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China’s foreign trade up 2.8 pct in first 9 months

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China’s foreign trade volume rose 2.8 percent year on year in the first nine months of 2019 to 22.91 trillion yuan (about 3.24 trillion US dollars), the General Administration of Customs released Monday.

China’s export volume rose 5.2 percent year on year in the first three quarters to 12.48 trillion yuan (about 1.76 trillion US dollars), while import fell 0.1 percent to stand at 10.43 trillion yuan (about 1.47 trillion US dollars).

“China’s development of foreign trade has entered a new stage. Its foreign trade volume in 2018 reached 4.6 trillion US dollars, which accounted for 11.8 percent of global trade volume. With such a huge base, every percentage point China adds to its trade volume will bring impressive trade increment,” said Yan Min, director of the Forecast Department of the State Information Centre.

Behind the smooth foreign trade figures, China’s shifting engines of economic growth are well told, Yan said.

Export and import of products under the general trade category, which has a higher added-value than processing trade, surged 4.8 percent year-on-year to 13.64 trillion yuan, accounting for 59.5 percent of total foreign trade, 1.1 percentage points higher than 2018.

“The proportion of general trade has increased continually, signaling the improvement of the quality of our country’s foreign trade development.

Meanwhile, China is getting a good result from its economic transition,” said Yan.

China’s steady and positive growth momentum would lay a solid foundation for the development of foreign trade this year, experts said, despite the challenges such as the severe and complicated external environment, rising protectionism and unilateralism, and slowed global economic growth that will drag down multinational trade and investment.

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