China's Trade Index With SCO Member States Released

The index is compiled under the authorization and guidance of the Statistical Analysis Department of the General Administration of Customs, and includes the trade development index and the trade prosperity index. The contents include my country's import and export trade volume with the SCO and other member states of the SCO, as well as the main characteristics of import and export commodities.

Through a quantitative evaluation of the trade development of SCO member states, the index visually shows the current development level and future development prospects of my country's import and export trade with SCO member states, and is hailed as China's trade development status with SCO member states Barometer and weather vane. In the future, the index is expected to provide scientific decision-making basis for governments at all levels to formulate trade development policies for SCO member states, and it will also provide market plans and product countermeasures for Chinese enterprises to trade with SCO member states.

Statistics show that in recent years, trade between my country and the member states of the SCO has become increasingly close. The total value of imports and exports to the member states of the SCO has increased from US$17.14 billion in 2001 to US$244.85 billion in 2020, an average annual growth rate. The rate is 15%. my country's trade with the SCO member states is basically in a surplus state. Among the member states, Russia and India account for nearly 80% of my country's total trade value with the SCO member states. With the continuous improvement of the quality of bilateral trade, the structure of trade commodities between my country and its member states has been gradually optimized, and the proportion of electromechanical products and high-tech products has continued to increase.

According to customs statistics, in the first quarter of this year, my country's imports and exports to other member states of the Shanghai Cooperation Organization amounted to 457.24 billion yuan, a year-on-year increase of 19.2%. Among them, exports were 284.83 billion yuan, an increase of 29.3%; imports were 172.41 billion yuan, an increase of 5.6%.

From the perspective of the trade market, my country’s imports and exports to Russia and India were 190.12 billion yuan and 179.96 billion yuan, an increase of 7.5% and 33% respectively, accounting for 80.9% of the total value of imports and exports to SCO member states in the same period. Imports and exports to Pakistan, Kazakhstan and Uzbekistan were 36.42 billion yuan, 36.11 billion yuan and 10.45 billion yuan, an increase of 29.7%, 24.5% and 24.3% respectively. Imports and exports to Kyrgyzstan and Tajikistan declined by 35.4% and 16.1% respectively.

From the perspective of trade structure, the structural characteristics of imports and exports of SCO member states reflect the economic complementarity between my country and SCO member states. my country’s exports to the SCO member states are mainly mechanical and electrical products and labor-intensive products, which together account for 75.4% of the total export value; imports from the SCO member states are mainly crude oil, agricultural products, iron ore, copper and natural gas. In total, it accounts for 61.6% of the total import value.

Xiang Zhiqiang, deputy director of the management committee of the SCO Demonstration Zone, said that the SCO Demonstration Zone is an important platform for local economic and trade cooperation with SCO member states. The release of the index is of great help to the demonstration zone and can effectively guide the demonstration zone to be accurate. Understand and grasp the status quo of trade development with SCO member states, carry out more targeted economic and trade cooperation and cultural exchanges with SCO member states, and further expand the space for trade growth.