"In Apr 2023, China's Trade Surplus increased by 96.5%"
I came across an article with the above title, so I went to the data source, PRC Customs, to look at the numbers.
The total imp+exp Jan-Apr 2023. Surplus is RMB2 trillion.
But more interesting..⏬
english.customs.gov.cn
I came across an article with the above title, so I went to the data source, PRC Customs, to look at the numbers.
The total imp+exp Jan-Apr 2023. Surplus is RMB2 trillion.
But more interesting..⏬
english.customs.gov.cn
... is to look at what's being exported!
I highlighted a few items.
- Mechanical & Electrical 4.4T, more than 50% of total export 7.6T !!!
- Auto 204B, up 120% YoY! Auto parts 200B.
- Various lower end labor intensive products ~1.5T
And imports..⏬
english.customs.gov.cn
I highlighted a few items.
- Mechanical & Electrical 4.4T, more than 50% of total export 7.6T !!!
- Auto 204B, up 120% YoY! Auto parts 200B.
- Various lower end labor intensive products ~1.5T
And imports..⏬
english.customs.gov.cn
- Resource import 1.4T
- Chips imports now lower than energy import (oil+gas), down 20% YoY!
- Auto imports 100B, down 21%
- M&E imports 300B less, or down 14%
My random thoughts on these export/import numbers...⏬
english.customs.gov.cn
- Chips imports now lower than energy import (oil+gas), down 20% YoY!
- Auto imports 100B, down 21%
- M&E imports 300B less, or down 14%
My random thoughts on these export/import numbers...⏬
english.customs.gov.cn
1, CN moving up value chain fast. M&E are higher value added good. Surplus in M&E alone 2.4T.
2, Chips import way down, chips export down slightly, but goods using chips went up hundreds billions! Probably domestic chips replacing imports fast!
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2, Chips import way down, chips export down slightly, but goods using chips went up hundreds billions! Probably domestic chips replacing imports fast!
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3, Vehicles trade from 30B deficit to 100B surplus, while auto parts imports down 13B. So vehicle manufacturing using more CN produced components.
Doesn't matter they are Tesla, VW or BYD or Chery, car manufacturing upstream supplies & innovations are domestic.
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Doesn't matter they are Tesla, VW or BYD or Chery, car manufacturing upstream supplies & innovations are domestic.
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4. People still thinking CN is giant sweat shop is living 20 years ago. Labor intensive stuff less than 25% export.
5. I believe the above data support my comment that Korea is losing the hi-tech export to CN for good.
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5. I believe the above data support my comment that Korea is losing the hi-tech export to CN for good.
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6. If pt 2 above is correct, TSMC will only go downhill from now.
Not that its engineering is bad or anything like that, but it's stripped off the most important market by political forces & replacing by fast raising mainland competitions.
Not that its engineering is bad or anything like that, but it's stripped off the most important market by political forces & replacing by fast raising mainland competitions.
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