China’s total goods imports, exports surge 5.3 percent in initial 3 quarters
Date
10/14/2024 8:17:05 AM
(MENAFN) According to official data released on Monday by the General Administration of Customs (GAC), China's total goods imports and exports experienced a year-on-year growth of 5.3 percent in yuan terms during the first three quarters of 2023. This growth reflects a continued stability in the country's trade performance, suggesting that China's Economy is navigating through challenging global market conditions with resilience.
The total volume of goods trade reached an impressive 32.33 trillion yuan, which is approximately equivalent to 4.57 trillion U.S. dollars, for the period spanning from January to September. This figure underscores China's significant role in the global trading landscape and highlights its capacity to maintain robust trade activities despite various economic pressures both domestically and internationally.
Delving into the specifics, exports saw a notable increase of 6.2 percent compared to the same period last year, amounting to 18.62 trillion yuan. This upward trajectory in exports indicates a strong demand for Chinese goods in overseas markets, which may be attributed to the country’s diversified manufacturing base and competitive pricing strategies that continue to attract buyers globally.
On the other hand, imports also exhibited positive growth, rising by 4.1 percent year on year to reach 13.71 trillion yuan in the first three quarters. This increase in imports suggests that domestic consumption is strengthening, leading to a higher demand for foreign products and commodities. Overall, these figures paint a picture of a resilient Chinese economy that is managing to sustain its trade growth in the face of various challenges, thereby reinforcing its position as a key player in global commerce.
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