“Imports are too hot. The import growth rate in March was almost a high increase since the recovery of customs statistics in 1980. It was unprecedented.†Recently, Huang Guohua, Director of the Statistical Analysis Division of the Statistics Department of the General Administration of Customs, did the interpretation of the March trade data. Said above.
"The strong domestic demand has led to a surge in the volume and price of raw materials. At the same time, the upgrading of the consumption structure of Chinese people has led to a sharp rise in imports of high-end consumer goods such as automobiles, which is the main reason for the first monthly trade deficit in six years." Huang Guohua said.
According to the analysis of the General Administration of Customs, in March, the total price of imported goods in China increased by 17.2% year-on-year, and the import volume increased by 41.7%, resulting in a 66% increase in import value. Only the price factor increased imports by 17.47 billion US dollars, accounting for the increase in imports. 36.8%. Crude oil, iron ore, copper and refined oil increased imports by 15.3%, of which 3.1% was driven by the price and 12.2% by price.
Huang Guohua further explained that the net import of crude oil in March increased by 6.5 billion U.S. dollars, accounting for a large proportion of the trade deficit; the import prices of basic industrial raw materials such as copper, iron ore and coal increased, "some primary product import prices even Doubled."
The surge in imports of large consumer goods such as automobiles is another important factor in the popularity of imports. The data shows that in March, China imported 85,000 vehicles, with a total value of 3.22 billion US dollars, an increase of 24.8%. "The amount of cars imported in the month of March is almost equivalent to the total imports from January to April last year, and most of them are cars with a displacement of 2.5 liters or more." Huang Guohua pointed out. In addition, China imported 1.73 billion US dollars of auto parts in March, an increase of 1.4 times. The total import value of the above two commodities increased by a total of 3.27 billion US dollars over the same period of last year, equivalent to 45.2% of the trade deficit of the month.
Compared with the popularity of imports, exports in March were somewhat “stunnedâ€. Although the overall export volume has continued to grow, the combination of rising costs, worsening external markets and the Spring Festival factors has led to a contraction in the “collective†export of some labor-intensive products.
In March, China exported 5.96 billion US dollars of clothing, down 19.8% year-on-year; footwear 1.95 billion US dollars, down 6.5%; luggage 820 million US dollars, down 16.6%; game machine 480 million US dollars, down 43%. Only the above four categories of goods decreased by a total of 2.13 billion US dollars compared with the same period of last year, accounting for 29.4% of the trade deficit in the month.
Since the financial crisis, the export volume of the United States and the European Union to the global market has fallen sharply, and the export to China alone has remained basically the same. Huang Guohua said that this is a strategy for China to pursue trade balance and strive to expand imports from surplus countries.
"The 'hot' of imports in March is also mainly due to the substantial increase in imports from Europe and the United States."
Huang Guohua pointed out that the emergence of the deficit in March was the result of China's efforts to expand imports as a responsible big country during the financial crisis, and China's important contribution to the global economic recovery. “The import growth rate in March was almost the highest increase since the recovery of customs statistics in 1980, unprecedented.â€
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