Has China’s Foreign Trade Fallen Off a Cliff ? USA , Europe , Asia Markets

China is a big manufacturing country and it’s foreign trade situation is in the world’s attention. Not long ago, some medias began fanning the gloomy wind, saying that empty containers are piling up like mountains in China’s ports , signifying that China’s foreign trade has fallen off a cliff.

On March 7, China’s General Administration of Customs released the latest import and export data from January to February this year . In this first two months, China’s totaled import and export value of 6.18 trillion yuan, a slight decline of 0.8%, of which, exports of 3.5 trillion yuan, did not drop but increased by 0.9%.

China’s foreign trade is in the stage of transformation and upgrading, with three characteristics.

1, From low-priced to high-tech products.

2, From Europe and the United States market to the Asian market . Data of the first two months show that exports to ASEAN grew 17.9%, to Europe fell 5%, to the United States fell 15.2%, to Japan increased by 6.7%, to South Korea increased by 10.2%.

3, Due to the impact of the new crown epidemic policy adjustment, labor-intensive products fell, electromechanical products in growth.

“Greater efforts to attract and use foreign investment”, “support to enhance the stabilization of foreign trade” is one of the eight key tasks proposed in this year’s government work report, China’s foreign trade will certainly have steady progress, stable and far.

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