According to the British “Guardian” report, although the growth of China’s export industry in the first half of the year was hindered by the shortage of raw materials and the closure of major ports due to the new crown epidemic, exports in July showed a rapid growth momentum.
On August 7, data from the General Administration of Customs showed that exports in July increased by 23.9% year-on-year in RMB terms; in U.S. dollars, up 18% year-on-year, the growth rate hit a new high for the year, providing an encouraging boost to the Chinese economy. vibrate. This figure exceeded the market’s 15% growth forecast.
Earlier, many analysts predicted that there were growing signs that economies in Europe, the United States, the United Kingdom and Australia were heading for recession, affecting the outlook for global consumption and slowing China’s foreign trade.
Data from the China Ports Association showed that foreign trade container throughput at China’s eight major ports rose 14.5% in July, up from an 8.4% increase in June. Container throughput at Shanghai Port, one of the ports most affected by the Covid-19 outbreak, hit a record high.
A surge in exports pushed China’s trade surplus to a record high of $101.3 billion in July.
While exports have played a role in boosting the economy, imports have performed equally well. In terms of RMB, my country’s imports increased by 7.4% year-on-year in July; in US dollar terms, my country’s imports in July increased by 2.3% year-on-year, which was faster than the 1% in June.
Last week’s State Council executive meeting pointed out that China’s economy is in a critical window of stabilization and recovery, and the third quarter is crucial.
In the first half of this year, due to strict epidemic prevention and control policies, many consumers stayed at home, and the total retail sales of consumer goods fell by 0.7% year-on-year.
The National Development and Reform Commission stated that China should seize the time window of the construction peak season in the third quarter, improve work efficiency, and help local people to work nearby.
