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Overall decline?! Trade data released by countries, trade contraction is hitting many countries!
Aug 16,2023
Recently, due to factors such as sluggish external demand and continued malaise, the import and export trade of all countries in the world is not ideal.
The latest data shows that the exports of most countries, including Vietnam, South Korea, and the United States, are showing a downward trend. In the short term, the sluggish global trade situation is difficult to quickly reverse, and the decline in exports may have a continuous impact on economic growth.
However, under the shadow of the expectation of economic recession and the shrinking global trade, the exports of Germany, Turkey and other countries have achieved contrarian growth.
The world's multinational exports continue to decline
China: July exports down 9.2 percent
A few days ago, according to customs statistics, in July this year, my country's exports were 2.02 trillion yuan, down 9.2 percent; the trade surplus was 575.7 billion yuan, narrowing 14.6 percent. In dollar terms, exports 281.76 billion US dollars, down 14.5 per cent and the trade surplus 80.6 billion US dollars, narrowing 19.4 per cent.
South Korea: July exports down 16.5 percent year-on-year
A few days ago, according to data released by the Ministry of South Korea, Industry, Trade and Resources, South Korea's exports fell 16.5 percent year-on-year to $50.33 billion in July, the tenth consecutive month of decline and the biggest decline since May 2020.
Data show that South Korea's imports fell 25.4 percent year-on-year to $48.71 billion in July, resulting in a $1.63 billion trade surplus for the month.
The Ministry of Trade, Industry and Resources of South Korea said the decline in exports in July was due to continued sluggish demand for semiconductors, weaker oil prices and a high base last year.
Data show that the South Korea's main export chip exports in July fell 34% year-on-year, a negative growth for 12 consecutive months. In the first half of this year, South Korea semiconductor exports fell 36.8 per cent to $43.93 billion.
Japan: June exports down 3.72 percent year-on-year
From January to June 2023, Japan's total global imports fell by 7.8 per cent, compared with a 5.5 per cent drop in imports from China, higher than global imports.
In a single month in June, Japan's imports amounted to US $61.601 billion, down 17.62 per cent from a year earlier, while exports amounted to US $61.906 billion, down 3.72 per cent from a year earlier. Since April 2022, Japan's foreign exports have declined for 15 consecutive months.
Vietnam: exports contract 3.5 percent in July
Recently, according to a Bloomberg report in the United States, in July, Vietnam's exports fell for five consecutive months, the longest decline in 14 years. This foreign trade-dependent economy may find it difficult to achieve this year's economic growth target of 6.5.
According to data released by the Vietnam Bureau of Statistics, Vietnam's exports contracted by 3.5 in July. In the first seven months of 2023, exports fell by 10.6 year-on-year to US $194.73 billion, and imports fell by 17.1 to US $179.5 billion.
US: Exports of goods and services down $0.3 billion in June
The U.S. Department of Commerce disclosed data on August 8 that the U.S. trade deficit in June narrowed by 4.1 from the previous month to $65.5 billion, and the expected deficit was $65 billion. The revised trade deficit data in May narrowed from $69 billion to $68.3 billion.
U.S. exports of goods and services fell by $0.3 billion to $247.5 billion in June, while imports fell by $3.1 billion to $313 billion.
Foreign trade of a few countries increased year on year
Germany: Exports up 3.5 percent year-on-year in first half
A few days ago, according to the German Federal Bureau of Statistics published commodity import and export data show that after calendar and seasonal adjustments, the total value of German exports in the first half of 2023 was 791.4 billion million euros, an increase of 3.5 percent over the same period last year;
The total value of imported goods was 696.4 billion billion euros, down 4.6 per cent from the same period last year, while the merchandise trade surplus was 95 billion billion euros, up 1.46 times from the same period last year.
Turkey: July exports up 8.4 percent year-on-year
A few days ago, according to the announcement of Turkish Trade Minister Bolat, Turkey's exports in July increased by 8.4 year-on-year to US $20.093 billion, a record high.
Despite the impact of shrinking global production and trade and earthquake disasters, Turkey's exports in the first seven months of 2023 still reached $143.435 billion billion, close to the previous year's level. The share of exports of high-tech products in manufacturing rose from 36.9 per cent in 2022 to 40.8 per cent in the first seven months of the year.
Turkey's imports rose 11.1 percent year-on-year to $32.47 billion billion in July, and total imports in the first seven months of the year were $217.5 billion billion, up 5.1 percent year-on-year.
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