The latest data of international trade

POSTED ON 02/07/2024 BY MASHANG TECH

As the crisis in the Red Sea intensifies, trade,as the engine of economic growth, has become more frequent. Recently, the world's major economies have announced the export data for the whole year of 2023, and the current situation of the global economy can be seen from the performance of the import and export data of various countries .

2023 was a tough year. Traditional export powerhouses such as Germany, Vietnam and South Korea were all facing the challenge of declining trade.

Germany's exports outside the European Union fell sharply in December, hit by weak demand, and are likely to remain stagnant in 2024. On a working day and seasonally adjusted basis, German exports to countries outside the European Union were 57.2 billion euros ($62.27 billion), down 4 percent from November and down 9.2 percent from a year earlier, according to the Federal statistics Office. According to the economic research institute IFW, Germany's total exports will decline by 1.4% in 2023 and are likely to remain stagnant in 2024.

In 2023, Vietnam's imports and exports of goods reached $683 billion, with a trade surplus of $28 billion, the largest trade surplus on record and the eighth consecutive year of trade surplus. Among them, exports were 355.5 billion US dollars, down 4.4% year-on-year (371.3 billion US dollars in 2022), failing to achieve the planned growth target of 6%. Imports were US $327.5 billion, down 8.9%. This is the first time in the period from 2012 to 2023 that Vietnam's import and export growth has declined, which clearly shows the huge impact of the world economy on the Vietnamese economy due to the decline in aggregate demand.

South Korea, known as the "canary" of global trade, is affected by the obstruction of semiconductor exports and the downturn in exports to China, preliminary statistics of South Korea's exports in 2023 were 632.69 billion US dollars, a year-on-year decline of 7.4%, which is the first time that South Korea's exports have declined since 2020. The South Korean government blamed steep interest rate hikes in Western economies and a sluggish global economic recovery. In 2023, South Korea's imports amounted to 642.67 billion dollars, down 12.1 percent from 2022. The year-end trade balance still recorded a deficit of 9.97 billion US dollars. However, the deficit was significantly reduced from $47.2 billion in 2022. In terms of monthly trade balance, South Korea has recorded a surplus for seven consecutive months.

The above data shows that in the post-pandemic recovery, there are huge differences among the world's major economies, and income disparities are also increasing. Still, there are some countries that are riding headwinds against global trade. From the annual foreign trade export data, exports of China, Japan, Brazil, Mexico, Australia, Turkey, Peru and other countries have achieved growth.

On January 12, the General Administration of Customs released annual import and export data for 2023.China's export of goods reached 23.77 trillion yuan, up by 0.6%; Imports were 17.99 trillion yuan, down 0.3%. What do you think of this report card?The import and export of goods trade were better than expected, and the goal of promoting stability and improving quality was achieved.

According to preliminary statistics released by the Japanese Ministry of Finance on the 24th, under the background of falling prices of commodities such as energy in the international market, Japan's trade deficit in goods in 2023 fell sharply, reaching 9.29 trillion yen (1 US dollar is about 148 yen), a decrease of 54.3% from the previous year. The sharp depreciation of the yen and the rise in the price of imported goods are the main reasons for Japan's persistent deficit in goods trade in recent years.

According to the report, the export of automobiles, construction machinery and other industries, which were inhibited by production capacity and consumption during the COVID-19 epidemic, recovered rapidly in 2023, driving Japan's total export volume in the year to increase by 2.8% to 100.89 trillion yen, hitting a record high. At the same time, in the context of lower energy prices in the international market, Japan's imports of oil, coal, liquefied natural gas and other products decreased significantly in the year, and the total import value for the year decreased by 7.0% to 110.18 trillion yen.

Spurred by the recovery of tourism, Australia's exports have picked up significantly. The latest data released by the Australian Bureau of Statistics shows that the country's foreign trade surplus in goods and services reached about 158.873 billion Australian dollars (about 751.596 billion yuan) in the fiscal year 2022-2023. Specifically, spurred by high commodity prices and a recovery in tourism services, Australia's exports of goods and services increased by about 15.8 per cent to about $686.041 billion in the financial year. At the same time, the country's imports increased by about 18.4 per cent to about $527.168 billion as supply chain tensions eased and cross-border travel and goods and services recovered.

Turkey's exports in 2023 reached a record $255.8 billion, up 0.6% from the previous year. The figure exceeded the medium-term plan target of $255 billion. The foreign trade deficit in 2023 will narrow by 3.2% year-on-year. According to separate data from the trade Ministry, the trade deficit in 2023 was $106 billion, down from $109.5 billion in 2022. According to the Ministry of Economy, Trade and Industry, Turkey's imports fell 0.5 percent from the previous year to $361.8 billion in 2023.

It is worth noting that under the influence of sluggish global demand, there are also countries whose imports and exports have declined. According to the latest report released by the National Bureau of Statistics of Argentina, Argentina's annual exports in 2023 were 66.788 billion US dollars, down 24.5% year-on-year; Imports for the year totaled 73.714 billion US dollars, down 9.6% year on year. The trade deficit is nearly $7 billion. Exports in December 2023 totaled $5.273 billion, down 13.8% year-on-year; Imports totaled 4.255 billion U.S. dollars, down 15.2 percent year on year; The trade surplus was $1.018 billion. For the whole year, only February and December of 2023 achieved a trade surplus. The main reason for the trade deficit for the whole year was the impact of drought on exports of agricultural primary products and manufactured goods.

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