China’s goods trade maintained steady growth in the first 10 months of the year, with the total value of imports and exports reaching CNY37.31 trillion, up 3.6% year-on-year, demonstrating strong resilience amid external headwinds, the General Administration of Customs (GAC) said. From January to October, exports reached CNY22.12 trillion, an increase of 6.2% year-on-year, while imports totaled CNY15.19 trillion, roughly flat when compared to the same period last year. In October alone, the total value of China’s goods trade reached CNY3.7 trillion, edging up 0.1% on a yearly basis. Exports stood at CNY2.17 trillion, down 0.8% year-on-year, while imports reached CNY1.53 trillion, up 1.4% year-on-year, marking five consecutive months of growth.
In the first 10 months, imports and exports of both general trade and processing trade posted growth. China’s trade with ASEAN, its largest trading partner, hit CNY6.18 trillion yuan, a 9.1% increase year-on-year, and accounted for 16.6% of the country’s total foreign trade value. The EU remains China’s second-largest trading partner, with bilateral trade amounting to CNY4.88 trillion, a 4.9% year-on-year increase, and accounting for 13.1% of China’s total foreign trade. China’s imports and exports to partner countries participating in the Belt and Road Initiative (BRI) reached CNY19.28 trillion, growing 5.9% year-on-year. The United States ranked third, with trade between the two economies reaching CNY3.38 trillion, down 15.9% year-on-year and accounting for 9% of the country’s total foreign trade value, the China Daily reports.
