In 2008, China’s foreign trade reached a scale of 2.56 trillion US dollars. This is the first time that China’s growth rate has been less than 20% since its marriage to the World Trade Organization. The main reason for this phenomenon is the impact of the international financial crisis triggered by the US subprime mortgage crisis.
Affected by the international financial crisis triggered by the US subprime mortgage crisis, China’s foreign trade import and export growth rate was high and low in 2008, and the growth rate for the first time in the past seven years was less than 20%. According to customs statistics, the total value of China's foreign trade imports and exports in 2008 reached US$256.63 billion, an increase of 17.8% over the previous year (the same below) and a decrease of 5.7 percentage points from the previous year. Among them, exports were 1,428.55 billion US dollars, up 17.2%, down 8.5 percentage points; imports were 1133.08 billion US dollars, up 18.5%, down 2.3 percentage points. The trade surplus was 295.47 billion US dollars, an increase of 12.5% ​​over the previous year, and a net increase of 32.83 billion US dollars.
The main features of China's foreign trade import and export in 2008 are:
First, the scale of foreign trade in the fourth quarter has shrunk significantly, and the growth rate of imports and exports in the last two months has declined.
With the spread of the international financial crisis, China's import and export scale shrank significantly in the fourth quarter of 2008, with a total import and export value of 594.28 billion US dollars, down 18.8% from the third quarter of 2008. The growth rate of total import and export value in November was the first negative growth since October 2001 (excluding the incomparable month of the Spring Festival), and the decline in imports and exports in December was further deepened. In December, China’s total import and export value was US$183.33 billion, down 11.1%, a decrease of 2.1 percentage points from November. Among them, the export volume was 111.16 billion US dollars, down 2.8%, and the decline was 0.6 percentage points. Imports were 72.18 billion US dollars, down 21.3%. The decline has deepened by 3.4 percentage points. The trade surplus in the month fell slightly from the historical peak in November to US$38.98 billion, a sharp increase of 72.1% over the same period of the previous year and a net increase of US$16.33 billion (below).
2. The growth rate of general trade imports increased, and the surplus under the project decreased; the proportion of processing trade declined, and the growth rate of imports was lower than that of exports.
In 2008, China's general trade import and export was 1,235.26 billion US dollars, an increase of 27.6%, accounting for 48.2% of China's total import and export value during the same period, and its proportion increased by 3.7 percentage points over the previous year. Among them, exports were 662.58 billion US dollars, up 22.9%, down 6.5 percentage points from the previous year; imports were 572.68 billion US dollars, up 33.6%, 4.9 percentage points higher than the previous year. The trade surplus under general trade was US$89.9 billion, a net decrease of US$20.57 billion from the previous year.
In 2008, China's import and export of processing trade reached US$105.59 billion, an increase of 6.8%, accounting for 41.1% of China's total import and export value in that year, accounting for 4.2 percentage points lower than the previous year. Among them, exports were 675.18 billion US dollars, up 9.3%, down 11.3 percentage points from the previous year, accounting for 47.3% of China's total exports in the same year; imports were 378.4 billion US dollars, up 2.7%, lower than the growth rate of processing trade exports by 6.6 percentage points over the same period. Accounted for 33.4% of China's total import value that year. The trade surplus under processing trade was US$296.78 billion, a net increase of US$47.69 billion over the previous year. It is noteworthy that China's processing trade imports and exports continued to show a sharp decline in the month of December, and imports fell significantly more than exports; the processing trade exports for the month were US$48.6 billion, down 15.7%; imports were US$23.69 billion, down 31.3%.
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