RMB'S "High Fever" Trade Surplus Decreased By 11.8% Compared With The Same Period Last Year.

The General Administration of Customs announced yesterday's data on China's foreign trade import and export in the first half of this year.

In the first half of this year, the total value of China's foreign trade imports and exports reached US $1 trillion and 234 billion 170 million, an increase of 25.7% over the same period last year.

The cumulative trade surplus was $99 billion 30 million, down 11.8% from the same period last year, and a net decrease of $13 billion 210 million.

The General Administration of customs also released the June figures, of which the export growth was only 17.6%, and the trade surplus of that month amounted to US $21 billion 350 million, down 20.6% from the same period last year and a net decrease of US $5 billion 540 million.

If RMB is used, the surplus will drop even more.

Policy adjustment is expected to increase

Customs statistics show that exports of mechanical and electrical products are still growing well in export commodities.

But the export growth of traditional commodities shows signs of slowing down.

Among them, clothing and accessories exports grew by 3.4%; textile yarn, fabrics and products exports increased by 26.8%; footwear exports 12.5%.

At the same time, the growth rate of imports has not dropped, mainly because the pace of imports of primary products has accelerated significantly, and the average price of imports of major varieties has risen sharply.

The average import prices of iron ore, refined oil and soybeans increased by more than 70%.

Ma Xiaoping, an analyst with HSBC in Beijing, said that the downward trend of export growth itself is enough to strengthen the expectation of easing the export industry regulation policy, especially for some industries that are more affected.

Chen Menggen believes that the state should adjust the foreign trade tax policy appropriately to increase export incentives for industries such as the appreciation of the RMB, rising cost and macro control, and lower import tariffs on primary products.

It is reported that the national export tax rebate policy on textile industry has been approved and will be selected. It is expected to be known in mid and late 7.

Among them, in addition to textile and clothing export tax rebate rate increase, viscose fiber export tax rebate rate will be a substantial adjustment, or from the current 5% to 15%.