According to customs statistics, in the first 11 months of this year, the total value of China's imports and exports was 3796 trillion yuan, the same as the same period last year. Of these, export 216 trillion yuan, an increase of 03%。Everyone knows that the demand from Europe and the United States is weak, so why can exports still record a slight increase in this situation?
ASEAN is China's largest partner, and exports 333 trillion yuan, down 01%；The European Union is China's second largest partner, with exports to the European Union 322 trillion yuan, down 58%；The United States is our third largest partner, and exports 321 trillion yuan, down 85%；Japan is China's fourth largest partner, exporting 101 trillion yuan, down 33%。Right.
The exports of the second, third and four major partners have all declined significantly, which is also consistent with our perceptual understanding. China's exports to the "Belt and Road" countries 97 trillion yuan, an increase of 69%, and the highlight is indeed here.
Mechanical and electrical products accounted for nearly 6% of exports, of which mobile phones and automobiles increased exports. In the first 11 months, China exported 12 mechanical and electrical products66 trillion yuan, an increase of 28%, accounting for 58% of the total export value6%。Among them, automatic data processing equipment and its parts 12 trillion yuan, down 172%；Mobile 8852500 million yuan, an increase of 33%；Car 6529200 million yuan, an increase of 796%。During the same period, the export of Laomi products 373 trillion yuan, down 26%, accounting for 173%。Among them, clothing and clothing accessories 102 trillion yuan, down 33%；Textiles 8655700 million yuan, down 37%；Plastic products 6391300 million yuan, an increase of 05%。Export of agricultural products 6286500 million yuan, an increase of 66%。The export of automatic data processing equipment and its parts has declined a lot, and the automatic data processing equipment and its parts mainly refer to PC-related products, which should be the result of the transfer of the IT foundry industry. Automobile exports have grown rapidly, and it should be said that the growth of automobile exports has filled the decline in exports of low value-added products, helping China's exports to achieve positive growth in the first 11 months.
It is understood that the previous high inventories of European and American customers in some industries have been basically exhausted, and it is expected that advanced economies will start to cut interest rates in 2024, and demand is expected to increase. With the improvement of the competitiveness of China's automobiles and other products, exports will continue to increase significantly in 2024. To sum up, we should be confident that China's exports will maintain growth in 2024.