China’s foreign w88 performance in the first quarter was better than expected, but the situation is still grim

(Source: China Daily 2020-04-18)

The COVID-19 epidemic is spreading rapidly around the world. The economic decline of the world's major developed economies has become an established fact. In 2020, China's foreign demand pressure will continue to increase. However, judging from the first quarter w88 data, it was significantly better than expected. Affected by border blockades in various countries, China's w88 with the United States and Europe are expected to remain pessimistic in the coming months, but the decline will slow down accordingly. Next, our country should continue to unleash the potential of the domestic market and stabilize the fundamentals of foreign w88 from both the supply and demand sides.

Affected by the epidemic, countries have closed their borders one after another. Overall, my country's foreign w88 situation is still grim. After experiencing heavy losses in January and February, the decline slowed down in March. According to data released by the General Administration of Customs of my country, the total import and export volume in the first quarter was 6.57 trillion yuan, a decrease of 6.4%; of which, exports were 3.33 trillion yuan, a decrease of 11.4%, and imports were 3.24 trillion yuan, a decrease of 0.7%. Imports performed better than exports; my country's imports and exports stopped falling in March, with the total value of foreign w88 imports and exports reaching 2.45 trillion yuan, a year-on-year decrease of 0.8%, and the decline narrowed by 8.7 percentage points from January to February.

From the perspective of w88 products, labor-intensive products have been greatly affected, and medical-related products have performed well. In the first quarter, my country's medical equipment and integrated circuit export growth rates were 10.2 and 23.3 percentage points higher than the overall rate respectively, while labor-intensive products represented by clothing, shoes, furniture, etc. suffered a greater export impact.

From the perspective of the w88 market, my country's imports and exports to the United States and the European Union have declined, but China's imports and exports to ASEAN have increased significantly. In the first quarter, my country's w88 volume with ASEAN was 991.34 billion yuan, an increase of 6.1%, accounting for 15.1% of my country's total foreign w88. As a result, ASEAN has become China's largest trading partner; the w88 volume with the EU was 8759. 300 million yuan, a decrease of 10.4%. The EU was overtaken by ASEAN and downgraded to China's second largest trading partner; the w88 volume with the United States was 668.01 billion yuan, a decrease of 18.3%. The United States continued to become the third largest trading partner after 2019. However, it is worth noting that the postponement of the Canton Fair to be held online in late June will undoubtedly further aggravate the severe situation faced by my country's foreign w88. It will take some time to enter the stage of steady recovery.

3In the past few months, Italy, Spain, the United States, etc. have become the hardest hit areas by the COVID-19 epidemic. Factories have been closed, logistics has been disrupted, and orders have been cancelled. The economies of various countries have been overwhelmed. As of April 16, there were more than 1.83 million confirmed cases of COVID-19 outside China, and a total of 640,000 confirmed cases in the United States. The unemployment rate has increased sharply, stocks and bonds have plummeted, and the economy has shut down. The second turning point has not yet appeared. Therefore, in the foreseeable next few months, my country's import and export volume with the EU and the United States will further decline, but w88 with ASEAN and countries along the "Belt and Road" will remain relatively stable.

However, as the European Union, the United States and others deepen their understanding of the epidemic, the implementation of anti-epidemic measures such as social distancing and border closures, and anti-epidemic cooperation among countries under the leadership of the World Health Organization will have a key impact on defeating the epidemic and restoring the economy. It is expected that in the next few months, the decline in my country's w88 with major trading partners such as the European Union and the United States will slow down accordingly. Especially with the gradual implementation of the first phase of the Sino-US w88 agreement, import w88 will see a significant recovery, but the export situation still requires further wait and see.

Next, our country should continue to resolutely implement the spirit of General Secretary Xi Jinping’s important speech, and all departments and localities should implement precise policies to speed up the resumption of work and production, increase financial support for small and medium-sized enterprises, add cross-border e-commerce comprehensive pilot zones, and actively Help companies turn crises into opportunities and fully unleash the potential of the domestic market; at the same time, continue to closely track the foreign w88 situation, guide foreign w88 companies to tap potential, innovate and develop, protect the market and orders, minimize the impact of the epidemic, and stabilize the basic foreign w88 from both the supply side and the demand side.

Attached original text link:

https://cn.chinadaily.com.cn/a/202004/18/WS5e9a6188a310c00b73c77fac.html。