.4 percent. China's imports and exports reached 3.54 trillion yuan in October, up 0.9 percent. Among them, exports reached 1.97 trillion yuan, down 3.1%, slightly expanding the year-on-year decline.

By country, in October, China's export growth to the United States and ASEAN further expanded compared with September; In the first 10 months of this year, China's imports and exports to countries jointly building the Belt and Road totaled 15.96 trillion yuan, up 3.2%. Of this, exports reached 8.78 trillion yuan, up 7.7%; Imports reached 7.18 trillion yuan, down 1.8 percent. Among the specific export products, the total export value of mechanical and electrical products in the first 10 months reached 11.43 trillion yuan, up 2.8% year on year, accounting for 58.5% of the total export value. Among them, automobiles are still the fastest growing category of mechanical and electrical products, with the total export value reaching 582.43 billion yuan by October this year, up 88.5%. Wang Qing, chief macro analyst at Dongfang Jincheng, believes that the main reason for the lower than expected export in October is still that the global, European and American manufacturing PMI index declined in the month, and the overall weak external demand.

The RMB has recovered moderately against the US dollar since November

Since November, the renminbi has recovered modestly against the dollar. Wind data show that as of 17:00 on November 6, since November, the offshore RMB exchange rate against the US dollar has risen 0.91%, and the onshore RMB exchange rate against the US dollar has risen 0.57%, and both have recovered the 7.3 mark at present. As for the reasons for the recent recovery of the RMB exchange rate against the US dollar, Wang Youxin, a senior researcher at the Bank of China Research Institute, believes that it is mainly affected by policies, fundamentals and transactions.

The Central Financial Work Conference held recently made comprehensive plans for strengthening the centralized and unified leadership of the CPC Central Committee over financial work, comprehensively strengthening financial supervision, improving the financial system, optimizing financial services, preventing and defusing financial risks, and promoting high-quality financial development. It also proposed to "strengthen the management of the foreign exchange market and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level". "From a policy perspective, the meeting clearly boosted market sentiment and stabilized the exchange rate trend," Mr. Wang said. From the perspective of economic fundamentals, recently, with the gradual release of favorable policies, China's consumption and investment data have improved significantly, the decline in exports has narrowed, and the endogenous driving force of the economy has strengthened.

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