The foreign trade situation continued to deteriorate in February. According to data released by the General Administration of Customs on the 11th, the total value of China's foreign trade imports and exports in February was 124.95 billion US dollars, down 24.9% from the same period last year. Among them, exports were 64.9 billion US dollars, down 25.7%, which was the fourth consecutive month of decline; imports were 60.05 billion US dollars, down 24.1%. Affected by weak external demand, the foreign trade surplus in February fell to 4.841 billion US dollars, which was significantly narrower than the US$ 39.109 billion in January this year, the lowest level in a single month since February 2006.
The data also shows that the total value of China's foreign trade imports and exports in the first two months of this year was US$266.77 billion, down 27.2% year-on-year. Of this total, exports were US$155.33 billion, down 21.1%; imports were US$111.44 billion, down 34.2%. The trade surplus was 43.89 billion US dollars, an increase of 59.6%.
Some analysts pointed out that China is expected to continue to introduce a stable foreign trade policy, such as continuing to raise the export tax rebate rate and provide necessary credit guarantees and financial support for export enterprises.
Year-round surplus or negative growth Minister of Commerce Chen Deming said on the 10th: "In the foreseeable months, the foreign trade situation is still very serious."
Shen Minggao, chief economist of Caijing, analyzed that China's top three trading partners, the United States, Europe and Japan, recently announced that their GDP growth in the fourth quarter of 2008 has hit a new low in decades. At present, some leading indicators or some important economic indicators that publish monthly data indicate that the economic recession of the three major trading partners has not yet bottomed out. The recent recession in emerging markets has already caused a second wave of impact on Chinese exports. "There is still a lot of uncertainty about whether exports can be turned positive in the second half of the year." He also believes that with the acceleration of domestic fixed asset investment, China's import demand may stabilize before exports, and the annual foreign trade surplus may show negative growth.
Faced with two major problems With the introduction of economic protection policies in some countries, the rise of trade protectionism has become increasingly apparent. Zhang Yansheng, director of the Institute of Foreign Economic Research of the National Development and Reform Commission, said on the 11th that in addition to the dilemma of shrinking foreign trade, China is facing the problem of trade protection.
Chen Deming said recently that the Ministry of Commerce is currently studying how to use government support to enable enterprises to "go global" in the development of investment mergers and acquisitions, which will drive my foreign demand and export growth, thereby promoting domestic employment and stimulating domestic demand. Specific research will include financial support, loan concessions, and simplified approval procedures.