General Administration of Customs of the People’s Republic of China (GACC) announced that in the past seven months of 2022, China’s imports and exports of mechanical and electrical products totaled US$1781.07 billion, 4.9 percent higher than a year prior. The exports grew by 10.0 percent to US$1167.35 billion, accounting for 56.6 percent of the merchandise exports. Imports dropped by 3.5 percent to US$613.72 billion, accounting for 38.8 percent of the merchandise imports. The trade balance of mechanical and electrical products expanded US$128.39 billion to US$553.63 billion in surplus.

In July, exports of mechanical and electrical products grow by 13.2 percent year-on-year to US$185.13 billion, maintaining the positive growth for 26 consecutive months. The trade surplus reached US$98.5 billion, exceeding the record of US$96.52 billion in December 2021 and hitting a monthly high. The imports of mechanical and electrical products reached US$86.62 billion, which decreased by 9.3 percent year-on-year, the negative growth for the fifth consecutive month.

In July, exports of automatic data processing machines and parts thereof, motor vehicles, and general machines increased, while the exports of integrated circuits, mobile phones, household appliances and lamps and lighting fittings and parts thereof decreased year-on-year. Affected by the 8.7-percent drop in global smartphone shipments in the second quarter, China’s mobile phone shipments in July fell by 15.2 percent to 64.3 million, and the exports fell by 10.2 percent year-on-year to US$8.99 billion; The downstream demand of ICT products slowed down the stock of chips, and the shipments of integrated circuits in July decreased by 12.6 percent for the fifth consecutive month, and the exports decreased by 4.7 percent for the first time in 43 months.

In July, the exports of automobiles industry maintained an increasing trend. Motor vehicle and its parts drove the export growth rate of mechanical and electrical products by 2.2 percentage points. The shipments and export value of motor vehicles increased by 60.1 percent and 64.1 percent respectively. In the past seven months of 2022, its cumulative shipments and export value grew by 43.9 percent and 54.3 percent year-on-year respectively.

In terms of import, in July, the imports of automatic data processing machines and parts thereof, integrated circuits, and vehicles decreased. The import volume of integrated circuits fell by 19.6 percent, the eighth consecutive month of decline, and the import value fell by 2.8 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 twelfth consecutive month, and the eighth consecutive month for import value of the parts and accessories of vehicle.

Data Source: www.customs.gov.cn