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Foreign trade in China surges to record high of USD3.5T from January to July
(MENAFN) China's foreign trade surged to a record high of USD3.5 trillion in the period from January to July, marking a 6.2 percent increase year-on-year, according to a report from a Beijing-based news agency citing official data. This robust growth was driven by a significant uptick in both exports and imports during the same period.
China's exports climbed by 6.7 percent year-on-year to reach USD2.01 trillion, while imports also saw a notable increase of 5.4 percent to total USD1.49 trillion. This expansion in trade volumes underscores China's resilience and economic recovery amidst global economic challenges and changing trade dynamics.
During the first seven months of the year, China's trade surplus widened by 7.9 percent year-on-year to USD518 billion, reflecting a persistent strength in its trade balance despite external uncertainties. This surplus is crucial for maintaining stability in China's external economic relations and supporting its overall economic growth strategy.
The report highlighted that the Association of Southeast Asian Nations (ASEAN) emerged as China's largest trading partner, with bilateral trade volume surging by 10.5 percent annually to USD545.8 billion. ASEAN trade now constitutes 15.8 percent of China's total foreign trade, underscoring the growing economic ties between China and its regional neighbors.
Mechanical and electrical products continued to dominate China's export profile, comprising approximately 60 percent of the country's total exports. Specific sectors within this category, such as automatic data processing equipment, integrated circuits, and automobiles, experienced notable growth rates. For instance, exports of automatic data processing equipment and components rose by 11.6 percent, integrated circuits by 25.8 percent, and automobiles by 20.7 percent compared to the same period last year.
Overall, the data underscores China's pivotal role in global trade and its ability to adapt and expand amidst evolving global economic conditions. The strong performance in exports and imports reflects not only China's economic resilience but also its strategic position as a major player in the global economy.
China's exports climbed by 6.7 percent year-on-year to reach USD2.01 trillion, while imports also saw a notable increase of 5.4 percent to total USD1.49 trillion. This expansion in trade volumes underscores China's resilience and economic recovery amidst global economic challenges and changing trade dynamics.
During the first seven months of the year, China's trade surplus widened by 7.9 percent year-on-year to USD518 billion, reflecting a persistent strength in its trade balance despite external uncertainties. This surplus is crucial for maintaining stability in China's external economic relations and supporting its overall economic growth strategy.
The report highlighted that the Association of Southeast Asian Nations (ASEAN) emerged as China's largest trading partner, with bilateral trade volume surging by 10.5 percent annually to USD545.8 billion. ASEAN trade now constitutes 15.8 percent of China's total foreign trade, underscoring the growing economic ties between China and its regional neighbors.
Mechanical and electrical products continued to dominate China's export profile, comprising approximately 60 percent of the country's total exports. Specific sectors within this category, such as automatic data processing equipment, integrated circuits, and automobiles, experienced notable growth rates. For instance, exports of automatic data processing equipment and components rose by 11.6 percent, integrated circuits by 25.8 percent, and automobiles by 20.7 percent compared to the same period last year.
Overall, the data underscores China's pivotal role in global trade and its ability to adapt and expand amidst evolving global economic conditions. The strong performance in exports and imports reflects not only China's economic resilience but also its strategic position as a major player in the global economy.
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