BEIJING, 20th July, 2023 (WAM) — China’s total goods imports and exports have increased by 2.1 percent year-on-year, reaching 20.1 trillion yuan (approximately $2.81 trillion), according to the General Administration of Customs (GAC).
This marks the first time that China’s trade in goods has exceeded 20 trillion yuan in the first half of a year, People’s Daily reported.
Exports, in particular, grew 3.7 percent year-on-year to 11.46 trillion yuan. In the first six months of this year, China’s foreign trade displayed resilience, making significant strides with an improved structure.
GAC spokesperson Lyu Daliang noted that China’s foreign trade remained consistent, proving capable of withstanding global economic uncertainties, policy contractions in major developed economies, and various market instabilities.
China registered 540,000 foreign trade companies in the first half of 2023, a year-on-year increase of 6.9 percent. The country’s pilot free trade zones and Hainan Free Trade Port reported import and export growth of 8.6 percent and 26.4 percent, respectively.
Three of China’s major green products — solar batteries, lithium-ion batteries, and electric vehicles — experienced an export surge of 61.6 percent year-on-year in the first half of 2023, contributing 1.8 percentage points to the overall export growth.
China’s cross-border e-commerce demonstrated impressive growth in the first half of 2023, with imports and exports increasing by 16 percent year-on-year to 1.1 trillion yuan.
China diversified its foreign trade market, increasing its trade with ASEAN, Latin America, Africa, and Central Asian countries by 5.4 percent, 7 percent, 10.5 percent, and 35.6 percent, respectively, all exceeding overall foreign trade growth.
China’s trade with Belt and Road countries reached 6.89 trillion yuan in the first half of 2023, a 9.8 percent year-on-year increase. Notably, the trade between China and the ASEAN increased 5.4 percent year-on-year to reach 3.08 trillion yuan, which represented 15.3 percent of China’s total imports and exports.
Trade with the 14 members of the Regional Comprehensive Economic Partnership (RCEP) amounted to 6.1 trillion yuan, a 1.5 percent year-on-year increase, contributing over 20 percent to China’s foreign trade growth. The RCEP’s market potential offers a new space for companies to enhance international industrial cooperation and economic and trade exchanges.
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