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Index > Knowledge > How will the foreign trade industry develop in 2024? How do foreign traders cope with crises and cha
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2024/01/26
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How will the foreign trade industry develop in 2024? How do foreign traders cope with crises and cha
2023 will be a challenging year for foreign traders, as the unpredictable global situation, escalating regional conflicts, global economic downturn, and shrinking demand for foreign trade have all forced them to struggle to survive amidst the cracks. Therefore, the vast majority of foreign trade professionals are full of expectations for the development of foreign trade in 2024, hoping that the foreign trade market will improve in 2024.

Stable and positive

According to data from the General Administration of Customs, China's total import and export value in 2023 was 41.79 trillion yuan, a year-on-year increase of 0.2%. Among them, China's goods trade exports were 23.77 trillion yuan, a year-on-year increase of 0.6%. This growth rate may not seem high, but it should be noted that according to the United Nations Conference on Trade and Development, global trade in goods is expected to decline by 7.5% in 2023.
 
 
 
According to the latest data from the WTO, it is expected that China's international market share of exports will remain at a relatively high level of around 14% in 2023. Despite the contraction of global external demand, China can still maintain growth and maintain a high market share, indicating that our products still have strong competitiveness in the global market.

In addition, it is worth noting that China's foreign trade exports are showing an upward trend every quarter in 2023. Therefore, we can conclude that in 2024, the foreign trade industry will continue to maintain a growth trend in a difficult environment.

Shrinking demand in European and American markets

The European and American markets are the preferred choice for the vast majority of foreign traders to go abroad, but next, sellers need to carefully consider entering these two markets.

According to data from the General Administration of Customs, China's exports to Europe showed a downward trend in the first 10 months of 2023, with exports to the European Union reaching 2.94 trillion yuan, a decrease of 5%. The slowdown in European economic growth and weak consumption and investment have led to a significant decrease in local market imports.

The United States, in order to curb inflation, continues to raise interest rates, which has led to a significant decrease in consumer purchasing desire and a continuous decline in import demand. Therefore, when choosing markets, foreign traders should consider emerging markets more than European and American markets.

Strong external demand for new three types

In 2023, the export value of "New Three Samples" reached 1.06 trillion yuan, a year-on-year increase of 29.9%. For sellers who have not yet entered the market, the "new three samples" undoubtedly have great potential. Therefore, if conditions permit, it is possible to consider leaning towards this direction.

For sellers who have already entered the market, they only need to keep moving forward. It is worth noting that although external demand in the European and American markets has shrunk, their demand for "new three types" is growing rapidly. Traditional categories still face more coldness, so traditional categories can consider changing markets more.

Maintain existing customers

It is important to explore new markets and demand, but it is also important to maintain old customers. Due to the fact that the information of our current loyal customers is no longer confidential, for example, when we use tracking data to search for a Korean supplier named Hyundai MOBIS, we can see which of their customers they have, their recent transaction times, transaction frequency, etc. Therefore, the competition in the future will obviously become more intense.
 
 
（Source：ueedata）
 
To maintain old customers, foreign trade professionals can work in two directions: one is to spend more effort seeking customer recognition, and the other is to deepen product value and increase replacement costs.

If you would like to learn more about the development trends of foreign trade in 2024, you can send us a private message~
 
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