General Administration of Customs.P.R. China: The import volume of cosmetics and toiletries in March was 35,886.9 tons, a year-on-year decrease of 12.97%, and the import value was $20.346 billion, a year-on-year decrease of 14.37%.
On April 13, Beijing time (the following dates are all Beijing time), General Administration of Customs.P.R. China released the data of China’s import and export in March and the first quarter. China’s total import and export value in March was $504.79 billion, up 7.5% year-on-year. Among them, exports were $276.08 billion, a year-on-year increase of 14.7%, and imports were $228.7 billion, a year-on-year decrease of 0.1%. This is the first time since August 2020 that imports have turned negative and imports have turned weaker than expected.
In the first quarter of this year, the total value of foreign trade imports and export was $1.48 trillion, a year-on-year increase of 10.7%, and the foreign trade imports and export started smoothly. Among them, exports were $820 billion, a year-on-year increase of 13.4%, and imports were $660 billion, a year-on-year increase of 7.5%. The foreign trade import and export has continually grown and maintained a positive year-on-year growth for seven consecutive quarters.
Among them, 35,886.9 tons of beauty cosmetics and toiletries were imported in March, a year-on-year decrease of 12.97%, and the sales revenue was $2.0346 billion, a year-on-year decrease of 14.37%. In the first three months, China imported a total of 97,505.2 tons of beauty cosmetics and toiletries, a year-on-year decrease of 2.9%, and the sales revenue was $54.524 billion, a year-on-year decrease of 6.2%.
In terms of imports, China’s imports of cosmetics and toiletries in March and the first quarter were significantly weaker, showing a downward trend. The main reason is that the Russian-Ukrainian conflict superimposed on the epidemic has caused a series of problems such as continuous rise in commodity prices, inflation, and supply chain crisis. At the same time, the current round of the epidemic in China has shown multiple outbreaks, which continue to impact logistics and drag down consumption. The severe epidemic situation in coastal cities such as Shanghai has also had a certain impact on imports.
According to the “Amount Table of Imported Commodities from Some Countries (Regions) in February 2022” issued by General Administration of Customs.P.R. China, the top five imported cosmetics in China are the European Union, Japan, France, the United States, and South Korea.
It is worth mentioning that many of the products Chinese consumers are keen to buy come from member states of an agreement. On November 15, 2021, the “Regional Comprehensive Economic Partnership” (hereinafter referred to as RCEP) was officially signed. A total of fifteen countries have signed this agreement, including the ASEAN countries, China, Japan, South Korea, Australia, and New Zealand. In this way, the free trade zone with the largest population, the most diverse member structure and the greatest development potential in the world was born.
According to statistics from Customs of the people’s Republic of China, China’s imports and exports to the other fourteen RCEP member countries amounted to $450 billion in the first quarter of 2022, a year-on-year increase of 6.9%, accounting for 30.4% of China’s total foreign trade value. Among them, exports were $220 billion, an increase of 11.1%, and imports were $230 billion, an increase of 3.2%.
The signing of RCEP makes it easier and faster for China to introduce excellent beauty brands. Under the international unified rules, the entry threshold for imported brands will be lowered. After China joins RCEP, it will definitely cut tariffs within the rules and reduce the burden of imported cosmetics agents.