China's foreign trade value at 3.7 trn yuan in November 2023

07 Dec '23

2 min read

Pic: Adobe Stock

Insights

China's foreign trade in November 2023 reached 3.7 trillion yuan ($519.84 billion), with a 1.2 per cent growth.
The country's exports and imports slightly increased, maintaining stability in year-to-date trade.
ASEAN remains China's top trade partner, while trade with the EU and the US declined, contrasting with growth in Belt and Road countries.

China’s foreign trade value reached approximately 3.7 trillion yuan ($519.84 billion) in November 2023, as per the latest figures from the General Administration of Customs. The country’s total imports and exports grew by 1.2 percent in November compared to the same month last year.

The exports saw a year-on-year increase of 1.7 percent, reaching 2.1 trillion yuan. Imports also showed a marginal rise of 0.6 percent from the previous year, totalling 1.6 trillion yuan.

Cumulatively, from January to November, China's foreign trade remained stable, equating to last year's figures at 37.96 trillion yuan.

In the first eleven months of the year, the Association of Southeast Asian Nations (ASEAN) maintained its position as China's largest trading partner. Trade with ASEAN countries marginally increased by 0.1 percent year-on-year, amounting to 5.8 trillion yuan and representing 15.3 percent of China's total trade, according to Chinese media reports.

However, trade relations with some of China's other significant partners showed a downturn. Trade with the European Union (EU) fell by 2.2 percent compared to the previous year. More notably, trade with the US saw a 6.9 percent decline during the same period.

In contrast, China's trade with countries participating in the Belt and Road Initiative experienced positive growth, increasing by 2.6 percent year-on-year.

Fibre2Fashion News Desk (DP)

More Textiles News - China...