China’s foreign trade volume hits 23.6 trillion yuan ($3.49 trillion) in first 7 months of 2022, maintaining double-digit growth

China’s foreign trade volume reaches 23.6 trillion yuan ($3.49 trillion) in the first 7 months of 2022, maintaining double-digit growth.

Buoyed by effective control of a COVID-19 surge and Beijing’s stimulus policies, China’s foreign trade grew 10.4% year-on-year in the first seven months of the year, or 1 percentage point higher than the first half of the year, underscoring China’s resilience and giant export machine.

Trade data showed that China’s foreign trade overcame the impact of COVID-19 in the first half of the year, and the pent-up growth momentum will be gradually released throughout the year, Bai Ming said. , Deputy Director of International Market Research. Institute of the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Sunday.

In January and July, the country’s foreign trade volume reached 23.6 trillion yuan ($3.49 trillion), up 10.4 percent year on year, data from the General Administration of Customs showed on Sunday ( GAC), above the growth rate of 9.4. percent seen in the first half of the year.

In the first seven months, the country’s exports rose 14.7 percent year on year to 13.37 trillion yuan, while imports rose 5.3 percent to 10.23 trillion yuan, according to customs data. .

The 1% growth from the first six months of the year comes as China’s special relief measures for small and medium-sized enterprises, including tax cuts, produced the expected effects, said Mr. Bai, adding that the devaluation of the yuan in the first half of the year and a significant drop in logistics costs have also provided favorable conditions for export growth.

ASEAN remained China’s biggest trading partner in the first seven months, accounting for 15 percent of the country’s total foreign trade, according to the GAC.

China’s trade with its three main trading partners – ASEAN, the EU and the United States – increased by 13.2%, 8.9% and 11.8% respectively compared to a year ago. year. China’s trade with the Belt and Road economies jumped 19.8% year-on-year, while that with the 14 Regional Comprehensive Economic Partnership (RCEP) economies rose 7.5% year-on-year. January to July.

Bai said the possibility of the United States removing some tariffs on Chinese exports and the dividends brought by the RCEP trade deal will continue to boost China’s foreign trade throughout the year. year, Mr. Bai said.

However, challenges such as economic contraction in Europe and the United States as well as growing competition from Southeast Asian countries such as Vietnam may add some pressure on China’s foreign trade in the second half of the year, he said. said Mr. Bai.

A meeting of the Political Bureau of the Communist Party of China Central Committee held on July 28 called for efforts to actively promote imports and exports, while also emphasizing the introduction of foreign capital and technology.

Amid lingering uncertainty, the country will implement a series of measures to stabilize and improve the quality of foreign trade in the second half of the year to shore up its resilience, Commerce Ministry spokesperson Shu Jueting said recently at a meeting. of a regular meeting. press conference.

Officials will work to guide foreign trade enterprises in exploring and expanding the international market. China will continue to hold international exhibitions, such as China International Import Expo and China Import and Export Fair, and encourage localities and industry associations to hold online exhibitions, she declared.

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