China's foreign trade grows by 0.4% YoY to $3.29 trn in Jan-Jul 2023

14 Aug '23

2 min read

Pic: Adobe Stock

Insights

China's foreign trade expanded by 0.4 per cent year on year (YoY) to 23.55 trillion yuan in the first seven months this year. It totaled 3.46 trillion yuan in July, and domestic experts feel it is expected to maintain steady growth despite a challenging external environment.
The country's general trade rose by 2.1 per cent to 15.41 trillion yuan during the period.

China's foreign trade expanded by 0.4 per cent year on year (YoY) to 23.55 trillion yuan ($3.29 trillion) in the first seven months this year, according to the General Administration of Customs (GAC). It is expected to maintain steady growth despite a challenging external environment, domestic experts feel.

In July, the country’s foreign trade totaled 3.46 trillion yuan—up by 25.7 per cent from July 2019 and 4.5 per cent above the 2020-2022 July average.

Since the second quarter (Q2) this year, the country's monthly trade scale has remained above 3.4 trillion yuan.

The latest data was in line with expectations, and China's foreign trade maintained stable operations, GAC spokesperson Lyu Daliang was quoted as saying by state-controlled media outlets.

China's general trade rose by 2.1 per cent to 15.41 trillion yuan between January and July this year. It accounted for 65.4 per cent of the country's total foreign trade value—up by 1.1 percentage points from a year earlier.

ASEAN remained China's largest trading partner during that seven-month period. China's trade with ASEAN members rose by 2.8 per cent YoY.

The country’s trade with countries along the ‘Belt and Road’ amounted to 8.06 trillion yuan, jumping by 7.4 per cent YoY and accounting for 34.2 per cent of its total trade value.

Ministry of commerce official Li Xingqian said the situation is extremely grim in the second half this year due to weak global demand for production, consumption and investment, and ‘decoupling’ or ‘de-risking’ moves from some countries.

Fibre2Fashion News Desk (DS)

More Textiles News - China...