General Administration of Customs: China's foreign trade has significantly stabilized since February
2023-04-12
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The GAC has implemented a series of measures to facilitate foreign trade, such as simplifying customs procedures, reducing clearance times, and optimizing inspection and quarantine processes. It has also strengthened cooperation with other countries to promote trade facilitation and combat smuggling and fraud.
In the first two months of this year, China's total import and export value decreased by 0.8% year-on-year, with a year-on-year decrease of 8.3% in US dollars, sparking concerns about the trend of China's foreign trade. In response, Yu Jianhua stated at the press conference held on the same day that China's foreign trade has started steadily this year and the trend is improving. In the first two months, China's total export value reached a historic high, with a year-on-year growth of 0.9%, better than expected. The total import and export value exceeds 6 trillion yuan, which is the second time in history. He stated that if the "one-time factor" is excluded, China's import and export volume increased by over 10% year-on-year in the first two months of this year. From a trend perspective, according to weekly monitoring, China's foreign trade imports and exports have significantly stabilized since February, with a month on month increase of over 15% in the last week of February compared to the previous week. As for the increase in the number of empty containers in ports, Yu Jianhua said that this phenomenon is due to the previous period of excessive new container placement, low domestic storage costs, and a large number of empty containers returning in the short term after the relief of the foreign epidemic, as well as seasonal patterns. 
He stated that a large number of empty containers are poised to be shipped at Chinese ports, which to some extent reflects the international market's continued optimism about China's export capacity in the next stage. According to the latest customs data, the number of export containers has been continuously increasing since late February. Yu Jianhua said that in the first two months, more enterprises entered the foreign trade field, and 46000 new foreign trade business entities were registered by the customs, "indicating that everyone's confidence is accumulating and recovering. In addition, the proportion of enterprises with increased new export order amounts is also continuously increasing. In comparison, China's competitive advantage remains significant. With the overall improvement of China's economic situation, the momentum of a smooth start to foreign trade in the first two months is expected to maintain.
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