Author Name: Dion Suen

According to customs statistics, in the first 10 months of this year, China’s foreign trade continued to grow, with the total value of imports and exports of goods traded at 25.95 trillion yuan, an increase of 1.1% over the same period last year. Among them, exports were 14.33 trillion yuan, an increase of 2.4%; imports were 11.62 trillion yuan, a decrease of 0.5%; the trade surplus was 2.71 trillion yuan, an increase of 16.9%.

In October, China’s foreign trade imports and exports reached 2.84 trillion yuan, an increase of 4.6%. Among them, exports were 1.62 trillion yuan, an increase of 7.6%; imports were 1.22 trillion yuan, an increase of 0.9%; the trade surplus was 401.75 billion yuan, an increase of 34.9%.

The relevant person in charge of the General Administration of Customs stated that since June, China’s foreign trade imports and exports have achieved positive growth for five consecutive months, the international market share of exports has also been increasing, and the development of foreign trade has been resilient.

In the first 10 months, China’s imports and exports to the top 5 trading partners of ASEAN, the European Union, the United States, Japan and South Korea all increased. ASEAN is China’s largest trading partner. The total trade value between China and ASEAN is 3.79 trillion yuan, an increase of 7%. The EU is China’s second largest trading partner, with a total trade value of 3.62 trillion yuan with the EU, an increase of 3.5%. The United States is our third largest trading partner. The total value of Sino-US trade is 3.2 trillion yuan, an increase of 3.9%.

From the perspective of market players, the import and export of private enterprises have increased significantly, and the role of foreign trade “stabilizer” has become more prominent. Statistics show that in the first 10 months, the import and export of private enterprises was 12 trillion yuan, an increase of 10.5%, accounting for 46.2% of our total foreign trade value, an increase of 3.9 percentage points over the same period last year. Among them, exports were 7.94 trillion yuan, an increase of 10.9%, accounting for 55.4% of the total export value; imports were 4.06 trillion yuan, an increase of 9.7%, accounting for 35% of the total import value.

Exports of mechanical and electrical products, textiles, and plastic products increased, while exports of clothing, footwear, luggage, etc. declined. In the first 10 months, China’s exports of mechanical and electrical products amounted to 8.45 trillion yuan, an increase of 3.8%. In the same period, exports of textiles, including masks, were 908.41 billion yuan, an increase of 34.8%.

Source:  http://ow.ly/BK8Z50ChrZy