Forecasting China’s Foreign Trade for 2021

Subjects: Other Disciplines >> Synthetic discipline submitted time 2023-03-28 Cooperative journals: 《中国科学院院刊》

魏云捷 张珣 孙玉莹 白云 汪寿阳

Abstract： This study analyzes the situation of China’s foreign trade from January to November in 2020, and then three forecasting scenarios are constructed based on four aspects, including China’s economic growth, the international demand, Sino-US trade friction, and the development of the COVID-19. Under these scenarios, a new decomposition and composition methodology is proposed to forecast 2021 China’s foreign trade, by integrating the econometric models, artificial intelligence methods, and the system analysis method. In 2021, under the baseline scenario that the COVID-19 pandemic will be under certain control, the global economy exhibits slow recovery and China’s economy grows steadily, the total exports and imports in 2021 are expected to be around 4.9 trillion US dollars with a 5.7 percent growth rate year-on-year. Exports are expected to be around 2.7 trillion US dollars with a 6.2 percent growth rate year-on-year, and imports are expected to be around 2.2 trillion US dollars with a 4.9 percent year-on-year growth rate. The trade surplus is about 576.6 billion US dollars. Under optimistic scenario in 2021, China’s export and import growth rates are expected to increase by 3.0 and 3.3 percentage points relative to the baseline scenario, respectively. Under pessimistic scenario in 2021, China’s export and import growth rates are expected to decrease by 2.9 and 3.2 percentage points relative to the baseline scenario, respectively.

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