XTransfer released the first national export PMI, and the export of goods by small and medium-sized enterprises (B2B) in July showed an expansion

Recently, XTransfer, a one-stop cross-border financial and risk control service company for foreign trade enterprises, released the "Purchasing Managers Index" (hereinafter referred to as: XTransfer Export PMI) of small and medium-sized enterprises (B2B) in July. This is the first export trend survey index for the foreign trade industry initiated by the Chinese private sector. The data shows that XTransfer Export PMI reached 50.4% in July, slightly above the critical point, indicating that the export situation of small and medium-sized foreign trade enterprises is basically improving and continues to show resilience.

XTransfer Export PMI is obtained through a random survey of 550,000 small and medium-sized B2B foreign trade enterprises on the platform. The analysis dimensions include export orders, prices, procurement, logistics, personnel, capital turnover and other aspects of the complete process of foreign trade exports. It aims to provide important guidance and strategy formulation for the export trade of small and medium-sized foreign trade enterprises in the future. The first national version of XTransfer Export PMI conducted a questionnaire survey and in-depth interviews with representative customers of 2,000 small and medium-sized foreign trade enterprises on the platform. They are distributed in 28 export provinces and 116 cities in China.

The export situation of small and medium-sized foreign trade enterprises has generally improved, and they continue to show resilience

From the perspective of the sub-indexes of XTransfer's export PMI, the export order index, export goods price index, capital turnover index, and employee index are all above the 50% critical point to varying degrees. The goods procurement index is slightly below the critical point, and the export logistics efficiency index is significantly below the critical point.

( Operation of the six major classification indexes of XTransfer Export PMI)

The export order index is 51.1%, which is a weighted combination of existing export orders and new export orders this month. The survey questionnaire shows that the export order index of small and medium-sized foreign trade enterprises exporting to North America, BRICS countries and ASEAN countries is significantly higher than that of enterprises exporting to other regions.

The export goods price index reached 53.1%. During the survey, we found that clothing, furniture, and home appliances are still the main export products of small and medium-sized foreign trade enterprises. In addition, the export orders and price index of new energy auto parts, smart audio and video car equipment and other categories involving the "new three" performed well.

The capital turnover index reached 67.7%, mainly because with the popularization of Internet technology, one- or two-person foreign trade SOHOs are becoming more and more common in small and medium-sized foreign trade enterprises. They serve customers for a long time, thus establishing a more stable trust relationship with buyers. In terms of trade model, they also adopt the form of customers locking orders and prepayments in advance, so the capital pressure is relatively low compared with manufacturing trade enterprises; in addition, third-party payment platforms provide more convenient cross-border payment channels for the majority of small and medium-sized foreign trade enterprises, and the collection efficiency and service availability are also greatly improved compared with traditional financial institutions.

It is worth noting that the export logistics efficiency index is only 37.4%, which is significantly lower than the critical point. The survey shows that the imbalance between shipping supply and demand has a direct impact on freight rates. Many small and medium-sized enterprises that use sea transportation have said that freight rates have been rising in the second quarter. In addition, the impact of the Red Sea crisis on container ships continues to expand. Ships at many ports around the world cannot arrive on time, triggering a "ship agglomeration" effect. As the world's largest transit hub port, the "port jam" incident at the Port of Singapore has also affected logistics efficiency to a certain extent.

North American export situation has improved, and small and medium-sized enterprises are accelerating their efforts to seek gold in the "BRICS countries"

( XTransfer export PMI for different export destination countries /regions)

The 2,000 small and medium-sized foreign trade enterprises participating in the survey have exported to 152 countries and regions in the past three months. The top five countries and regions are: the United States, Hong Kong, China, the United Kingdom, Germany, and Australia. Overall, Hong Kong, China is still an important channel for the re-export trade of small and medium-sized foreign trade enterprises on the mainland.

From the specific data of XTransfer export PMI, the PMI data of small and medium-sized foreign trade enterprises exporting to the three major regions of BRICS, North America and ASEAN performed best. Among them, mechanical and electrical products and labor-intensive products are the main categories exported to these trade regions.

In addition, from the perspective of classified indexes, the export order index of small and medium-sized foreign trade enterprises to the three emerging economies of ASEAN, Africa and Latin America performed well, and small and medium-sized foreign trade enterprises continued to dig for gold in emerging markets. It is worth mentioning that the logistics efficiency index of exports to Latin American countries is significantly higher than that of other regions, mainly due to the increasing maturity of air and sea freight routes between China and Latin American countries since this year.

Trade in intermediate products with ASEAN and Africa is accelerating

( XTransfer export PMI of key export product categories )

From the perspective of export product categories, among the 22 major export categories announced by the General Administration of Customs, 2,000 sample enterprises cover 20 categories, covering all categories except art collections, antiques and special trading commodities. Overall, electromechanical products, base metals and clothing products are still the basic export of small and medium-sized foreign trade enterprises, which are steadily advancing, especially in the European and American markets, which have shown a warming trend.

Among the top five categories of XTransfer export PMI values, textile raw materials, textile products and miscellaneous products recorded the highest values, many of which are intermediate trade goods. The main export countries for small and medium-sized foreign trade enterprises engaged in the export of such products are also mostly emerging markets along the Belt and Road, such as ASEAN and Africa.

From customer survey interviews, it is not difficult to find that small and medium-sized foreign trade enterprises that mainly export high-tech value-added products, such as high-tech manufacturing and emerging materials, new energy vehicle parts, etc., have better export PMI performance than other types of enterprises as a whole, and the export order index and export goods price index in the export PMI classification index of these enterprises are also higher.

XTransfer

Export PMI

B2B