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 According to the trade data released by the General Administration of Customs of the People’s Republic of China (GACC), China’s export of mechanical and electrical products totaled US$ 1.41 trillion in the past nine months of this year, 33.3 percent higher than a year prior (expanded by 33.3 percent compared to the same period in 2019). The value of import totaled US$ 837.54 billion, 24.6 percent higher than a year prior (expanded by 26.3 percent compared to the same period in 2019). The trade balance of mechanical and electrical products was US$ 574.9 billion in surplus, much higher than the total surplus in goods (US$ 427.53 billion).

Export

In September alone, driven by electronic products especially mobile phones, China’s export in mechanical and electrical products reached US$ 180.24 billion, hit record high monthly value, up by 26 percent from a year earlier, and marks an increase of 40.1 percent from the pre-epidemic level in 2019, realizing the double-digit positive year-on-year growth for fifteen consecutive months since July 2020.

In September, the export value of the major commodities of mechanical and electrical products increased generally. Affected by the release of new model of phone brands including Apple and the low base in the same period last year, the reduction of the quantity of mobile phones narrowed by 16.7 percentage points compared with the previous month, declined by 8.2 percentage points year-on-year, realizing the negative growth for the fifth consecutive month. However, due to the increase of the average price, the value of mobile phone exports reversed the downward trend in July and August, up by 70 percent year-on-year, setting a new record this year.

Import

In September, the imports increased 6.9 percent year on year to US$ 103.52 billion, and up by 26.7 percent over the same period in 2019, realizing the import value of more than US$ 90 billion for seven consecutive months. Due to the high base in the same period last year, the growth rate fell back to single digits for the first time since September 2020, but the imports still hit a new high of monthly import over the years.

In September, China’s import value of electronic integrated circuits increased 12.7 percent to US$ 41.4 billion based last year, and the year-on-year growth rate has been being over 20 percent for the last ten consecutive months, driving the import growth rate of mechanical and electrical products by 4.8 percentage points. During the last nine months, the import value of electronic integrated circuits has reached US$ 312.61 billion, remaining to be China’s single commodity with the largest import volume.

Data Source: www.customs.gov.cn