China’s total goods imports and exports expanded by 6% year-on-year in the first eight months of this year, according to official data released on Tuesday by the General Administration of Customs. This growth underlines the resilience and continued expansion of the Chinese mainland’s economy amid global uncertainties.
During the January-August period, exports rose by 6.9% year-on-year, while imports climbed by 4.7%. The trade surplus expanded by 11.2% year-on-year to $608.49 billion during the eight-month period.
ASEAN Remains Largest Trading Partner
The Association of Southeast Asian Nations (ASEAN) continues to be the Chinese mainland’s largest trading partner. Imports and exports to ASEAN countries reached 4.5 trillion yuan ($63.2 billion), an increase of 10%, accounting for 15.7% of China’s total import and export value in the same period. The European Union and the United States were the second and third-largest trading partners, respectively.
Trade with Belt and Road Countries Grows
China’s imports and exports to Belt and Road countries reached 13.48 trillion yuan, up 7%, in the first eight months. This reflects the ongoing success of the Belt and Road Initiative in fostering international trade and cooperation.
Private and Foreign-Funded Enterprises See Growth
Imports and exports by private enterprises amounted to 15.74 trillion yuan from January to August, a growth of 10.5% year-on-year. Foreign-invested enterprises also saw increased activity, with imports and exports reaching 8.4 trillion yuan, rising by 1.5% compared to the same period last year.
This steady growth in foreign trade underscores the robust performance of the Chinese mainland’s economy and its deepening connections with global markets.
Reference(s):
cgtn.com
