The total value of China's goods trade imports and exports reached 21.17 trillion yuan, up 6.1% year on year; the monthly export value grew year on year for three consecutive months; exports of mechanical and electrical products rose 8.2% year on year, accounting for nearly 60% of total exports... Recently, the General Administration of Customs released the foreign trade import and export data for the first half of this year. A careful reading of this report card reveals that with total volume growing and structure optimizing, China's foreign trade continues to show a positive momentum.

　　Experts analyze that in the face of complex domestic and international situations, China's foreign trade imports and exports have maintained a growth trajectory, thanks to factors such as the recovery of international markets and China's complete industrial and supply chains. In the second half of the year, the comprehensive effectiveness of policies to stabilize foreign trade should continue to be leveraged to promote both quality improvement and volume stability in China's foreign trade.

　　Looking at total volume—

　　The import and export scale in the first half exceeded 21 trillion yuan, with trade volume hitting a new record high

　　At the Chuanshan Port Area of Ningbo-Zhoushan Port in Zhejiang, ten-thousand-ton cargo ships gather and gantry cranes stand tall. On the quayside yards, containers of various sizes and colors are stacked in layers. In an office building about 1 kilometer from the port, crane operators precisely observe the arrival and departure of goods through real-time monitoring, achieving remote loading and unloading. In the first half of this year, Ningbo-Zhoushan Port completed cargo throughput of 708 million tons and container throughput of 19.165 million TEUs, up 4.2% and 8.4% year on year respectively, achieving a "good first half" in import and export trade.

　　Ports are a window for observing foreign trade. Since the beginning of this year, China's goods trade imports and exports have maintained a good growth momentum. In terms of scale, since March, the national monthly import and export scale has remained above 3.5 trillion yuan, and the import and export scale in the first half exceeded 21 trillion yuan for the first time, with total trade volume hitting a new record high; in terms of growth rate, the national import and export growth rate has accelerated quarter by quarter, with the second quarter growing 7.4% year on year, 2.5 percentage points and 5.7 percentage points higher than the first quarter and the fourth quarter of last year respectively, further consolidating the positive momentum of foreign trade.

　　"China's total foreign trade import and export volume hit a new high in the first half, and this achievement has not come easily." Yu Miaojie, president of Liaoning University, told this newspaper, "From a medium- and long-term perspective, China has complete industrial and supply chains and relatively low labor costs, giving it obvious comparative advantages. Since the beginning of this year, domestic enterprises have actively explored international markets, attaching particular importance to strengthening cooperation with Belt and Road partner countries and opening up emerging markets. Not only have imports and exports with traditional markets such as ASEAN, the United States, and South Korea maintained growth, but total imports and exports with Belt and Road partner countries grew 7.2% year on year, with economic and trade cooperation space continuing to expand."

　　A careful reading of the foreign trade "half-year report" shows that export performance deserves attention. In the first half, national exports reached 12.13 trillion yuan, up 6.9% year on year. Foreign media including Reuters and CNBC evaluated China's export performance as "exceeding expectations." Agence France-Presse, citing Goldman Sachs economists, stated that due to continued growth in overseas demand and the highly competitive nature of Chinese products, exports are likely to remain strong in the coming months.

　　Strong overseas market demand is most clearly perceived by enterprises. Insta360 is a specialized, refined, distinctive and innovative "little giant" enterprise mainly engaged in action cameras. "In recent years, overseas travel content led by social media and internet influencers has surged, and the action camera category has become increasingly popular. This year happens to be a 'major sports year,' with sporting events such as the European Cup and the Olympics driving a nationwide sports trend. In terms of market performance, our shipments to France, the host country of the 2024 Olympics, doubled this year. Currently our products are mainly sold in European, American, Japanese, and South Korean markets, with South Korea and France growing relatively fast. Brand revenue from overseas markets has now reached about 80%." said Yuan Yue, Marketing Director of Insta360.

　　Looking at structure—

　　Export structure further optimized, with mechanical and electrical products accounting for nearly 60% of exports and automobile exports maintaining growth momentum

　　To understand China's foreign trade "half-year report," one must look not only at total volume but also at structure. According to customs statistics, in the first half of this year, China's export structure was further optimized, with exports of mechanical and electrical products reaching 7.14 trillion yuan, up 8.2% year on year, accounting for 58.9% of total export value.

　　"The steady growth of mechanical and electrical product exports in the first half of this year was driven by multiple factors." Gao Shiwang, spokesperson for the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, analyzed for this newspaper, "From external factors, improved external demand and international restocking are important supports on the demand side. Internally, China's mechanical and electrical industry has strong supply chain resilience and high completeness. In the process of global demand recovery and manufacturing resumption, China's mechanical and electrical industry has steadily increased its international share, performing well in multiple product categories."

　　Data released by the General Administration of Customs shows that among China's mechanical and electrical exports in the first half of this year, automatic data processing equipment and parts exports reached 683.77 billion yuan, up 10.3% year on year; integrated circuit exports reached 542.74 billion yuan, up 25.6% year on year; automobile exports reached 391.76 billion yuan, up 22.2% year on year.

　　"In the first half, China's automobile exports continued to maintain growth momentum, which is the result of Chinese automakers' years of deep cultivation in international markets." Gao Shiwang said that in the process of the global automotive industry's transition to electrification, Chinese automakers have achieved rapid iteration of automotive products through continuous application of new technologies and product updates, thereby consolidating the international competitiveness of China's electric vehicles. "China's complete industrial chain supporting facilities and huge domestic demand market have established the scale advantage of the automotive industry, which is a solid foundation for forming international competitiveness in the automotive industry."

　　As one of the automakers continuously expanding in international markets, NETA Auto has been accelerating its overseas expansion since the beginning of this year. In January, NETA Auto announced the establishment of its third overseas factory in Malaysia; in March, NETA Auto's factory in Thailand began large-scale production; in April, the company's factory in Indonesia achieved mass production. A relevant person in charge of NETA Auto introduced that the domestic automotive industry supply chain is already very mature, but overseas markets have not yet formed the same convenient conditions as domestically. "Foreign automotive manufacturers building local production lines often need to meet various requirements such as minimum capital conditions, foreign shareholding ratios, and technical and quality standards. For emerging automakers going overseas, 'moving' the entire supply chain overseas is not very realistic. Therefore, we have started to promote supply chain localization, jointly building production bases and sales networks with local partners, enhancing supply chain stability and flexibility, thereby forming efficiency advantages in fierce market competition."

　　Chinese automakers are highly motivated to go overseas, but trade protectionism is rising in some countries, and domestic automakers still face certain challenges in going overseas. However, in Gao Shiwang's view, the internationalization process of automakers has just begun. "Overall, continued growth in automobile exports, the internationalization of automakers, and the continuous improvement of the international competitiveness of China's automotive industry are all foreseeable."

　　It is worth noting that in the first half of this year, Chinese ships also performed impressively in the international market. According to data released by the Ministry of Industry and Information Technology, at present, China's three major indicators—shipbuilding completions, new orders received, and orders in hand—account for 55%, 74.7%, and 58.9% of the world market share respectively. More and more foreign shipowners are placing orders with Chinese shipyards; of every 10 new shipbuilding orders globally, more than 7 go to China.

　　"Currently, rising international demand is driving the shipbuilding industry into a period of rapid recovery and upward momentum. Demand such as the increasing age of the global fleet and growing replacement needs is gradually being released, and China's ship exports are expected to continue their positive development trend." Gao Shiwang said.

　　Looking at entities—

　　Private enterprises maintain their position as the largest operating entities in foreign trade, with their imports and exports accounting for 55% of total foreign trade value in the first half

　　From the perspective of foreign trade entities, in the first half of this year, imports and exports of China's private enterprises, foreign-funded enterprises, and state-owned enterprises all grew. Among them, private enterprises' imports and exports reached 11.64 trillion yuan, up 11.2% year on year, accounting for 55% of the national total foreign trade value, 2.5 percentage points higher than the same period last year. Private enterprises' exports in the first half reached 7.87 trillion yuan, up 10.7% year on year, accounting for 64.9% of the national total export value.

　　"In the first half, private enterprises accounted for over 60% of the national total export value, and private enterprises have become an important component of China's economy." Yu Miaojie believes that the growth momentum of private enterprise exports is due to the continuous improvement of the domestic business environment and the successive introduction of policies to stabilize foreign trade, which have created favorable internal and external conditions for Chinese enterprises to "go global," making it easier for them to continuously "hone their skills" and expand overseas.

　　On the one hand, policy documents supporting the development of cross-border e-commerce and overseas warehouses have been issued, playing an important role in helping enterprises expand markets.

　　Tineco is an enterprise mainly engaged in high-end smart lifestyle appliances. When Tineco began laying out its overseas market at the end of 2018, it focused on cross-border e-commerce platforms. "When we first participated in Amazon's 'Black Friday,' one of our vacuum cleaners almost 'sold out,' and it is still a bestseller in Walmart stores abroad." Leng Ling, CEO of Tineco Intelligent Technology, told this newspaper, "Cross-border e-commerce has always been our main battlefield. With the rapid development of cross-border e-commerce, Tineco's product export value grew by over 50% year on year in the first half of this year. While we continue to focus our overseas strategy on the United States, France, Germany, Canada, and other countries, we are continuously deepening partnerships with more than 20 Belt and Road partner countries including Indonesia. At the same time, we are vigorously expanding into emerging markets in Russia, Southeast Asia, and Central Asia, effectively enhancing the brand's coverage and influence in these regions."

　　On the other hand, a series of policies such as tax reductions and exemptions and insurance support have effectively reduced enterprise costs and helped Chinese enterprises continuously consolidate their international competitiveness in foreign trade.

　　Recently, the Hangzhou Tax Service of the State Taxation Administration has seized the opportunity of growing overseas market demand for used new energy vehicles, increased support for used car export enterprises, and cultivated used car exports into a new growth point for local foreign trade by optimizing export tax rebate procedures and other measures. "Not long ago, we just declared and exported used cars with tax rebates of nearly 8 million yuan. Export tax rebates have eased our financial pressure, helping enterprises further reduce costs and increase efficiency and enhance international competitiveness." said a relevant person in charge of Hangzhou Hunda International Trade Co., Ltd.

　　"Thanks to the support of a series of domestic foreign trade policy packages, private enterprises—which are more flexible and autonomous—continue to grow and maintain their position as the largest operating entities in China's foreign trade. Many private enterprises' export products have shifted from labor-intensive to technology-intensive, and independently developed innovative products lead the world, boosting the continuous upgrading and optimization of China's foreign trade structure." Yu Miaojie said.

　　Looking ahead to the second half of the year, He Yadong, spokesperson for the Ministry of Commerce, stated that the situation facing China's foreign trade development remains relatively complex, and the intensity and sustainability of restocking in major markets remain to be observed. The Ministry of Commerce will further leverage the comprehensive effectiveness of policies to stabilize foreign trade, effectively help enterprises resolve difficulties, continuously cultivate new drivers of foreign trade, and make every effort to promote both quality improvement and volume stability in foreign trade.