China's general trade deficit has expanded by 66.5 percent to US$ 53.46 billion during the first seven months of the current year, according to the customs statistics.
During the January-July period, China imported goods worth US$ 559.41 billion, showing an increase of 32.5 percent year-on-year, while it exports totaled US$ 505.95 billion, a year-on-year rise of 29.7 percent. Thus, the combined import and export trade of China amounted to US$ 1.06 trillion during the period, registering a year-on-year increase of 31.2 percent.
The import and export of processing trade contributed US$ 730.83 billion to China's total trade during the period, increasing by 16.1 percent year-on-year. While processing trade exports accounted for US$ 464.97 billion, a rise of 16.7 percent compared to the same period last year, imports fetched US$ 265.86 billion, up 15 percent year-on-year.
In China, processing trade refers to the business activity of importing all or part of the raw and auxiliary materials, parts and components, accessories, and packaging materials from abroad in bond, and re-exporting the finished products after processing or assembly by enterprises within the mainland.
Fibre2fashion News Desk - China
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