Ministry of Commerce: Pay close attention to the difficulties and challenges faced by foreign trade companies in the price of raw materials

From January to May, my country’s foreign trade continued its growth momentum. The total import and export volume in RMB (the same below) was 14.76 trillion yuan, a record high in the same period in history. Imports and exports, exports, and imports increased by 28.2%, 30.1%, and 25.9% respectively year-on-year, which were the highest levels in the same period in the past 10 years. Compared with the same period in 2019, imports and exports, exports, and imports increased by 21.6%, 23.6%, and 19.2% respectively. The main features are as follows:

One is the rapid growth of exports to major trading partners. China’s exports to major trading partners have maintained rapid growth, especially exports to the United States, ASEAN, and the European Union have increased by 38.9%, 29.3% and 27.9% respectively. Exports to the BRIC countries increased by 42.8%, 12.7 percentage points higher than the overall growth rate.

Second, the proportion of general trade exports continued to increase. The industrial foundation has become more stable and the capacity for independent development has continued to increase. General trade exports increased by 34.5%, raising the overall growth rate by 20.3 percentage points, accounting for an increase of 2 percentage points from the same period last year to 60.9%.

Third, the competitiveness of foreign trade entities has been further enhanced. The scale of private enterprises continues to grow, and the role of foreign trade “stabilizer” is prominent. From January to May, the export of private enterprises was 4.53 trillion yuan, an increase of 39.4%, which increased the overall growth rate by 20.7 percentage points, accounting for an increase of 3.4 percentage points from the same period last year to 56.3% .

Fourth, exports of mechanical and electrical products and labor-intensive products have maintained growth. The export of mechanical and electrical products increased by 31.9%, and the proportion remained stable. Among them, the export of household appliances, auto parts and accessories increased by 42.6%, 37.6%, and 95.8% respectively. Affected by the sharp decline in exports of masks, textiles fell by 10.3% year-on-year. Except for textiles, the exports of the other six categories of labor-intensive products increased by 40.1%, 10 percentage points higher than the overall growth rate.

Fifth, the increase in the prices of some bulk commodities pushed up the growth rate of imports. From January to May, iron ore, copper, refined oil, soybeans, steel, and crude oil rose by 62.7%, 35.1%, 22.1%, 18.7%, 9.8%, and 9.1% respectively, and the price factor combined to increase the import growth rate by 5.7 percentage points. .

From January to May, excluding the influence of the annual low base factor, my country’s imports and exports still maintained rapid growth, showing strong foreign trade development resilience.

At present, the new crown epidemic is still spreading globally, and the external environment facing my country’s foreign trade development is still complicated and severe. We pay close attention to the difficulties and challenges faced by foreign trade companies in raw material prices, exchange rate fluctuations, and ocean freight. We will continue to work with local and relevant departments to implement comprehensive policies and promote solutions. (Information Office of the Ministry of Commerce)