Exports of China’s mechanical and electrical products grew by 24.3 percent year on year in October 2021
According to the trade data released by the General Administration of Customs of the People’s Republic of China (GACC), China’s export of mechanical and electrical products totaled US$ 1.59 trillion in the past ten months of this year, 32.3 percent higher than a year prior (expanded by 34.2 percent compared to the same period in 2019). The value of import totaled US$ 928.14 billion, 22.5 percent higher than a year prior (expanded by 25.3 percent compared to the same period in 2019). The trade balance of mechanical and electrical products was US$662.72 billion in surplus, much higher than the total surplus in goods (US$ 510.64 billion).
In October alone, China’s export in mechanical and electrical products reached US$ 178.43 billion, up by 24.3 percent from a year earlier, and marks an increase of 40 percent from the pre-epidemic level in 2019, realizing the double-digit positive year-on-year growth for 16 consecutive months.
In October, the export value of the major commodities of mechanical and electrical products increased generally. The quantity of mobile phones realized the negative growth for the sixth consecutive months, while driven by the higher price of iphone13, the export value of mobile phone grew by 12.1 percent year-on-year, setting a record this year. Meanwhile, the export value of automatic data processing machines and parts thereof grew by 19.3 percent to US$ 23.4 billion, hitting the historic record. Driven by the export volume and the average price, the export value of automobiles increased by 155 percent year-on-year, maintaining high-speed growth.
In October, the imports increased 6.6 percent year-on-year to US$ 90.64 billion, and up by 19.2 percent over the same period in 2019, realizing the import value of more than US$ 90 billion for eight consecutive months. However, the import value of this month was the lowest in nearly eight months, which decreased by US$13 billion month on month. The import value of automobiles decreased by 46.8 percent year-on-year. The import value of auto parts decreased by 18.7 percent year-on-year, which was the first negative growth of this year.
Data Source: www.customs.gov.cn
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