China’s foreign trade experienced robust growth in October, with total goods imports and exports increasing by 4.6 percent year on year (YoY) in yuan terms, a notable rise from the 0.7 percent YoY growth observed in September, as reported by the General Administration of Customs (GAC).
In the first ten months of this year, the country’s foreign goods trade in yuan terms reached 36.02 trillion yuan (approximately $5 trillion), marking a 5.2 percent YoY increase. Exports rose by 6.7 percent to 20.8 trillion yuan, while imports grew by 3.2 percent to 15.22 trillion yuan, according to a GAC statement. When expressed in U.S. dollars, the total value of China’s imports and exports for this period was $5.07 trillion, reflecting a 3.7 percent YoY increase. Exports amounted to $2.93 trillion, up 5.1 percent YoY, and imports totaled $2.14 trillion, which represented a 1.7 percent increase. The trade surplus for this period stood at $785.27 billion, an increase of 15.8 percent.
Labor-intensive product exports
During the same timeframe, exports of labor-intensive products from China reached 3.48 trillion yuan, up 3.2 percent YoY, accounting for 16.7 percent of the nation’s total foreign trade volume. Specifically, exports of clothing and accessories were valued at 932.75 billion yuan, a 0.7 percent YoY increase, while textile exports amounted to 829.52 billion yuan, up 5.8 percent YoY.
ASEAN as largest trading partner
In the first ten months, the Association of Southeast Asian Nations (ASEAN) emerged as China’s largest trading partner. The total trade volume between China and ASEAN during this period was 5.67 trillion yuan, representing an 8.8 percent YoY increase and accounting for 15.7 percent of China’s overall foreign trade volume. Exports to ASEAN were valued at 3.36 trillion yuan, reflecting a 12.5 percent YoY increase, while imports from ASEAN reached 2.31 trillion yuan, a 3.8 percent YoY rise. The trade surplus with ASEAN was 1.05 trillion yuan, marking a 38.2 percent YoY increase.
EU and U.S. trade relations
The European Union (EU) was China’s second-largest trading partner, with a total trade volume of 4.64 trillion yuan during the same period, which was a 1.2 percent YoY increase, accounting for 12.9 percent of the total foreign trade volume. Exports to the EU were valued at 3.04 trillion yuan, up 3.5 percent YoY, while imports from the EU totaled 1.6 trillion yuan, reflecting a 2.9 percent YoY decrease. The trade surplus with the EU reached 1.44 trillion yuan, an 11.6 percent YoY increase.
The U.S. ranked as the third-largest trading partner, with a total trade volume of 4.01 trillion yuan, an increase of 4.4 percent YoY, which accounted for 11.1 percent of the total foreign trade volume. Exports to the U.S. were valued at 3.04 trillion yuan, up 4.9 percent YoY, and imports reached 969.48 billion yuan, rising by 2.9 percent YoY. The trade surplus with the United States was 2.07 trillion yuan, which was up by 5.8 percent.
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Trade with South Korea and Belt and Road Initiative
South Korea was China’s fourth-largest trading partner during this ten-month period, with a total trade value of 1.91 trillion yuan, an increase of 6.7 percent YoY, accounting for 5.3 percent of the total. Exports to South Korea were valued at 855.67 billion yuan, down by 0.8 percent YoY, while imports totaled 1.05 trillion yuan, an increase of 13.8 percent YoY. The trade deficit with South Korea expanded to 198.74 billion yuan, an increase of 2.1 times.
Additionally, China’s total imports and exports with countries involved in the Belt and Road Initiative reached 16.94 trillion yuan, up by 6.2 percent YoY. Exports to these countries amounted to 9.48 trillion yuan, reflecting an 8 percent YoY increase, while imports from these nations were valued at 7.46 trillion yuan, up by 3.9 percent YoY.
Lyu Daliang, director of GAC’s Department of Statistics and Analysis, stated that the country is well-positioned to meet its full-year foreign trade objectives, which aim for improved quality and stable volume.
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