Abstract On June 19, according to preliminary statistics from the Customs, in May, the total import and export volume of the country was 1.97 trillion yuan, a year-on-year decrease of 9.7%. Shen Danyang, spokesman of the Ministry of Commerce, said at the monthly regular press conference held on June 18 that the Ministry of Commerce is responding to the current foreign trade situation...
On June 19, according to preliminary statistics from the Customs, in May, the total import and export volume of the country was 1.97 trillion yuan, a year-on-year decrease of 9.7%. Shen Danyang, spokesman of the Ministry of Commerce, said at the monthly regular press conference held on June 18 that the Ministry of Commerce is working with relevant departments to formulate new measures in response to the current foreign trade situation. The key point is to help enterprises reduce burdens and boost foreign trade growth. The data shows that China’s total exports in May were 1.17 trillion yuan, down 2.8%; imports were 0.8 trillion yuan, down 18.1%. Import and export of foreign trade is still falling, and imports have fallen even more. Shen Danyang said that as far as exports are concerned, external demand continues to be sluggish, traditional competitive advantages are weakened, and the currencies of some major market countries are greatly depreciated against the US dollar. This is the three biggest pressures facing China's current steady growth in exports. In order to support the steady growth of foreign trade and adjust the structure, the State Council has issued a series of policy measures since last year. All departments and localities have implemented unprecedented efforts to effectively reduce the burden on enterprises and boost their confidence. The first five months have been the major economies in the world. In the case of both negative growth in exports and emerging market countries, the cumulative export of China’s foreign trade in the first five months of the year still maintained a hard-won positive growth, benefiting from the positive role of the State Council’s series of policies.
Shen Danyang said that enterprises are more anxious, reflecting more and need policy measures to promote them. There are three main aspects: First, various fees for import and export links should be further reduced or exempted. Some of the reduction and exemption policies have been confirmed, but the implementation is not in place. Need to continue to advance. Second, the problem of financing difficulties and expensive financing has not been well resolved, and it is hoped that it will be further promoted. Third, trade facilitation, including cross-border e-commerce, hopes to have further policy measures.
"We are doing everything possible to find ways to take measures." Shen Danyang said, "With this series of policy measures gradually introduced or effective, with the slow recovery of the global economy, it is expected that the foreign trade situation will improve in the second half of the year. ""
According to Shen Danyang, one of the characteristics of foreign trade operation in May is that the decline in exports continues to narrow, and imports continue to be sluggish. He said that due to factors such as the sluggish external demand and the high real effective exchange rate of the renminbi, China's exports are still negative, but the decline continues to narrow, down 3.4 percentage points from the previous month. Under the drag of low commodity prices and insufficient domestic demand, imports continued to decline, and the decline was larger than last month.
In addition, China’s export growth to the United States accelerated in May, and imports from the EU and other countries fell sharply. With the US economy improving in the second quarter, import demand has picked up. In May, my exports to the US increased by 7.9%, and the growth rate accelerated by 4.5 percentage points from the previous month. I have maintained rapid growth in exports to the countries along the Belt and Road. Among them, exports to Bangladesh, Pakistan, Israel, Saudi Arabia and Egypt increased by 45.5%, 24.9%, 23%, 18.6% and 11.5% respectively.
In May, China’s foreign trade surplus reached 366.8 billion yuan, an increase of 65%. For the foreign trade surplus, Shen Danyang responded that China did not deliberately pursue a trade surplus. At present, the trade surplus has grown relatively fast, mainly due to the decline in international commodity prices and the weakening of domestic demand. According to preliminary estimates, the decline in the prices of refined commodities such as refined oil, steel, copper and soybeans in the first five months led to an increase in the foreign trade surplus of nearly US$80 billion. After eliminating this amount, the surplus will be reduced by 36.7%. Secondly, in the second half of this year, if the price of bulk commodities can be further rebounded and import measures are further implemented, the growth rate of the surplus will definitely slow down.
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