According to the trade data released by the General Administration of Customs of the People’s Republic of China (GACC), China’s export of mechanical and electrical products totaled US$ 1.06 trillion in the past seven months of this year, 36.3 percent higher than a year prior (expanded by 31.5 percent compared to the same period in 2019), and the year-on-year growth rate exceeded 1.1 percentage points over the national total export in goods. The value of import totaled US$ 637.21 billion, 28.9 percent higher than a year prior (expanded by 27 percent compared to the same period in 2019). The trade balance of mechanical and electrical products was US$ 425.52 billion in surplus, much higher than the total surplus in goods (US$ 306.11 billion).

Export Maintains Prosperity
In July alone, China’s export in mechanical and electrical products reached US$ 163.81 billion, up by 18.6 percent from a year earlier, and marks an increase of 30.2 percent from the pre-epidemic level in 2019, realizing the double-digit positive year-on-year growth for thirteen consecutive months since July 2020.

In July, the year-on-year growth rate of export value of the major commodities of mechanical and electrical products were double-digit generally, and the rate of motor vehicles was of three digits, while the export quantity and value of mobiles phoness decreased by 23.3% and 9.2% respectively due to the higher cardinality.

Import Remains Sound
In July, the import increased 19.7 percent year on year to US$ 95.58 billion, and up by 22 percent over the same period in 2019, realizing the year-on-year added value of more than US$ 90 billion for five months and the double-digit growth rate for eleven months in a row.

In July, China’s import value of electronic integrated circuits increased 21.4 percent to US$ 35.45 billion based last year, and the year-on-year growth rate has been being over 20 percent for the last eight consecutive months, driving the import growth rate of mechanical and electrical products by 7.83 percentage points. During the last seven months, the import value of electronic integrated circuits has reached US$ 233.33billion. Electronic integrated circuits remain to be China’s single commodity with the largest import volume, accounting for 36.5 percent and 15.6 percent of the exported mechanical and electrical products and total goods, respectively.

Qing Zhu
Industry Development Department
Tel: +86-10-58280845
E-mail: zhuqing@anexpatinsingapore.com
 

Data Source: www.customs.gov.cn
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• 15/07/2021

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