Well-known Chinese news site Sina (NASDQ: SINA) recently reported that, according to the official statistics released by the Chinese General Administration of Customs, in the first two months of this year, China’s import and export total was US$895.72 billion, a decrease of 8.3 percent, year-over-year. Exports were US$506.3 billion, down 6.8 percent; and imports were US$389.42 billion, down 10.2 percent. In the first two months, ASEAN (Association of Southeast Asian Nations) was China’s largest trading partner. The total trade value between China and ASEAN increased by of 9.6 percent year-over-year, accounting for 15.4 percent of China’s total foreign trade. The European Union is China’s second largest trading partner. The total trade value between China and the EU declined by 2.6 percent year-over-year, accounting for 13.8 percent of China’s total foreign trade. The United States is China’s third largest trading partner. The total trade value between China and the United States saw a decrease of 10.6 percent year-over-year, accounting for 11.4 percent of China’s total foreign trade. Japan is China’s fourth largest trading partner. The trade with Japan suffered a decrease of 5.7 percent, accounting for 5.6 percent of China’s foreign trade. During this time, exports of mechanical and electrical products increased by 0.4 percent, which accounts for 58 percent of China’s total exports. However, Labor Intensive products decreased by 7.4 percent. It is worth noting that the import volume of crude oil and natural gas decreased with an increase in price, and the import volume and price of soybeans both increased. China’s integrated circuits imports decreased by 26.5 percent.
Source: Sina, March 7, 2023
https://finance.sina.com.cn/china/2023-03-07/doc-imyiznuw0231357.shtml