Exports of China’s mechanical and electrical products grew by 23.6 percent year on year in August 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$ 1.23 trillion in the past eight months of this year, 34.4 percent higher than a year prior (expanded by 32.5 percent compared to the same period in 2019). The value of import totaled US$ 734.02 billion, 27.5 percent higher than a year prior (expanded by 26 percent compared to the same period in 2019). The trade balance of mechanical and electrical products was US$ 498.21 billion in surplus, much higher than the total surplus in goods (US$ 362.49 billion).
In August alone, China’s export in mechanical and electrical products reached US$ 169.6 billion, up by 23.6 percent from a year earlier, and marks an increase of 37.8 percent from the pre-epidemic level in 2019, realizing the double-digit positive year-on-year growth for fourteen consecutive months since July 2020.
In August, the export value of the major commodities of mechanical and electrical products increased generally, while the export quantity and value of mobile phones decreased by 24.9% and 24.4% respectively due to the higher cardinality.
In August, the imports increased 19.4 percent year on year to US$ 96.82 billion, and up by 21.3 percent over the same period in 2019, realizing the import value of more than US$ 90 billion for six consecutive months and the double-digit growth rate for twelve months in a row.
In August, China’s import value of electronic integrated circuits increased 22 percent to US$ 37.9 billion based last year, and the year-on-year growth rate has been being over 20 percent for the last nine consecutive months, driving the import growth rate of mechanical and electrical products by 8.43 percentage points. During the last eight months, the import value of electronic integrated circuits has reached US$ 271.24 billion, remaining to be China’s single commodity with the largest import volume.
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