Exports seen rising on upgrades, e-commerce

2024-05-10 08:22:34China Daily Editor : Li Yan ECNS App Download

Chinese manufacturers' ongoing green transformation and industrial upgrade will bolster export growth this year despite numerous challenges in the global economic climate, said government officials and exporters on Thursday.

They said that many domestic firms are focusing on developing and exporting technologically sophisticated, eco-friendly and high-value products. These efforts, along with bilateral and multilateral free trade agreements, will help maintain a healthy growth trajectory through the second half of the year.

China's two-way trade in goods expanded 5.7 percent year-on-year to 13.81 trillion yuan ($1.91 trillion) in the first four months, while its exports rose 4.9 percent to 7.81 trillion yuan, said the General Administration of Customs.

Since the beginning of the year, positive factors in the area of foreign trade have been steadily improving, and the momentum has continued to strengthen, said Lyu Daliang, director of the GAC's department of statistics and analysis.

Lyu said the growth rate of imports and exports in the first four months has accelerated compared to the first quarter of this year, and the scale has reached a new historical high for the period.

Chinese manufacturers exported 4.62 trillion yuan worth of mechanical and electrical products such as electric vehicles, integrated circuits and smartphones between January and April, up 6.9 percent year-on-year, accounting for 59.2 percent of the country's total export value, according to Customs data.

From the perspective of new drivers of export growth, the rapid increase in exports of tech-intensive green products like lithium batteries and photovoltaic products, along with the acceleration of new forms of foreign trade represented by cross-border e-commerce, are the main factors currently driving China's exports, said Wang Xiaosong, a professor at the Renmin University of China's School of Economics in Beijing.

Sharing similar views, Cui Fan, a professor at the University of International Business and Economics in Beijing, said these products are not only in line with global efforts to combat climate change, but also cater to the increasing demand for eco-friendly alternatives worldwide.

The significance of China's efforts to promote new energy imports and exports has been highlighted, as current global production capacity in the new energy sector is far from sufficient to satisfy potential market demand, said Cui.

Apart from focusing on enhancing their innovation capabilities, many Chinese companies have been strengthening cooperation with trading partners in Central and Eastern Europe, Africa, Southeast Asia and the Middle East, said Edward Kieswetter, chairman of the Brussels-based World Customs Organization.

As the tourism and food delivery markets continue to boom in many parts of the world, Nanjing Vmoto Manufacturing Co — a Nanjing, Jiangsu province-based motorcycle manufacturer — has developed several types of products to seize market share abroad since last year.

"These motorcycles feature long battery life and a heavy-duty rear seat delivery box," said Xie Xiangjing, the company's director of sales.

"We also introduced lightweight, durable 'shared e-motorcycles' with easily detachable and replaceable parts to meet rental demand in overseas tourism markets."

In addition to establishing overseas repair stations in key markets, Nanjing Vmoto has expanded into 64 countries and regions, including Greece, Brazil, Malaysia and France. Its total export value of motorcycles and parts surged 267 percent year-on-year in the first quarter.

To create more favorable conditions for its exporters, China signed Authorized Economic Operator (AEO) mutual recognition agreements with Burundi and Iceland in Shenzhen, Guangdong province on Thursday.

AEO mutual recognition deals allow Customs authorities to recognize certified AEO companies for streamlined Customs clearance, aiming to enhance cooperation between Customs, businesses and other government departments.

As of Thursday, China had signed AEO mutual recognition agreements with 28 economies, covering 54 countries and regions.

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