China’s foreign trade rose 0.2% year-on-year in 2023, with automobile exports in December soaring more than 50% year-on-year

The General Administration of Customs announced that China’s foreign trade was better than expected in 2023.
Customs data showed that the total value of China’s goods imports and exports was 41.76 trillion yuan in 2023, an increase of 0.2% YoY. Among them, exports were 23.77 trillion yuan, an increase of 0.6%, and imports were 17.99 trillion yuan, down 0.3%.
China's automobile production and sales have repeatedly hit new highs, boosting exports as well. In 2021 and 2022, China's automobile exports reached 2 million units and 3 million units respectively. In 2023, China's automobile exports hit 5.221 million units, a year-on-year increase of 57.4%.
What is particularly important to mention is that China has vigorously promoted the green and low-carbon transformation and upgrading of the automobile industry, and the export of new energy vehicles has seen considerable growth. Currently, one out of every three cars exported by China is an electric passenger vehicle, with exports totaling 1.773 million units throughout 2023, an increase of 67.1%, which contributes to the global green and low-carbon transformation.
Looking to the future, we believe that China's automobile industry still has a strong comprehensive competitive advantage and can continue to provide more and better innovative products to meet the needs of global consumers.

In 2023, China's crude oil, natural gas, and coal imports increased by 11%, 9.9%, and 61.8% respectively, and iron ore, copper ore, and bauxite imports increased by 6.6%, 9.1%, and 12.9% respectively. At the same time, the import value of computer central processing parts, aircraft parts, and audio and video equipment parts increased by 61.6%, 40.8%, and 11.5% respectively, which played an important role in the security and stability of the industrial chain and supply chain of related domestic industries.