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Highlights
Here's what you need to know about China in the past 24 hours
China Economic News
China's total import and export volume grew by 0.03 percent year-on-year, reaching 34.32 trillion yuan ($4.72 trillion) between January and October, as the country's foreign trade posts a stable recovery despite mounting external challenges.
Over the period, the country's exports grew by 0.4 percent year-on-year to hit 19.55 trillion yuan, while imports declined by 0.5 percent year-on-year to reach 14.77 trillion yuan, according to data released by the General Administration of Customs (GAC) on Tuesday.
In October alone, the country's foreign trade grew by 0.9 percent year-on-year to reach 3.54 trillion yuan, according to the GAC. Last month, the country's exports dropped by 3.1 percent year-on-year to 1.97 trillion yuan, and imports grew by 6.4 percent to 1.57 trillion yuan.
Between January and October, the ASEAN remained China's largest trading partner, with bilateral trade up by 0.9 percent year-on-year to 5.23 trillion yuan. The trade between China and the EU went down 1.6 percent to 4.59 trillion yuan, and China-US trade went down 7.6 percent to 3.86 trillion yuan, according to the GAC.
China's private sector has maintained an upward trend in foreign trade. Customs data show that the import and export of private enterprises was 18.24 trillion yuan in the first 10 months, an increase of 6.2 percent, accounting for 53.1 percent of China's total foreign trade value and an increase of 3.1 percentage points over the same period last year.
China saw steady export growth of such mechanical and electrical products as data processing devices, cell phones and automobiles during this period, which rose 2.8 percent to 11.43 trillion yuan, accounting for 58.5 percent of the country's total exports. In particular, exports of automobiles totaled 582.4 billion yuan, up 88.5 percent year-on-year.
Data released by the General Administration of Customs on the 7th showed that the total import and export value of my country's goods trade in the first 10 months of 2023 was 34.32 trillion yuan, and the cumulative growth rate shifted from a slight decrease of 0.2% year-on-year in the first three quarters to an increase of 0.03%. Among them, in the month of October, imports and exports were 3.54 trillion yuan, and the monthly growth rate changed from a year-on-year decrease for 4 consecutive months since June to an increase of 0.9%.
Lu Daliang, director of the Statistical Analysis Department of the General Administration of Customs, said that at present, the accumulation of positive factors in my country's foreign trade field has increased, driving the year-on-year growth of imports and exports in October. According to the China Customs Trade Prosperity Statistical Survey, the proportion of companies that are optimistic about future imports and exports has increased, and the positive development trend of my country's foreign trade has further emerged.
Specifically, in the first 10 months, my country's foreign trade exports were 19.55 trillion yuan, a year-on-year increase of 0.4%, of which mechanical and electrical products exports accounted for nearly 60%. As demand increased, my country's foreign trade imports during the same period were 14.77 trillion yuan, with the decline narrowing to 0.5%. Driven by the continued increase in the import volume of major energy and mineral products and the obvious growth rate of the import of some agricultural products and consumer goods, imports in October increased by 6.4% year-on-year, and the growth rate was 7.3 percentage points faster than that in September.
In terms of trading entities, the import and export of private enterprises is significantly better than the overall situation. In the first 10 months, there were 526,000 private enterprises in my country with import and export performance, an increase of 8.7% year-on-year; import and export volume was 18.24 trillion yuan, an increase of 6.2%, accounting for 53.1% of my country's import and export, and continued to maintain its status as the largest foreign trade operator in my country.
In terms of the international market, my country's imports from traditional markets such as the European Union and the United States have increased. In the first 10 months, my country's imports and exports to the EU, the United States and Japan fell by 1.6%, 7.6% and 6.5% respectively. Among them, imports from the EU and the United States increased by 5.1% and 0.2% respectively.
At the same time, the diversification trend of my country's trade market has become increasingly obvious. In the first 10 months, my country's total imports and exports to countries co-building the "Belt and Road" were 15.96 trillion yuan, a year-on-year increase of 3.2%, accounting for 46.5% of my country's foreign trade scale. Among them, imports and exports to ASEAN, the largest trading partner, increased by 0.9%, imports and exports to Central and Eastern European countries increased by 2.7%, and imports and exports to the five Central Asian countries increased by 34.8%.
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Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
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Produced by 21st Century Business Herald Dept. of Overseas News.
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