China's foreign trade up 4.2 pc in first seven months

Published: August 08, 2019 12:15:32

China's foreign trade of goods rose 4.2 per cent year on year in the first seven months of this year to 17.41 trillion yuan (about 2.49 trillion US dollars), customs data showed Thursday.

Exports increased 6.7 per cent year on year to 9.48 trillion yuan during the period, while imports grew 1.3 per cent to 7.93 trillion yuan, the General Administration of Customs (GAC) said.

China saw its trade surplus widen by 47.4 per cent year on year to 1.55 trillion yuan during the same period.

China's trade mix continued to optimise with the general trade growing both in volume and proportion in the January-July period. General trade grew 5.7 per cent year on year and accounted for 59.8 per cent of the total trade, 0.8 percentage points higher than the same period of last year, Xinhua reports.

The European Union remained as China's largest trading partner in the period, with bilateral trade volume up 10.8 per cent from one year earlier to 2.72 trillion yuan, followed by the ASEAN, up 11.3 per cent to 2.35 trillion yuan, and the United States, down 8.1 per cent to 2.1 trillion yuan.

China's trade with Belt and Road countries totalled 5.03 trillion yuan, up 10.2 per cent year on year, 6 percentage points higher than the overall pace, said the GAC, adding that the amount accounted for 28.9 per cent of China's total trade volume.

China's private businesses reported faster trade growth in the first seven months, with the trade volume increasing 11.8 per cent to 7.31 trillion yuan. The amount accounted for 42 per cent of the total trade volume in the period, up 2.9 percentage points year on year.

Share if you like