Since the start of this year, global trade has remained sluggish due to high inflation, high inventories, geopolitical risks, and other factors. The World Trade Organisation statistics show that global export fell by 4.6 per cent in the first half of the year, with a 1.3 per cent drop in the first quarter and 7.8 per cent drop in the second quarter. Due to concerns over growth difficulties and challenges, the WTO recently revised the forecast of global merchandise trade growth in 2023 from the previous 1.7% to 0.8%. Taking into account the widespread decline in commodity prices, the global trade in goods will decline. Several export-oriented economies have been hit hard, with ROK’s export falling 11.5 per cent and Vietnam’s export falling 8.5 per cent in the first three quarters.

In the face of multiple risks and challenges, the commerce system has worked to implement the instructions of the CPC Central Committee and the State Council to stabilize the scale and optimize the structure of foreign trade. We have taken solid steps to ensure the implementation of policies for stabilizing foreign trade. Foreign trade enterprises have redoubled efforts to secure orders and expand the overseas market in new ways. As a result, China’s foreign trade performance remains stable. In the recent months, it has maintained stability and made progress. In terms of scale, China’s import and export rose quarter by quarter, and grew every month in the third quarter. The import and export in September hit a new high this year. In terms of share, WTO data show that the international market share of China’s exports rose steadily in the first half of the year, reaching 14.2%, an increase of 0.4 percentage points over the same period last year. In terms of importers and exporters, 597,000 importers and exporters realized actual import and export in the first three quarters, close to the level of last year. In particular, the proportion of private enterprises increased by 1.1 percentage points. In terms of main growth drivers, competitive products such as automobiles, ships, lithium batteries, and luggage maintained a high growth rate, and new forms of cross-border e-commerce continued to made contributions. You may have noticed the popularity and active transactions at the ongoing 134th Canton Fair, which attracted more high-quality overseas buyers than previous years. They have shown strong interest in Chinese goods and manufacturing.

These positive changes would not have been possible without the commitment and innovation of China’s importers and exports, the implementation of effective policies to stabilize foreign trade. They are also proof of the resilience and vitality of China’s foreign trade. With more positive factors emerging, we are confident that the fourth quarter will continue to witness sound operation of foreign trade, and goal of ensuring stability and improving quality of foreign trade will be achieved this year. Thank you.