China's 2022 goods trade worth 42.07 trn yuan, up by 7.7% YoY

15 Jan '23

1 min read

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China's annual foreign trade value topped 40 trillion yuan ($5.94 trillion) for the first time last year. Total goods trade in 2022 hit a record 42.07 trillion yuan, up by 7.7 per cent year on year, topping the world for six consecutive years, according to the general administration of customs (GAC). Exports rose by 10.5 per cent to 23.97 trillion yuan, and imports went up by 4.3 per cent to 18.1 trillion yuan.

China's imports and exports with the Association of Southeast Asian Nations (ASEAN), the European Union and the United States gained 15 per cent, 5.6 per cent and 3.7 per cent respectively.

China's trade with Belt and Road countries climbed 19.4 per cent to account for 32.9 per cent of its total foreign trade, while trade with other members of the Regional Comprehensive Economic Partnership rose 7.5 per cent, an official media outlet said.

Exports contracted by 9.9 per cent year on year in December last year following a 8.7 per cent drop in November. The drop was the worst since February 2020.

GAC spokesperson Lyu Daliang said China's foreign trade delivered breakthroughs in scale, quality and efficiency last year, a hard-won feat considering headwinds in demand, supply and expectations.

Fibre2Fashion News Desk (DS)

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