China's foreign trade posts resilience despite challenging external environment

BEIJING -- China's foreign trade has continued to demonstrate strong resilience during the first eight months of the year, despite the complex and challenging external environment, official data showed on Tuesday.

The goods trade volume expanded 6 percent year on year in yuan terms in the first eight months of this year, according to the General Administration of Customs (GAC).

Exports rose 6.9 percent year on year in the January-August period, while imports climbed 4.7 percent, according to the General Administration of Customs.

In U.S. dollar terms, the country's foreign trade in goods stood at 4.02 trillion dollars from January to August, up 3.7 percent year on year. Exports rose 4.6 percent from a year ago, while imports increased 2.5 percent year on year.

Trade surplus expanded by 11.2 percent year on year to 608.49 billion dollars during the eight-month period.

Lyu Daliang, director of the GAC's Department of Statistics and Analysis, attributed the increase in foreign trade to thriving demand both at home and abroad.

"China's economy has seen a continuous recovery since the beginning of this year. In the first half of the year, China's shares of global exports and imports have both posted a stable increase," Lyu said.

ASEAN remained China's largest trading partner, with bilateral trade volume reaching 4.5 trillion yuan in the first eight months, up 10 percent from a year ago, accounting for 15.7 percent of the country's total foreign trade. It was followed by the European Union with trade volume standing at 3.72 trillion yuan, the United States at 3.15 trillion yuan, and the Republic of Korea at 1.51 trillion yuan.

China's goods trade with countries participating in the Belt and Road Initiative surged by 7 percent to 13.48 trillion yuan in the first eight months.

Mechanical and electrical products continued to dominate China's exports during the period, accounting for nearly 60 percent of the total.

Specifically, exports of automatic data processing equipment and components rose 11.6 percent year on year in the first eight months, integrated circuits increased by 24.8 percent and automobiles by 22.2 percent.

China's western region has taken the lead in terms of foreign trade growth rate nationwide. In the first eight months, driven by the export of high-tech products, the import and export volume in the western region increased by 10.1 percent year on year, surpassing growth rates of 6.7 percent and 2.2 percent in the eastern and northeastern regions, respectively.

In the first eight months, foreign trade volume of private enterprises rose 10.5 percent year on year, accounting for 55.1 percent of the country's total.

China aims to raise the volume and quality of foreign trade, boost imports of high-quality goods, and help foreign trade enterprises lower costs and boost efficiency, according to this year's government work report.