By Yuling Chen, EDITOR

According to Chongqing Customs District P.R.CHINA, in the first 11 months of this year, the total foreign trade value of Chongqing was RMB 479.43 billion with year-on-year growth of 17.9%,  exceeding the value of import and export in 2017 by RMB 28.63 billion. 

The value of exports reached RMB 310.88 billion, an increase of 20.7%; the value of import was up to RMB 168.55 billion, an increase of 13.1%.

In November, the total import and export value was RMB 54.93 billion, a year-on-year increase of 24%. The value of export was RMB 38.56 billion, a year-on-year increase of 30.9%; the value of import was RMB 16.37 billion, an increase of 10.2%.

 

The following is about the main characteristics of Chongqing’s import and export from January to November 2018.

1 Types of trade

The import and export value of processing trade grows steadily.

In the first 11 months, Chongqing’s import and export value of processing trade was RMB 236.81 billion, an increase of 26.4%, accounting for 49.4% of Chongqing’s total foreign trade value in the same period, which was 3.3 percentage points higher than the same period last year. The value of exports was RMB 202.68 billion, an increase of 23.6%, while the value of imports was RMB 34.13 billion, an increase of 46.2%. During the same period, the import and export value of general trade totaled RMB 181.34 billion, an increase of 10.6%, accounting for 37.8%; the import and export value of bonded logistics was RMB 59.3 billion, an increase of 12.1%, accounting for 12.4%.

2 Trade subjects

The growth rate of import and export value of private enterprises is further accelerated.

In the first 11 months, the import and export value of private enterprises was RMB 135.64 billion, an increase of 25.7%, accounting for 28.3% of the total value of Chongqing’s foreign trade in the same period; the import and export value of foreign-invested enterprises (FIEs) in Chongqing was RMB 288.54 billion, an increase of 19.6%, accounting for 60.2%; the import and export value of state-owned enterprises (SOEs) was RMB 55.24 billion, a drop of 3.5%, accounting for 11.5%.

The import and export value of private enterprises maintained a growth rate of more than 60% for two consecutive months. In November, the import and export value was RMB 19.55 billion, an increase of 62.6%. The export was RMB 15.74 billion, a year-on-year increase of 90.2%, and a month-on-month growth of 39.5%, thus pulling up the export growth by 25.3 percentage points in the month; while the import was RMB 3.81 billion, a slight increase of 1.8%.

3 Trading partners

Steady progress was made with major trading partners.

In the first 11 months, the import and export value between Chongqing and the U.S. was RMB 97.56 billion, an increase of 24.5%, accounting for 20.3% of Chongqing’s total foreign trade value in the same period. And the import and export value between Chongqing and the European Union (EU) was RMB 88.33 billion, an increase of 18.6%, accounting for 18.4%. In addition, the total import and export value between Chongqing and the countries along the “Belt and Road” (B&R countries for short) was RMB 112.27 billion, an increase of 3.8%.

4 Export trade

The exports of high-tech products and traditional manufacturing products grew.

In the first 11 months, the high-tech products exported from Chongqing valued RMB 207.81 billion, an increase of 21.4%. It accounted for 66.8% of the total value of Chongqing’s exports during the same period. The exported products included 43.198 million portable computers worth RMB 120.1 billion, and 1.3 billion integrated circuits worth RMB 12.39 billion. The export volume of electronic information products such as central processing components, tablet computers and memorizers increased. In the same period, 3.331 million motorcycles and 80,000 automobiles were exported, an increase of 4.9% and 15.6% respectively.

5 Import trade

Import volume of integrated circuits, storage components, and consumer goods increased.

In the first 11 months, integrated circuits valued RMB 48.07 billion and storage components valued RMB 19.33 billion were imported to Chongqing, an increase of 14.9% and 7.3% respectively. The above two categories accounted for 40% of Chongqing’s total import value during the same period. In addition, the import value of consumer goods totaled RMB 6.95 billion, an increase of 15.4%. In the same time, the import value of auto parts reached RMB 6.28 billion, an increase of 0.6%.

6 Other aspects are driven by foreign trade

The ripples of export rebate policy can be felt. In addition, private enterprises play an important role in promoting export growth.

China raised the export rebate rate for 1,172 tax items on November 1. And it benefits Chongqing’s export commodities such as lamps and lanterns, plastic products, ceramic products, and rubber tires. Furthermore, in this November, the total export value of the above products was RMB 3.22 billion, a year-on-year growth of 1.8 times and a month-on-month increase of 66.6%. Among them, the export share of private enterprises reached 93.8%, and the export value was RMB 3.02 billion, an increase of 2.4 times. So it lead to an overall increase of 25.9 percentage points in the export of private enterprises in November.

Source: Chongqing Customs District P. R. China