Although the foreign trade export industry faced multiple pressures from home and abroad in the first half of this year, China's foreign trade still delivered a brilliant answer. According to the data released by the General Administration of customs, in the first half of 2022, China's total import and export value reached US $3.08 trillion, an increase of 10.3% year-on-year; Exports reached US $1.73 trillion, a year-on-year increase of 14.2%. Among them, the contribution of small, medium and micro export enterprises should not be underestimated.
Recently, XTransfer and the commercial industry committee of the China Council for the promotion of international trade (CCPIT) released the report on the export trade (B2B) index of small, medium and micro enterprises in the first half of 2022, which pointed out that China's foreign trade achieved steady progress in the first half of 2022 amid adversity, and it is expected that the second half of the year will further accelerate and improve quality. At the same time, with the deepening of RCEP cooperation and the implementation of policies, the national industrial chain supply chain in RCEP region will realize complementary advantages and deep integration, which will stimulate the new vitality of foreign trade development. It is expected that in the second half of the year, China's small and medium-sized foreign trade enterprises will release greater development potential for RCEP regional export trade.
The trend of stabilization and recovery is obvious
At the same time, the "leading index of China's foreign trade exports in the first half of 2022" released shows that the overall trend of China's leading index of foreign trade exports in the first half of 2022 is consistent with that of last year, and has increased significantly compared with the first half of 2021.
The report said that since April, affected by a series of factors such as the epidemic, China's leading index of foreign trade exports was under pressure for a time, but it rebounded significantly in June, sending a positive signal. On the one hand, the domestic epidemic was quickly controlled, the supply chain was restored, and the release of backlog demand strengthened the rebound to a certain extent; On the other hand, it is closely related to the intensive policies of stabilizing the economy and foreign trade; In addition, due to the more flexible management mechanism, small, medium-sized and micro foreign trade enterprises can adjust their business strategies in time to minimize the adverse impact.
In B2B export trade, collection data often shows a trend before customs data and logistics data. According to the report, in the first half of the year, the collection volume of China's small and medium-sized foreign trade enterprises increased by 15.3% year-on-year, higher than the year-on-year increase of 14.2% in the national export amount.
The report believes that this shows the extraordinary resilience and strong adaptability of small, medium and micro foreign trade enterprises in the face of external pressure.
In addition, the report also shows that from the perspective of export destinations, the top three export volume of China's small, medium and micro foreign trade enterprises in the first half of the year are: North America, the European Union and ASEAN. The trading partners with high export growth rate are the United States, Canada, Singapore, Italy, South Africa, the Philippines and so on. On the whole, the sustained high boom in China's exports to North America and ASEAN is an important driving force for the steady improvement of exports. In terms of export product categories, in major export countries, the export volume of transportation equipment, leather and its products increased the most, with a year-on-year increase of 38.2%. Medical precision instruments, metals and their products also increased significantly.
RCEP dividends continue to be released
Since the formal implementation and entry into force of the regional comprehensive economic partnership agreement (RCEP), China's small, medium-sized and micro foreign trade enterprises have increased their foreign trade exports to many trading partners in the RCEP region.
The RCEP regional activity index of China's small, medium and micro foreign trade enterprises' exports in the first half of 2022 shows that in the first half of the year, the number of small, medium and micro foreign trade enterprises exporting to countries in the RCEP region increased by 23.1% year-on-year. This shows that since RCEP came into effect half a year ago, policy dividends have been gradually released, providing new opportunities for foreign trade enterprises to reduce tariff costs and seize the international market, and injecting a steady stream of new vitality into the development of China's foreign trade.
The index is comprehensively evaluated from the three dimensions of average order quantity, average collection amount and average transaction frequency. The report points out that in the first half of 2022, the export RCEP regional activity index of small, medium and micro foreign trade enterprises showed strong resilience, showing a steady upward trend against the background of the impact of the epidemic and the complex and severe international situation. In the first half of 2022, China's small and medium-sized foreign trade enterprises' export receipts in RCEP region increased by 11.4% year-on-year, slightly lower than the overall increase of 15.3% in receipts. This is related to the fact that some countries in RCEP region were in the off-season of foreign trade business in the first half of the year due to the influence of traditional festivals such as Spring Festival and Eid al Fitr, which belongs to normal cyclical fluctuations.
From the perspective of export destinations, the top three export volume of Chinese small, medium and micro foreign trade enterprises in RCEP region are: South Korea, Japan, Vietnam; The top three growth rates are Singapore, the Philippines and Indonesia.
In terms of export product categories, exports to major exporting countries in RCEP region, transportation equipment and spare parts, leather and its products, and medical precision instruments increased significantly. Benefiting from lower labor costs, land costs and better local preferential policies, the manufacturing industry dominated by OEM is transferring to some countries in RCEP region, further boosting the demand for all kinds of spare parts and raw materials.
The report predicts that in the second half of the year, China's small and medium-sized foreign trade enterprises will release greater development potential for RCEP regional export trade.
Source:China Business News Network
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