In The First 10 Months, China'S Foreign Trade Stabilized And Improved, And The Textile And Garment Industry Increased Significantly

Recently, the comprehensive Department of the Ministry of Commerce and the Institute of international trade and Economic Cooperation issued a report on China's foreign trade situation in the autumn of 2020, reviewing the operation of China's foreign trade in the first 10 months of this year, and looking forward to the development trend of China's foreign trade in 2020 and 2021.

Since 2020, in the face of the sudden outbreak of new pneumonia and the complex and severe domestic and international situation, China's foreign trade has stabilized and improved better than expected, the trade scale and international market share have increased, the trade structure has been continuously optimized, the business model has been constantly innovated, and the new development pattern of service has been effective, which has played an important role in promoting the recovery of the world economy and Global trade. According to the report, China's foreign trade development has strong resilience, sufficient potential and room for maneuver, and the long-term development trend has not changed.

The report points out that in the first 10 months, China's total import and export of goods reached 25.95 trillion yuan, an increase of 1.1% year-on-year (the same below). Among them, exports were 14.33 trillion yuan, an increase of 2.4%; imports were 11.62 trillion yuan, down 0.5%; surplus was 2.71 trillion yuan, an increase of 16.9%. Among them, clothing and other seven categories of labor-intensive products exported a total of 2.96 trillion yuan, an increase of 9%, accounting for 20.6% of the total export, an increase of 1.3 percentage points compared with the same period last year. Driven by the global demand for epidemic prevention materials, textile exports including masks totaled 1.14 trillion yuan, an increase of 33.7%. Among them, the export of textile products reached 908.41 billion yuan, an increase of 121.9%.

The overall operation of foreign trade shows the following characteristics: the proportion of emerging markets is further increased, and the international market layout is more optimized; the proportion of foreign trade in the central and western regions is increased, and the domestic regional distribution is more balanced; the pulling role of mechanical and electrical products is prominent, and the commodity structure is continuously upgrading; the import of key commodities is increasing significantly, and the import structure is more optimized; and; The leading role of private enterprises is prominent, the endogenous driving force of foreign trade is enhanced, the proportion of general trade is increased, and the mode of trade is continuously optimized; the development of new formats and new models is accelerated, and the transformation of new and old kinetic energy is accelerated.

As for the development environment of China's foreign trade in 2021, the report points out that the global economic recovery is difficult due to multiple factors such as global epidemic situation or persistent existence, possible increase of trade and investment restrictions, and qualitative rise of geopolitics.

At the same time, it should be noted that the long-term fundamentals of the domestic economy have not changed, the overall momentum of steady and good development of foreign trade has not changed, and there are still many favorable conditions to support the development of foreign trade. First, the world economic recovery has a long way to go, and the second is that the innovative development of foreign trade has a solid foundation and favorable conditions.