According to the latest data released by the General Administration of Customs, in the first half of 2023, China's import and export volume exceeded 20 trillion yuan, and the total value of goods imports and exports reached 20.1 trillion yuan, reaching a new historical high for the same period. Among them, exports increased by 3.7%.

       In the export market, in the first half of the year, China's exports to ASEAN increased by 1.5% year-on-year, while exports to the European Union decreased by 6.6%, exports to the United States decreased by 17.9%, and exports to Japan decreased by 4.7%. However, exports to Russia surged by 78.1% year-on-year, and exports to Africa increased by 15.4%.

Regarding export products, general machinery equipment accumulated exports of 200.44 billion yuan, with a year-on-year growth of 12.2%, while exports of automatic data processing equipment and its components were 622.39 billion yuan, showing a decline of 19%. Exports of mobile phones were 396.41 billion yuan, down by 8.6%, and exports of household appliances were 296.7 billion yuan, growing by 5.2%. Integrated circuits' exports reached 436.1 billion yuan, experiencing a decline of 12%, while exports of automobiles (including chassis) were 320.76 billion yuan, with a remarkable growth of 123.5%.

       During the same period, exports of labor-intensive products reached 1.97 trillion yuan, with a slight growth of 0.04%. Among them, exports of clothing and apparel accessories were 516.94 billion yuan, showing an increase of 0.7%. Exports of plastic products amounted to 343.42 billion yuan, with a growth of 3.2%, while exports of footwear reached 172.93 billion yuan, experiencing a growth of 0.4%.

In the first half of the year, the combined exports of "new three" products, such as electric passenger vehicles, lithium batteries, and solar cells, increased by 61.6%, contributing to a 1.8-percentage-point growth in China's overall exports. It is evident that traditional markets like Europe and the United States are showing sluggish growth.

Based on the 2022 annual data of China's export destination countries, Asia is the main focus, with Vietnam, India, Malaysia, Singapore, Thailand, Mexico, Russia, Indonesia, the Philippines, and Brazil being the top destinations in descending order. Several markets stand out and deserve special attention. Firstly, Thailand offers a favorable business environment and is currently an important destination for China's manufacturing and domestic capital transfer. It is likely to become an increasingly significant destination market in the future. For those planning to develop the South Asian market, it is recommended to pay special attention to Thailand.

       Secondly, in 2022, China's total exports to Russia reached $76.123 billion, with a growth rate of 12.8%. Due to well-known reasons, both sides expect that the future trade volume between China and Russia will further increase. It is recommended that those who are interested in tapping into the Russian market pay attention to it.

       Lastly, it's worth mentioning the Brazilian market. Brazil is a country that exports natural resources and has a significant trade surplus compared to China. It also holds a substantial amount of Chinese yuan (Renminbi). However, its domestic market has enormous potential. In 2022, Brazil's trade imports increased by 24.3%, reaching the highest level since 1989, with an average daily import value of $1.09 billion, showcasing its growth potential. When doing business with Brazilian clients, settling transactions in Chinese yuan can be an option, avoiding concerns related to US dollar shortages. In 2022, China's exports to Brazil amounted to $61.97 billion.