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General Administration of Customs of the People’s Republic of China (GACC) announced that in the first half of 2022, China’s imports and exports of mechanical and electrical products totaled US$1510.96 billion, 5.0 percent higher than a year prior, accounting for 49.1 percent of the merchandise trade. Besides, exports grew by 9.6 percent to US$983.68 billion, and the proportion decreased from 59.0 percent in 2021 to 56.8 percent. Imports dropped by 2.5 percent to US$527.27 billion, and the proportion decreased from 42.4 percent to 39.1 percent. The trade balance of mechanical and electrical products expanded US$99.2 billion to US$456.4 billion in surplus.

Despite the impact of the epidemic on production and delivery in the second quarter, the exports of mechanical and electrical products increase 7.3 percent year-on-year, but the growth rate still showed a gradual narrowing trend.

Centralized shipments in Yangtze River Delta region drove the exports of mechanical and electrical products in June to grow by 12.7 percent year-on-year to US$183.17 billion, maintaining the positive growth for 25 consecutive months. The growth rate was 3.2 percentage points higher than that of the previous month, but it was still lower than that of all commodities for 15 consecutive months. Global inflation drags down the demand for durable consumer goods, together with the sluggish supply chain were the main reason. In June, China’s imports of mechanical and electrical products reached US$88.62 billion, which decreased by 10.9 percent year-on-year, the negative growth for the fourth consecutive month.

In June, exports of automatic data processing machines and parts thereof, integrated circuits, mobile phones, motor vehicles and other products increased, while the exports of household appliances decreased year-on-year.

The shipment of mobile phones decreased by 10.4 percent year-on-year, but the increase of average unit price supported the export value to increase by 2.8 percent year-on-year. However, the sluggish international demand and order transfer dragged down the exports of mobile phones for four consecutive quarters; The resumption of work led to restorative growth of 9.2 percent in the exports of automatic data processing machines and parts thereof, which had fallen for two consecutive months before.

In June, the exports of integrated circuits reached US$13.94 billion, with a year-on-year increase of 16.8 percent, which has increased year-on-year for 42 consecutive months. The exports of integrated circuits in the half of 2022 grew by 17.2 percent to US$77.62 billion, accounting for 4.5 percent of China’s total exports in goods, which remains the single commodity with the highest exports. While the weak demand of such as computer and communication equipment industries has reduced the exports for four consecutive months year-on-year.

The export of automobiles maintained an increasing trend. In June, the shipment and export value of motor vehicles increased by 34.1 percent and 21.9 percent respectively. In the first half of 2022, its cumulative shipment and export value totaled 1.32 million and US $22.32 billion, with an increase of 41.0 percent and 52.4 percent year-on-year respectively.

In terms of import, in June, the imports of integrated circuits, automatic data processing machines and parts thereof, vehicles, machine-tools and other mechanical and electrical products decreased. Affected by fall in terminal demand and the high base, the import volume of integrated circuits fell by 8.3 percent, the seventh consecutive month of decline, and the import value fell by 4.8 percent. Besides, the continuous supply chain problems and sluggish market demand led to the year-on-year decline of motor vehicles import volume for the eleventh consecutive month, and the seventh consecutive month for import value of the parts and accessories of vehicle.

Data Source: www.customs.gov.cn