Exports of China’s Mechanical and Electrical Products Increased by 4.5 Percent in August
General Administration of Customs of the People’s Republic of China (GACC) announced that in the past eight months of 2022, China’s imports and exports of mechanical and electrical products totaled US$2043.1 billion, 4.1 percent higher than a year prior. The exports grew by 9.1 percent to US$1342.87 billion, accounting for 56.5 percent of the merchandise exports. Imports dropped by 4.4 percent to US$700.24 billion, accounting for 38.6 percent of the merchandise imports. The trade balance of mechanical and electrical products expanded US$144.56 billion to US$642.63 billion in surplus.
In August, exports of mechanical and electrical products grow by 4.5 percent year-on-year to US$176.89 billion, maintaining the positive growth for 27 consecutive months, while the growth rate dropped by 8.7 ppt compared with the previous month. The imports of mechanical and electrical products reached US$87.61 billion, which decreased by 9.1 percent year-on-year, the negative growth for the sixth consecutive month.
In August, exports of mobile phones, motor vehicles, and general machines increased, while the exports of automatic data processing machines and parts thereof, integrated circuits, household appliances and lamps and lighting fittings and parts thereof decreased year-on-year.
The global demand for computers is cooling down, and there are the generally weak prospects on the shipments of related products, so the exports of automatic data processing machines and parts thereof dropped by 6.8 percent to US$19.59 billion.
Affected by the low demand, China’s mobile phone shipments fell by 3.1 percent. However, due to the increase of average unit price and the low base of the previous year, the exports of mobile phones increased by 21.5 percent year-on-year to US$9.01 billion.
The downstream demand of ICT products slowed down the stock of chips, and the shipments of integrated circuits decreased by 23.3 percent, the negative growth for the sixth consecutive month, and the exports decreased by 16.5 percent to US$11.84 billion.
The boom in motor vehicles exports continued. The shipments and export value grew by 47.5 percent and 65.3 percent respectively, maintaining the positive growth for 23 consecutive months.
In terms of import, in August, the imports of automatic data processing machines and parts thereof, integrated circuits, and vehicles decreased. The import volume of integrated circuits fell by 19.5 percent, the ninth consecutive month of decline, and the import value fell by 12.1 percent. Besides, the imports parts and accessories of vehicle dropped by 16.4 percent, the ninth month for negative growth. The motor vehicles imports grew by 27.7 percent, while the imports had decreased 12 consecutive months previously.
Data Source: www.customs.gov.cn
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