2023 China’s foreign trade withstands pressure and emerges an upward curve

Data released by the General Administration of Customs showed that in 2023, the total value of China’s imports and exports was RMB 41.76 trillion, up 0.2 per cent year-on-year.
In 2023, in the context of the overall sluggish performance of global trade, China’s foreign trade delivered a steady increase in the scale of imports and exports, and the quality of development is excellent in the rise of the “report card”.

Steady increase in the scale of import and export

China’s foreign trade to withstand the pressure out of the upward curve

In 2023, the world economic recovery is weak, global trade is slow to pick up, the world’s major economies, foreign trade generally declined sharply. The United Nations Conference on Trade and Development (UNCTAD) predicts that global trade in goods will decline by 7.5 per cent in 2023 and remain “highly uncertain and generally pessimistic” in 2024.

Against this backdrop, China’s foreign trade has withstood the pressure and operated in a generally stable manner, with the scale of imports and exports rising quarter by quarter and getting stronger every quarter.
In terms of international market share, according to the latest WTO data, it is expected that China’s international market share of exports in 2023 to remain at a high level of about 14 per cent.

Lv Daliang, spokesman for the General Administration of Customs and director of the Department of Statistics and Analysis, said that in 2023, China’s exports are on a high base to reach a new high, not only to achieve a reasonable growth in volume, but also to maintain the overall stability of the share, but also in the growth of kinetic energy, the regional pattern of the qualitative and effective enhancement of the pattern, demonstrating a strong resilience and comprehensive competitiveness.

The quality of development is excellent and rising

Foreign news focus on China’s “new three” annual exports exceeded one trillion yuan for the first time.

With the construction of modern industrial system has made important progress, with high technology, high value-added, green and low-carbon as the characteristics of the new momentum of foreign trade to further promote the stable growth of foreign trade.

Data show that in 2023, China’s electric passenger vehicles, lithium-ion batteries and solar cells “new three” products exported a total of 1.06 trillion yuan, for the first time exceeded the trillion yuan mark, an increase of 29.9%. This also attracted the attention of foreign media such as the Latin American news agency, said “China’s comprehensive competitive advantage in foreign trade is still outstanding”.

In addition, as a new force in global trade, cross-border e-commerce allows everyone to “buy global, sell global”. According to preliminary statistics, China’s cross-border e-commerce import and export volume was 2.38 trillion yuan in 2023, an increase of 15.6 per cent. The number of consumers involved in cross-border e-commerce imports is increasing year by year, reaching 163 million in 2023.

Currently, the global economic recovery is progressing slowly and economic and trade activities continue to be sluggish. Wang Lingjun, deputy director of the General Administration of Customs, said he believes that with the gradual emergence of policy effects and the steady advancement of high-level opening up, the new kinetic energy of China’s trade development will be accelerated to cultivate, foreign trade and foreign investment fundamentals will continue to be consolidated, and the foundation for steady growth, quality and efficiency of imports and exports will be further strengthened.

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