The war between China and the United States has been going on for several years, and it has had a great impact on the economies of both countries. The latest data shows that in November this year, China's goods to the United States ** were 85%, which is a big drop. But does this mean that China's foreign trade situation is bad?Actually, it's not that simple.
China's ** situation has attracted a lot of attention, and some people are worried that China's exports will be affected and affect economic growth. However, we can't just look at the numbers at face value, but analyze the changes behind them in depth. China's ** structure is undergoing major adjustments, and these adjustments will bring more opportunities and advantages to China.
According to the latest data from the General Administration of Customs, in the first 11 months of this year, our and the United States' ** volume decreased by 69%。The United States is our third-largest partner, but we have reduced the number of goods we have to them by 85%。This means that our competitiveness in the U.S. market has decreased, which could also affect our economic growth.
This number has dropped a lot and is a change that cannot be ignored. If this situation had appeared more than ten years ago, our ** would have been hit hard, but in the current environment, it will not affect us too much.
Why?Because we have a solution. In the first 11 months of this year, China's total exports achieved a slight growth, reaching 03%。This achievement was not easy, as we were facing a severe contraction in the US market. Exports to the United States are an important part of China's exports, but they have fallen by 8 percent this year5%。This is mainly due to the protectionist policies of the United States and the new crown epidemic.
Despite this, China has offset the loss of exports to the United States by opening up other markets, improving product quality and competitiveness, and strengthening domestic consumption. Our export targets have become more diversified, and we have found new business opportunities in other countries and regions, which has increased our export earnings. This shows that our strategy has made significant progress.
In the case of the deteriorating global environment, the import demand of Europe and the United States continues to decline, which has put pressure on the exports of many countries. In this context, it is possible to achieve 0A growth rate of 3%, although it may seem insignificant, is actually a very difficult achievement.
In the first three quarters of this year, the world** was hit hard by the pandemic. In Asia, the performance of exports varies from country to country. Export earnings from Vietnam and India fell by 8 per cent and 10 per cent, respectively, indicating that the economies of these two countries were under greater pressure. South Korea's exports are even more **115%, reflecting its high dependence on global demand. In contrast, Japan's exports fell by only 59%, showing its relative resilience in responding to the crisis.
And our export performance has outperformed these countries, showing our resilience and potential. Our exports face many challenges, such as competition in the international market, fluctuations in exchange rates, frictions, etc. In such an environment, our exports can continue to grow, thanks to the optimization of our economic structure, industrial upgrading, innovation-driven, and market opening.
The United States and China are the two largest economies in the world, but they are not the closest. Of all the U.S. partners, China is only in fourth place, behind Canada, Mexico, and Japan. Among all China's best partners, the United States is only in third place, second only to the European Union and ASEAN. This shows that U.S. exports to China are not the decisive factor, and that the U.S. economy is more dependent on other markets.
In the first 11 months of the year, China exported $321 trillion yuan in goods and services, but this figure is far less than China's exports to countries along the Belt and Road. According to statistics, China exported as much as 97 trillion yuan in goods and services, which is equivalent to three times China's exports to the United States. This data shows that China's foreign trade structure is undergoing major changes, and the strategic significance of the Belt and Road Initiative is becoming increasingly prominent.
The Belt and Road Initiative is a cooperation project between China and countries along the route, which can help us expand overseas markets and increase our income. Recently, our Belt and Road exports have performed well, growing by 69%。This means that even if we don't have a good relationship with the United States, our total exports have not been affected.
The Belt and Road partners include many countries in Asia, Africa, Europe, Latin America and other regions, with different levels of economic development and demand structures, providing us with diversified market opportunities. According to the characteristics of different countries and regions, we can provide goods and services that are suitable for them, meet their needs, improve their well-being, and also promote the growth of our exports.
The U.S. economy is declining, and the dollar is no longer as strong, which means that it will be more expensive for them to buy our products and cheaper for the products we sell to them. So, we have long been prepared to diversify our relationships with other countries so that we don't become too dependent on the United States.
Our strategy is diversified, and we must not only carry out cooperation with the United States, but also establish good relations with other countries and regions. We want to take advantage of our advantages to provide high-quality goods and services to meet the needs of different markets and increase our ** income. We must adhere to the principle of openness, promote liberalization and facilitation, oppose protectionism and unilateralism, safeguard the multilateral system, and promote global stability and development.
In short, the situation of our foreign trade is not bleak, but full of opportunities and challenges. We must have confidence, ability, wisdom and strategy to respond to various changes, grasp the direction of our foreign trade development, and contribute to our economic growth and social progress.