China’s foreign trade is expected to continue its steady growth in 2023, supported by resurging overseas demand, the country’s free trade measures, and various industrial upgrading efforts. Government officials and analysts predict that global demand will pick up and product quality will further improve, leading to an advancement in China’s foreign trade, with exports of mechanical and electrical products such as new energy vehicles, household appliances, and solar panels effectively bolstering growth in the coming months.
According to data from the General Administration of Customs, China’s foreign trade in the first quarter of 2023 reached 9.89 trillion yuan ($1.44 trillion), up 4.8% year-on-year. The quarter’s data underlines the resilience of China’s foreign trade and lays a solid foundation for stable and high-quality foreign trade growth throughout the year. The recovery of trade is expected to continue as China’s overall economic operation improves, with the country’s sound economic fundamentals remaining unchanged.
Analysts predict that China’s exports will maintain stable and moderate growth starting from the second quarter, with factors such as European countries’ demand for Chinese new energy products and the ongoing structural upgrades in China’s foreign trade as reflected in more diversified export destinations. China’s export growth rate for the entire year is likely to surpass the growth rate of the global economy.
The RCEP agreement and the Belt and Road Initiative will continue to boost the nation’s foreign trade and its overall economic growth in 2023. New drivers are taking shape within the trade sector, with a 66.9% increase in exports in three categories of green products – solar batteries, lithium-ion batteries, and electric vehicles. Many foreign retailers have started to order from Chinese exporters due to running out of stock since late last year. As a result, a large number of global businesspeople are traveling to China to participate in trade fairs and visit factories owned by their Chinese partners, further easing concerns about the nation’s 2023 export outlook.
In summary, China’s foreign trade is expected to continue its steady growth in 2023, supported by resurging overseas demand, the country’s free trade measures, and various industrial upgrading efforts. The RCEP agreement and the Belt and Road Initiative will continue to boost the nation’s foreign trade and its overall economic growth this year.
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