This morning (12th), the Information Office of the State Council held a press conference. Relevant officials of the General Administration of Customs explained that in 2023, China's total import and export value of goods trade was 41.76 trillion yuan, better than expected, and the goal of promoting stability and quality improvement was achieved.

According to customs statistics, in 2023, China's total import and export value of goods trade was 41.76 trillion yuan, an increase of 0.2% over the previous year. Among them, exports amounted to 23.77 trillion yuan, an increase of 0.6%; imports amounted to 17.99 trillion yuan, a decrease of 0.3%.

Customs statistics show that in 2023, China's imports and exports to the “Belt and Road” countries were 19.47 trillion yuan, an increase of 2.8%, accounting for 46.6% of the total import and export value, an increase of 1.2 percentage points. Imports and exports to Latin America and Africa amounted to 3.44 trillion yuan and 1.98 trillion yuan respectively, up 6.8% and 7.1% respectively. Imports and exports to the European Union and the US picked up in the fourth quarter, with imports and exports of 5.51 trillion yuan and 4.67 trillion yuan respectively for the whole year, accounting for 13.2% and 11.2%, respectively.

In 2023, China's foreign trade operators with import and export records surpassed 600,000 for the first time. Among them, there were 556,000 private enterprises, with a total import and export volume of 22.36 trillion yuan, an increase of 6.3%, accounting for 53.5% of the total import and export value, an increase of 3.1 percentage points.

China's soybean imports in 2023 increased 11% year on year, the first increase in three years

According to foreign media reports, customs data showed that China's soybean imports in December fell 6.9% year on year, but total imports in 2023 increased for the first time in three years. China imported 9.82 million tons of soybeans in December, slightly lower than analysts' expectations of 1000-11 million tons. According to the data, China's soybean imports for the full year of 2023 increased by 11.4% compared to 2022, reaching 99.41 million tons. Chinese traders increased their procurement of soybeans last year, especially soybeans from Brazil, to take advantage of the price advantage brought by Brazil's soybean harvest. Rosa Wang, an analyst at Shanghai Huiyi Consulting, said that part of the reason for the increase in annual imports is that demand for soybean meal to raise more pig herds than in previous years has increased after pig farmers actively expanded the size of pig herds and industrialized farms. However, after farmers accelerated slaughter of pigs to overcome low profits, high costs, and African swine fever, the number of pigs kept in China declined sharply in November last year. A reduction in pig herds may reduce the demand for soybean meal.

China's iron ore imports hit a record high in 2023

According to foreign media reports, customs data shows that in 2023, China's iron ore imports reached a record high, up 6.6% from the previous year. This was mainly due to strong demand for iron ore due to the government's failure to forcibly restrict steel production and higher than expected steel exports. According to customs data, China imported 1179.06 million tons of iron ore and concentrate in 2023. The 2023 import volume also marked the first increase since 2020. China imported 108.6 million tons of iron ore in December last year, down 1.83% from 1027.4 million tons in November. The reason is that as steel profit margins shrink, more and more steel mills are starting to repair blast furnaces. However, imports in December last year were higher than 90.86 million tons in the same period in 2022. According to customs data, in December 2023, China's exports of steel products increased by 43.2% year on year to 7.73 million tons, and the total annual export volume reached 90.26 million tons, a seven-year high, up 36.2% from 2022, better than market expectations.

China's 2023 copper imports fall due to increased domestic production

According to foreign media reports, according to customs data, China's copper imports fell 6.3% in 2023 due to the increase in Chinese copper production and the strengthening of the US dollar, which raised import costs. According to data from the General Administration of Customs, 5.5 million tons of unwrought copper and copper products were imported last year. According to customs data, China's imports of copper ore and concentrate reached a record high in 2023, reaching 27.54 million tons, an increase of 9.1% over 2022. In addition to rising domestic production in China, the strengthening of the US dollar last year also dampened demand for metal imports, as it made dollar-denominated products more expensive to buy. China's copper imports in December last year were 459,338 tons, down 16.6% from November. At that time, imports rose to the highest level in nearly two years.

China's coal imports hit a record high in 2023

According to foreign media reports, customs data shows that in 2023, China's coal imports soared 61.8% to a record high. According to the data, imports of coal and lignite in 2023 were 474.42 million tons, a record high. This is also higher than analysts' expectations of 46—47 million tons for the full year. In December of last year, imports also hit a record high in a single month, reaching 47.3 million tons, up 8.7% from November, as record cold waves in many parts of the country boosted demand for coal. Buyers also began stocking up before the Lunar New Year holiday, which begins on February 10 this year. As China and Mongolia work together to improve rail connections and simplify customs clearance, coal imports are likely to continue to rise. Despite this, some analysts believe that if growth in renewable energy generation continues to account for most of the increase in electricity demand, coal imports may fall from a record high in 2023 this year.