At the beginning of the year, foreign trade remained resilient, and the proportion of trade between Europe, America and China increased.
According to the data denominated in RMB, China's total import and export value in the first two months increased by 13.30% year-on-year, of which the export increased by 13.60% year-on-year, which was narrower than the previous value, but remained strong as a whole; Imports increased by 12.90% year-on-year, down 3.12 percentage points from the previous value; The trade surplus was 738.8 billion yuan, an increase of 103.2 billion yuan over the same period last year. Priced in US dollars, China's total import and export value in the first two months was US $973.45 billion, a year-on-year increase of 15.90%; Among them, exports reached 544.7 billion US dollars, a year-on-year increase of 16.30%; Imports reached US $428.75 billion, a year-on-year increase of 15.50%; The trade surplus was US $115.96 billion, an increase of US $18.903 billion over the same period last year. In the first two months of 2022, China's foreign trade can still maintain strong resilience.
The EU has once again become China's largest trading partner. The proportion of trade volume with the EU rebounded in the first two months, and the EU became China's largest trading partner. By country, the total import and export volume of China to ASEAN in the first two months was 136.59 billion US dollars, accounting for 14.03%, down 4.8 percentage points from the end of last year. Among them, exports increased by 13.30% year-on-year, imports increased by 12.80% year-on-year, and trade between China and ASEAN remained active; In terms of the specific scale proportion, ASEAN accounted for 14.01% and 14.06% of China's total exports and imports respectively, down 0.37 and 0.62 percentage points respectively compared with the end of last year. The European and American markets occupied the ASEAN foreign trade market. The EU has become China's largest trading partner for the first time since January 2020. In the first two months, the total import and export volume with the EU was 137.16 billion US dollars, accounting for 14.09%. The increase of export proportion is the main reason for the increase of EU share; The EU accounted for 16.78% of China's exports, an increase of 1.37 percentage points over the end of last year, and imports accounted for 10.68% over the same period, a decrease of 0.85 percentage points over the end of last year. In the first two months, the total import and export volume to the United States was $123.32 billion, accounting for 12.67%, which increased slightly compared with the end of last year. The export increased by 13.80% year-on-year, and the import increased by 8.3% year-on-year. The growth rate was 5 percentage points higher than that in December. The increase in the proportion of imports was the main support for the increase in the proportion of the total trade volume of the United States. In terms of trade balance, Europe and the United States were still the main sources of China's trade surplus in the first two months, accounting for 90.87% in total; In terms of increment, the trade surplus of the United States, Europe and ASEAN in the first two months increased compared with the same period last year, and with the increase of export share to Europe, the trade surplus to Europe in the first two months increased by 63.85% year-on-year.
The export growth of electromechanical and cyclical commodities is still relatively strong, and China's traditional production capacity advantage continues to be maintained. Among the main export products, the products with high growth rate in the first two months are still electromechanical products, cycle products and light industrial products. In terms of light industrial products, the growth rate of shoes, boots and bags remained above 20%. In terms of industrial semi-finished products, the growth rates of integrated circuits, automobiles and automobile chassis were 27.70% and 103.60% respectively. At present, electromechanical products have become the largest foreign trade category in China, and the capacity advantage continues to highlight. In terms of cyclical products, the export volume of steel and aluminum also maintained the previous high growth rate, with a year-on-year growth rate of 34.40% and 59% respectively. In terms of imported products, Shenzhen Agricultural Products Group Co.Ltd(000061) , cyclical products, such as grain, crude oil and natural gas, dominated the varieties with high import growth in the first two months of the year.
The prices of export products are still strong, and the products with high price growth in foreign trade commodities are mainly cyclical products. In terms of export, the export prices of fertilizers, steel, aluminum and other commodities ranked first in the first two months. In terms of imported products, the import volume of fertilizer, crude oil, steel and pulp decreased and the price of upstream raw materials may continue to have an impact on the import cost.
Risk tip: global inflation is rising too fast; Liquidity flows back to US debt; The global covid-19 epidemic has expanded its impact.
