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      According to the trade data released by the General Administration of Customs of the People's Republic of China (GACC), the imports and exports of China's mechanical and electrical products exceeded US$3 trillion in 2021 for the first time, and the export and import volume reached a record high respectively.

The imports and exports of China's mechanical and electrical products totaled US$3.13 trillion for the whole year, 25.5 percent higher than a year prior, and the two-year compound growth rate was 14.9 percent, accounting for 51.7 percent of China's total trade volume. Besides, exports grew by 28.9 percent to US$1.99 trillion, and the two-year compound growth rate was 16.7 percent, accounting for 59 percent of national exports; The value of import totaled US$1.14 trillion, 20.1 percent higher than a year prior, and the two-year compound growth rate was 12.1 percent, accounting for 42.4 percent of national imports. The trade balance of mechanical and electrical products was US$845.75 billion in surplus, which was US$169.32 billion higher than the total surplus in goods.

In December alone, China's export in mechanical and electrical products reached US$203.28 billion, hitting the record of monthly exports, up by 18.3 percent from a year earlier, marking excess volume of US$30 billion for 14 consecutive months, and realizing the double-digit positive year-on-year growth for 18 consecutive months. Besides, the imports reached US$106.76 billion, slightly lower than the monthly record of US$108.07 billion last month, up by 7.1 percent from a year earlier, realizing the import value of more than US$90 billion for 10 consecutive months and positive growth for 19 consecutive months.

In 2021, the export value of the major commodities of mechanical and electrical products increased generally. The exports of automatic data processing machines and parts thereof, mobile phones, household appliances, parts and accessories of vehicle, lamps and lighting fittings and parts thereof grew steadily due to increased global demand.

Due to the low base and strong pulling force of electric vehicles, the growth rate of motor vehicles (including chassis fitted with engines) was prominent, and the annual exports increased by 119.2 percent year on year. Besides, trade volume of integrated circuits continued to grow significantly, with exports and imports increasing by 32 percent and 23.6 percent year-on-year respectively.

In addition, affected by factors including blocked shipping, rising raw materials, falling demand and the higher base, the export growth rate of some products dropped. In December, the export value of household appliances, audio or video devices and parts thereof, lamps and lighting fittings and parts thereof, and LCD panels decreased year-on-year.

In December, the export quantity of mobile phones stopped the trend of year-on-year decline for 7 consecutive months, with slight increase of 0.3 percent. With the support of the increasing average price, exports of mobile phones hit the monthly record of US$19.12 billion, and the annual exports totaled US$146.32 billion, with the year-on-year increase of 16.6 percent.

In terms of import, affected by the global lack of chips, the import value of motor vehicles (including chassis fitted with engines) decreased year-on-year for 5 consecutive months. In December, the imports of motor vehicles was US$4.17 billion, with the year-on-year decrease of 32.3 percent and the month-on-month decrease of 21.7 percent.

The annule trade deficit of integrated circuits expanded by 19.4 percent year-on-year to a new high of US$278.76 billion, maintaining the single product with the highest import value in China, accounting for 37.9 percent and 16.1 percent of national imports of mechanical and electrical products and total goods respectively, and the imports hit the monthly record of US$44.28 billion in December.

Data Source:www.customs.gov.cn