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According to the data released by GAC on the 10th, 1st half of 2012 import and export totaled $1.84T, an 8% increase over last year. Surplus is $68.92B, a 56.4% increase over last year. In June, total import and export are $328.69B, a 9% increase over last year; surplus is $31.73B, a 42.9% over last year and beyond market expectations.
Total import and export slightly rebounded during the 2nd quarter with total, export and import increased 8.6%, 10.5% and 6.5% respectively over the last year. Total import and export growth pace during the 2nd quarter increased 1.3% comparing the same pace during the 1st quarter. In terms of the monthly trend, after the seasonal adjustments, import and export growth pace in April was 6.1%, 11.1% in May and 12.4% in June.
US has replaced the EU as the largest export market for China. During the 1st half of 2012, China export to EU reduced 0.8% with which to Germany, France and Italy dropped 3.9%, 5.3% and 24.2% respectively. Analysts believe that a reduced export to EU has made some exporting business adjust their industry structures but the high expo costs and logistical expenses remain an issue. Market expects government could adjust its policies accordingly to further maintain the growth pace of the exporting businesses.
Industry insiders believe that a sluggish European economy has driven Chinese exporting business to expand new markets and adjust their product structures. According to the statistics by the Custom, electronics and machinery exports accounted for 57.7% of total export during the first half of 2012; textile, clothes, luggage, shoes, toys, furniture and plastic products accounted for 19.5% of total exports, a 0.3% drop from last year.
In terms of the export market structure, China exported $163.06B to EU in the 1st half of this year, a 0.8% drop; export to US totaled $165.32B, a growth of 13.6%; export growth pace to Russia and South Africa is higher than the average export growth pace.
Zheng Yaosheng, spoksman from the GAC said that China export products structure continues to improve during the 1st half of 2012 with the content of electronics and machinery products increases and contents of the labor-intensive products decreases. China’s pro-exporting and open to importing policies will take their effects gradually. If global economy, especially Euro crisis will not further deteriorate, China will realize a 10% trading volume increase in 2012 over 2011.
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