According to statistics from China Customs, from January to February 2021, the total value of imports and exports of mechanical and electrical products was US$442.68 billion, a year-on-year increase of 52.1%, accounting for 53% of China's total trade in goods. Among them, exports increased by 64.7% to 282.92 billion U.S. dollars, accounting for 60.3% of China’s total exports of goods; imports increased by 33.8% to 159.76 billion U.S. dollars, accounting for 43.7% of China’s total imports of goods, which outperformed foreign trade as a whole. The current export value and import value were US$76.97 billion and US$30.65 billion respectively over the same period in 2019.

The growth of the electromechanical products industry

Exports of various key industries of mechanical and electrical products have shown substantial growth. Among them, automatic data processing equipment and its parts and components increased by 80% year-on-year, mobile phones increased by 59.4% year-on-year, household appliances increased by 93.7% year-on-year, auto parts and accessories increased by 52.3% year-on-year, and lighting equipment increased by 122.1% year-on-year. Product exports increased by 23.3 percentage points.

In addition, the export of integrated circuits was US$19.77 billion, a year-on-year increase of 30.8%, and the import was US$57.73 billion, a year-on-year increase of 34.3%, which continued to be the single most important product driving China’s imports of mechanical and electrical products.

The low base in the same period in 2020 and the accelerated shipments of factories before the Spring Festival in 2021, the on-site Chinese New Year prompts enterprises to start work ahead of schedule, and the recovery of production in developed economies releases the demand for intermediate products, which together boosted the export growth of mechanical and electrical products in the first two months. speed. In terms of imports, the recovery of overseas supply capacity and price increases caused by shortages in some sectors have boosted the increase in imports of mechanical and electrical products.Editor/Xing Wentao