As of today, the exchange rate between USD and RMB stands at 1 USD = 7.1115 RMB (1 RMB = 0.14062 USD). This week witnessed an appreciation of the USD and a depreciation of the RMB, creating a favorable environment for commodity exports and foreign trade development.
China’s foreign trade has sustained positive growth for four consecutive months. According to customs statistics, May recorded a total trade volume of 3.45 trillion yuan, marking a 0.5% increase compared to the same period last year. While exports amounted to 1.95 trillion yuan, showing a slight decrease of 0.8%, imports surged to 1.5 trillion yuan, rising by 2.3%. The trade surplus narrowed to 452.33 billion yuan, contracting by 9.7%.
For the first five months of this year, China’s total imports and exports reached 16.77 trillion yuan, reflecting a 4.7% year-on-year increase. Notably, exports grew to 9.62 trillion yuan, up by 8.1%, while imports totaled 7.15 trillion yuan, indicating a modest increase of 0.5%. The trade surplus expanded to 2.47 trillion yuan, representing a significant 38% widening. Overall, the foreign trade environment remained relatively stable, and the RMB depreciation against the USD has presented favorable opportunities for the company.
Furthermore, the price of pig iron in China remained steady this week, with Xuzhou, China serving as a reference point. Today, the price of casting pig iron stands at RMB 3,450 per tonne. As a dedicated supplier of EN877 cast iron pipe fittings, Dingsen diligently monitors the price fluctuations of pig iron.
Post time: Jun-09-2023