China’s economy is experiencing a robust recovery, particularly with the acceleration of global COVID-19 vaccination programs. The latest report indicates that export confidence is rapidly rebounding as China reopens, presenting a massive opportunity for the cross-border e-commerce market.
According to the latest data from the China Customs Bureau, the proportion of China’s general trade imports and exports increased. 2023 quarter, general trade imports and exports of 5.95 trillion yuan, an increase of 13.9%, accounting for 63.2% of the total value of China’s foreign trade imports and exports, an increase of 1.8 percentage points over the same period last year; of which, exports of 3.28 trillion yuan, an increase of 17.9%; imports of 2.67 trillion yuan, an increase of 9.3%. During the same period, China’s processing trade imports and exports of 1.99 trillion yuan, an increase of 4.2%.
Import and export with major trading partners have achieved growth. In the first quarter, China’s imports and exports with ASEAN, the European Union, the United States, South Korea and Japan were 1.35 trillion, 1.31 trillion, 1.18 trillion, 574.18 billion and 571.03 billion yuan, an increase of 8.4%, 10.2%, 9.9%, 12.3% and 1.8% respectively. During the same period, China’s import and export to countries along the “Belt and Road” and RCEP trading partners grew by 16.7% and 6.9% respectively.
Foreign trade business entities import and export resilience. In the first quarter, China’s import and export performance of 432,000 foreign trade enterprises, an increase of 5.7%. Among them, private enterprises import and export 4.52 trillion yuan, an increase of 14.1%, accounting for 48%, a year-on-year increase of 1.4 percentage points. During the same period, foreign-invested enterprises imported and exported 3.38 trillion yuan, an increase of 5.8%; state-owned enterprises imported and exported 1.5 trillion yuan, an increase of 14.5%. This figure reflects the strong growth of China’s cross-border trade market and the rapid recovery of the export market.
China’s reopening and economic recovery has created huge opportunities for cross-border e-commerce, especially in the European market. As the world’s second largest consumer market and the largest trader of goods, China is a key hub in the world economic cycle. With the economic rebound, the “magnetic force” of China’s mega market is further strongly released. Europe has become one of the main destinations for China’s cross-border e-commerce exports.
Overall, with China’s reopening and economic recovery gaining momentum, the cross-border e-commerce market will usher in new opportunities and development. Government policy support and the rapid development of the digital economy will further promote the development of cross-border e-commerce, bringing more business opportunities and development space to enterprises.
Font：http://stats.customs.gov.cn/
