China’s Goods Trade Shows Stable and Improved Foreign Trade: Customs Administration
In a recent announcement by the General Administration of Customs, China’s total import and export value of goods trade in November reached 3.7 trillion yuan, marking a 1.2% increase year-on-year. The positive growth trend in foreign trade reflects the stability and improvement of China’s economy.
According to customs statistics, November saw a consecutive positive growth in China’s import and export of goods trade for the second month in a row. Exports amounted to 2.1 trillion yuan, showing a 1.7% increase, while imports reached 1.6 trillion yuan, a 0.6% rise.
The first 11 months of this year have seen the total import and export value of China’s goods trade at 37.96 trillion yuan, staying consistent with the same period last year. Notably, exports of mechanical and electrical products, automobiles and their spare parts, and ships have shown rapid growth, indicating a recovery in external demand for related industries and the overall competitive advantage of China’s manufacturing industry. Imports have also continued to grow, reflecting the ongoing recovery of the domestic economy and improving market demand.
In November, China’s imports and exports to emerging markets, including countries involved in the “Belt and Road” initiative, saw continued positive development. Import and export to these countries reached 1.72 trillion yuan, with imports and exports to countries in Latin America, Africa, and Central Asia increasing by 9.3%, 8.4%, and 8.4% respectively. The trade with traditional markets also showed positive changes, with China’s imports and exports to its top three trading partners – ASEAN, the EU, and the United States – accounting for 38.9% of the total import and export value. Additionally, China-US trade in goods increased by 2.7% year-on-year in November, ending six consecutive months of decline and showing a month-on-month growth of 4.3%.
The stable and improved foreign trade figures reflect the resilience and recovery of China’s economy. The positive outlook on trade bodes well for the continued growth and stability of the Chinese economy in the coming months.
[Editor in charge: Dong Jing]