Exports of China’s Mechanical and Electrical Products Increased by 1.0 Percent in October
General Administration of Customs of the People’s Republic of China (GACC) announced that in the past ten months of 2022, China’s imports and exports of mechanical and electrical products totaled US$2585.43billion, 2.95 percent higher than a year prior. The exports grew by 7.65 percent to US$1707.14 billion, accounting for 57.1 percent of the merchandise exports. Imports dropped by 5.09 percent to US$878.29 billion, accounting for 38.8 percent of the merchandise imports. The trade balance of mechanical and electrical products expanded US$168.42 billion to US$828.85 billion in surplus.
In October, exports of mechanical and electrical products grow by 1.0 percent year-on-year to US$177.14 billion, maintaining the positive growth for 29 consecutive months, while the growth rate dropped by 5.0 ppt compared with the previous month. The imports of mechanical and electrical products reached US$84.21 billion, which decreased by 6.2 percent year-on-year, the negative growth for the eighth consecutive month.
In October, 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 demand has weakened by high inflation, together with the high base, leading the exports of automatic data processing machines and parts thereof fell by 16.4 percent in October, the negative growth for three consecutive months; The exports of integrated circuits fell by 0.7 percent to US$13.41 billion, the negative growth for four consecutive months; Driven by the increase in average price due to centralized shipment of iPhone 14 series, the mobile phone exports increased by 7.0 percent to US$15.38 billion, the positive growth for three consecutive months, but the shipment decreased by 11.1 percent, which decreased for five consecutive months.
The boom in motor vehicles exports continued. The shipments and export value grew by 60.7 percent and 89.4 percent respectively, maintaining the positive growth for 25 consecutive months. By October, the shipment of motor vehicles increased by 52.8 percent to 2.615 million units, and the exports grew by 67.9 percent to US$46.62 billion accordingly.
In terms of import, in October, the imports of motor vehicles increased by 50.6 percent year-on-year, while the imports of automatic data processing machines and parts thereof, integrated circuits, and other main mechanical and electrical products decreased. The import volume of integrated circuits fell by 17.1 percent to 41.06 billion units, the eleventh consecutive month of decline, and the import value fell by 0.6 percent to US$34.52 billion, the sixth consecutive month of decline.
Data Source: www.customs.gov.cn
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