China's total imports and exports reached USD4.89 trillion in the first 10 months of 2021, increasing 31.9% from a year earlier and exceeding the full-year figure for pre-Covid 2019. The robust trade data with double-digit growth in both imports and exports during the period were supported by a combination of factors, including China's complete and resilient supply chain, strict epidemic prevention, and booming global demand for Chinese goods, analysts noted.
However, total trade volume fell in October with import growth falling below expectations amid new Covid-19 outbreaks, logistics hurdles and power shortages. But analysts said that trade growth will likely be maintained at around or above 20% for the rest of the year. Exports reached USD2.7 trillion for the first 10 months, a year-on-year increase of 32.3%, while imports saw a significant 31.4% increase, reaching USD2.19 trillion. ASEAN remained China's largest trading partner, with a total of USD703.34 billion, an increase of 30%. Trade with the EU, China's second-largest partner, stood at USD670.38 billion, an increase of 30%. The increase in trade between China and the U.S. was the largest among the top three trading partners, rising 33.4% year-on-year to USD609.94 billion. During the same period, China's total trade with countries and regions part of the Belt and Road Initiative also grew 23% year-on-year to CNY9.3 trillion.
China's total import and export value for October alone fell 5.6% month-on-month, data from the GAC showed. Experts said that this was within expectations, given the power curbs in several parts of China amid high coal prices and tight supplies, as well as strict but necessary epidemic prevention and control at border ports. The country's exports in U.S. dollar terms in October increased by 27.1% year-on-year to USD300.2 billion, the Global Times reports.
