The Exchange Rate Trade Volume of Import and Export Commodities Increased Greatly

1. The performance of the exchange rate growth of import and export commodities in various countries

(1) China's exports to the United States and surplus have both soared

According to customs statistics, the total value of Sino-US trade in the first five months of this year was 1.82 trillion yuan, an increase of 41.3%, accounting for 12.3%. Among them, exports to the United States were 1.34 trillion yuan, an increase of 38.9%; imports from the United States were 478.3 billion yuan, an increase of 48.5%; the trade surplus with the United States was 860.51 billion yuan, an increase of 34.1%. Moody's Investor Service released a report in May showing that importers of U.S. general merchandise products bear more than 90% of the additional cost of the 20% tariff imposed on general merchandise wholesale suppliers (China).

(2) India's GDP has declined

According to data released by the Indian government a few days ago, India's GDP growth rate from 2020 to 2021 has been adjusted to -7.3% from the previous forecast of -8%. Hit by the COVID-19 pandemic and the nationwide lockdown to curb the spread of the disease, this data shows the "worst" level in more than 40 years.

(3) South Korean export data spiked

Data show that South Korea exported 50.73 billion U.S. dollars in May, a year-on-year increase of 45.6%, the highest growth rate in May. That is the seventh consecutive month that this country's exports have increased. South Korea's imports of general merchandise were 47.81 billion U.S. dollars, a year-on-year increase of 37.9%; the country's total foreign trade was 98.54 billion U.S. dollars, with a trade surplus of 2.93 billion U.S. dollars.

2. Countermeasures against rising exchange rates of import and export commodities

(1) Google announced to deepen cooperation with Shopify

Recently, Google announced that it will deepen its cooperation with Shopify, an e-commerce platform, and will open a "green channel" for the latter's 1.7 million merchants to make it easier to reach consumers through Google search. Google also declared that it would further improve its e-commerce features, including the display of a shopping cart when Chrome opens a new tab.

(2) Facebook said it would not charge creators

Recently, Facebook proclaimed that it would not extract revenue from creators through paid network activities, fan subscriptions, badges, or Facebook's upcoming independent news products. In addition, when Facebook launches its revenue-sharing plan, the percentage of revenue it will collect will be lower than the 30% charged by Apple and other companies.

Related News

China General Merchandise Related Products

Floor 5, No.113 Qiushi Road, Beiyuan, Yiwu, Zhejiang, China