【By Liu Bai, Observer】The international economic and trade situation is stormy, and China's foreign trade is forging stronger resilience. Faced with a series of impressive trade figures, the U.S. "New York Times" couldn't help but exclaim: What trade war? The Chinese export giant is unstoppable.
The article published on November 3rd wrote that although the Trump administration imposed high tariffs on China, leading to a sharp decline in U.S. imports from China, China has successfully shifted its exports to other non-U.S. regions around the world through years of exploring new markets and relying on its low-cost manufacturing advantages, offsetting the impact of the decline in exports to the U.S. at an astonishing speed. China's exports are expected to set another record this year.
Data released by the General Administration of Customs of China showed that in September, exports measured in U.S. dollars increased by 8.3% year-on-year, and imports increased by 7.4%, both far exceeding expectations, with a trade surplus of $90.5 billion. Among them, the growth rate of exports in September was higher than the median forecast of 6.6% by economists, indicating that the record-breaking export flood of China has not yet slowed down.
The data also showed that in September, exports to the United States decreased by 27%, while exports to the European Union, Southeast Asia, and Africa increased by 14%, 15.6%, and 56.4%, respectively.
The article mentioned that for many years, Americans have relied on China for home and office supplies. Although China's total exports remain large, the decline in exports to the U.S. this year is widespread and significant. The U.S. has almost reduced imports of all Chinese goods.
For example, plastic products. Between July and October, China exported $5 billion worth of plastic products (from laundry baskets to plastic forks) to the U.S., a decrease of 16% compared to the same period last year.
Last year, more than a quarter of the furniture produced in China (including mattresses and lamps) was sold to the U.S.; now this proportion has dropped to nearly one fifth.
On November 2nd, in Qingdao, Shandong, cargo ships shuttle at the container terminal of Qingdao Port, with busy operations at the crude oil terminal and iron ore terminal. Visual China
At the same time, China is exporting large quantities of cars, trucks, bicycles, and ships to developing economies such as Africa and South America; through exports of batteries and steel products, China is also expanding its market share in Europe and Asia.
So far this year, the number of solar panels exported by China to Algeria has already approached four times the amount of the entire previous year.
Illaria Mazzocco, Deputy Director of the Center for Strategic and International Studies, an American think tank, said that although the profit margin of products exported by China to Africa may not be high, it is completely transformative for these markets to be able to access technology at an affordable price.
The article pointed out that obviously, other parts of the world are compensating for the decline in procurement by U.S. importers. This year, the volume of shipments from China to other parts of the world has surged, highlighting that China's dominant position in manufacturing will not be easily undermined. China's exports are expected to set another record high this year.
This achievement is due to China's forward-looking measures. The article pointed out that for many years, China has been seeking new customers, and large-scale manufacturing investments have given Chinese goods a price advantage.
"China being able to find markets outside of developed economies should not surprise them," said Mary Lovely, Senior Researcher at the Peterson Institute for International Economics.
Although President Trump lowered tariffs on China last week, the tariff level remains at a high level over the past few decades. The claim that "tariffs will bring jobs to the U.S." has been questioned by many economists and manufacturing experts, and the effectiveness of his efforts to curb transshipment trade is unclear.
Gerald DiPippo, Deputy Director of the China Center at RAND Corporation, said that the shift in Chinese exports is part of a global trade transformation that is expected to continue and be uncertain. Trump's recent move to lower tariffs on China may stabilize China's exports to the U.S.
But the article said that although China and the U.S. reached a truce agreement, Trump is still considering imposing additional tariffs on industries where China leads, such as pharmaceuticals and drones. He aims to make the U.S. less dependent on China's key minerals. Trump has more than three years left in his term, and his actions to reshape the trade landscape are unlikely to end here.
Bloomberg previously cited analysts' comments that although the current U.S. tariffs on China are 25 percentage points higher than the world average, China's dominant position in manufacturing still supports its continuous export flow.
"Despite the tariffs imposed by the U.S., China's exports remain resilient due to market diversification and strong competitiveness," said Michelle Lam, Economist for Greater China at Societe Generale. "So far, the impact of U.S. tariffs on overall trade has been limited, which may allow China to take a tougher stance in Sino-U.S. trade negotiations."
Michelle Lam, Senior Economist at the Economist Intelligence Unit, said, "There is no doubt that Chinese companies are actively opening up new markets by leveraging their relatively cost-effective products." She added that currently, the U.S. accounts for less than 10% of China's direct exports, and while Trump's tariffs undoubtedly add pressure to China's export industry, the impact will not be as significant as before.
This article is exclusive to Observer, and any reproduction without permission is prohibited.
Original: https://www.toutiao.com/article/7568784322421867046/
Statement: The article represents the views of the author and welcomes your opinion by clicking on the [Top/Down] buttons below.