General Administration of Customs: In the first four months, copper imports increased by 7%, and exports of rare earths, steel and aluminum increased by 10%, 27% and 8.8% respectively
According to the General Administration of Customs, in the first four months of 2024, the total import and export value of mainland trade in goods (the same below) was 13.81 trillion yuan, an increase of 5.7% year-on-year. Among them, exports were 7.81 trillion yuan, an increase of 4.9%; imports were 6 trillion yuan, an increase of 6.8 percent; The trade surplus was 1.81 trillion yuan, narrowing by 0.7 percent. In dollar terms, in the first four months, the total value of imports and exports on the mainland was 1.94 trillion US dollars, an increase of 2.2%. Among them, exports were 1.1 trillion US dollars, an increase of 1.5%; imports were 843.91 billion US dollars, an increase of 3.2%; The trade surplus was 255.66 billion US dollars, narrowing by 3.9%.
The main features of mainland import and export in the first four months of 2024:
First, the import and export of general trade increased, and the import and export of processing trade turned from negative to positive
In the first four months, the mainland's general trade import and export reached 8.98 trillion yuan, an increase of 5.3 percent, accounting for 65.1 percent of China's total foreign trade value. Among them, exports were 5.14 trillion yuan, an increase of 6.6%; imports were 3.84 trillion yuan, an increase of 3.6 percent. In the same period, the import and export of processing trade was 2.39 trillion yuan, an increase of 0.8 percent, accounting for 17.3 percent. Among them, exports were 1.5 trillion yuan, down 3.8%; imports were 883.08 billion yuan, an increase of 9.7 percent.
In addition, the mainland's import and export in the form of bonded logistics was 1.92 trillion yuan, an increase of 14.9%. Among them, exports were 728 billion yuan, an increase of 11.6 percent; imports were 1.19 trillion yuan, an increase of 16.9 percent.
Second, imports and exports to ASEAN, the United States, and South Korea increased
In the first four months, ASEAN was China's largest trading partner, and the total value of China's trade with ASEAN was 2.18 trillion yuan, an increase of 8.5 percent, accounting for 15.8 percent of China's total foreign trade value. Among them, exports to ASEAN were 1.32 trillion yuan, an increase of 10%; imports from ASEAN were 862.18 billion yuan, an increase of 6.1%; The trade surplus with ASEAN was 456.01 billion yuan, an increase of 18.1 percent. The EU is China's second largest trading partner, and the total value of China's trade with the EU is 1.75 trillion yuan, down 1.8 percent, accounting for 12.7 percent. Among them, exports to the EU were 1.14 trillion yuan, down 1.5%; imports from the EU were 612 billion yuan, down 2.3%; The trade surplus with the EU was 527.05 billion yuan, narrowing by 0.7%. The United States is China's third largest trading partner, and the total value of China's trade with the United States was 1.47 trillion yuan, an increase of 1.1 percent, accounting for 10.6 percent. Among them, exports to the United States were 1.08 trillion yuan, an increase of 2.4%; imports from the United States were 387.06 billion yuan, down 2.5%; The trade surplus with the United States was 692.41 billion yuan, an increase of 5.4 percent. South Korea is China's fourth largest trading partner, and the total value of trade between China and South Korea was 728.7 billion yuan, an increase of 5.5 percent, accounting for 5.3 percent. Among them, exports to South Korea were 333.3 billion yuan, down 4.2%; imports from South Korea were 395.4 billion yuan, an increase of 15.2%; The trade deficit with South Korea was 62.1 billion yuan, compared with a trade surplus of 4.64 billion yuan in the same period last year.
In the same period, the mainland's total imports and exports to the Belt and Road countries reached 6.54 trillion yuan, an increase of 6.4 percent. Among them, exports were 3.64 trillion yuan, an increase of 6.7%; imports were 2.9 trillion yuan, an increase of 6%.
Third, the import and export of private enterprises and state-owned enterprises increased
In the first four months, the import and export of private enterprises was 7.54 trillion yuan, an increase of 10.7 percent, accounting for 54.6 percent of China's total foreign trade value, an increase of 2.5 percentage points over the same period last year. Among them, exports were 5.06 trillion yuan, an increase of 9%, accounting for 64.7% of the total export value; imports were 2.48 trillion yuan, an increase of 14.4 percent, accounting for 41.4 percent of the total import value. The import and export of state-owned enterprises was 2.21 trillion yuan, an increase of 2 percent, accounting for 16 percent of China's total foreign trade value. Among them, exports were 596 billion yuan, down 0.7 percent; imports were 1.61 trillion yuan, an increase of 3%. In the same period, the import and export of foreign-invested enterprises was 4.02 trillion yuan, down 0.7 percent, accounting for 29.1 percent of China's total foreign trade value. Among them, exports were 2.14 trillion yuan, down 2.1%; imports were 1.88 trillion yuan, an increase of 1.1 percent.
Fourth, mechanical and electrical products accounted for nearly 6 percent of exports, of which the export of automatic data processing equipment and its parts, integrated circuits and automobiles increased
In the first four months, the mainland exported 4.62 trillion yuan of mechanical and electrical products, an increase of 6.9 percent, accounting for 59.2 percent of the total export value. Among them, automatic data processing equipment and its parts and components were 434.92 billion yuan, an increase of 9.7%; integrated circuits were 355.24 billion yuan, an increase of 23.5%; mobile phones were 266.76 billion yuan, down 5.5%; automobiles were 254.85 billion yuan, an increase of 24.9 percent. In the same period, the export of labor products was 1.32 trillion yuan, an increase of 6.9%, accounting for 17%. Among them, clothing and clothing accessories were 323.63 billion yuan, an increase of 3.3%; textiles 314.59 billion yuan, an increase of 4.6%; plastic products were 246.02 billion yuan, an increase of 11.8%. The export of agricultural products was 222.43 billion yuan, an increase of 2.6 percent.
In addition, the export of steel was 35.024 million tons, an increase of 27%; refined oil was 19.373 million tons, a decrease of 11.5%; 7.056 million tons of fertilizer, a decrease of 4.2%.
Fifth, imports of major commodities such as iron ore, crude oil, coal and natural gas increased
In the first four months, the mainland imported 412 million tons of iron ore, an increase of 7.2%, and the average import price (the same below) was 890.6 yuan per ton, an increase of 10.5%; crude oil was 182 million tons, an increase of 2%, and 4256.2 yuan per ton, an increase of 5.6%; coal was 161 million tons, an increase of 13.1%, 732.3 yuan per ton, a decrease of 18.9%; natural gas was 43 million tons, an increase of 20.7%, 3532.3 yuan per ton, down 15%; soybean 27.148 million tons, down 2.9%, 3875.2 yuan per ton, down 14.7%; refined oil was 17.732 million tons, an increase of 28.6%, and 4225.5 yuan per ton, an increase of 3.5%. In addition, 9.63 million tons of primary shape plastics were imported, an increase of 1.3%, 10,600 yuan per ton, a decrease of 1.9%; unwrought copper and copper products were 1.813 million tons, an increase of 7%, and 62,700 yuan per ton, an increase of 2.8%.
In the same period, the import of mechanical and electrical products was 2.12 trillion yuan, an increase of 11.6%. Among them, there were 168.01 billion integrated circuits, an increase of 14.8%, and a value of 832.5 billion yuan, an increase of 15.9%; and 208,000 automobiles, down 7.6%, with a value of 83.28 billion yuan, down 17.1%.
SMM has sorted out the import and export of some products in the metal industry according to the data released by the General Administration of Customs, as follows:
Outlet:
In April 2024, the export of unwrought aluminum and aluminum products was 520,000 tons, an increase of 5.7% compared with April 2023. The cumulative export in January ~ April 2024 was 1.998 million tons, an increase of 8.8% compared with January ~ April 2023.
SMM analysis: In April, the internal and external price differences showed a significant pattern of external strength and internal weakness, which is conducive to the layout of domestic production enterprises, and aluminum profiles, aluminum strips, aluminum foils and aluminum alloy enterprises all said that export orders were growing year-on-year. It is worth noting that ..... click here for details
Steel exports in April 2024 were 9.224 million tons, an increase of 16.3% year-on-year from April 2023. The cumulative export from January ~ April 2024 was 3,502.4 tons, an increase of 27% compared to January ~ April 2023.
Rare earth exports in April 2024 were 4,566 mt, down 0.2% year-on-year from April 2023. The cumulative export from January ~ April 2024 was 18,049.5 tons, an increase of 10% compared to January ~ April 2023.
Import:
In April 2024, copper ore and its concentrate were imported 2.348 million tons, an increase of 11.7% from April 2023. The cumulative import in January~April 2024 was 9.336 million tons, an increase of 6.9% year-on-year in January~April 2023.
In April 2024, unwrought copper and copper products were imported to 438,000 tons, an increase of 7.5% compared with April 2023. The cumulative import in January ~ April 2024 was 1.813 million tons, an increase of 7% compared with January ~ April 2023.
In April 2024, iron ore and its concentrate imports were 101.818 million mt, an increase of 12.6% compared to April 2023. The cumulative import from January ~ April 2024 was 411.821 million tons, an increase of 7.2% compared with January ~ April 2023.
SMM analysis: the increase in imports in April was mainly due to the obvious improvement in domestic demand and the large increase in the output of molten iron in steel mills. The overall demand for iron ore has increased significantly, and the volume of US dollar goods has doubled. However, the number of working days in April was lower than in March, so the increase in imports in April was smaller. Entering May, the pace of resumption of production of steel mills accelerated, the output of molten iron increased and reached a peak, and there is still room for incremental iron ore demand. In addition, the weather factors affect the lifting of ....." Click to view details
Coal and lignite imports in April 2024 were 45.252 million mt, up 11.2% from April 2023. The cumulative import in January~April 2024 was 161.154 million tons, an increase of 13.1% year-on-year from January~April 2023.
Steel imports reached 658,000 tons in April 2024, an increase of 12.5% year-on-year from April 2023. The cumulative import in January ~ April 2024 will be 2.405 million tons, a decrease of 3.7% compared with January ~ April 2023.
Rare earth imports reached 13,145.9 mt in April 2024, down 32.5% from April 2023. The cumulative import from January ~ April 2024 was 48,842.5 tons, a decrease of 18.1% from January ~ April 2023.
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