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

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

Backed by effective control of the coronavirus outbreak and Beijing’s stimulus policies, China’s foreign trade grew 10.4 percent year on year in the first seven months of the year, one percentage point faster than in the first half of the year. Emphasizing flexibility as China’s giant export machine.

Trade data showed that China’s foreign trade weathered the impact of COVID-19 in the first half of the year, and the pent-up growth momentum would be released gradually throughout the year, said Bai Ming, deputy director of international market research. The 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), an increase of 10.4 percent year on year, data from the General Administration of Customs showed on Sunday, higher than the growth rate of 9.4. percent in the first half of the year.

Customs data showed that during the first seven months, the country’s exports grew 14.7 percent year on year to 13.37 trillion yuan, while imports increased 5.3 percent to 10.23 trillion yuan.

The 1 percent growth from the first six months of the year comes as China’s special relief measures for small and medium-sized businesses, including tax cuts, have achieved the expected effects, Bai said, adding that the yuan’s depreciation in the first half of this year has been achieved. The significant reduction in logistics costs has also created favorable conditions for export growth.

ASEAN remained China’s largest trading partner for 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 largest trading partners – ASEAN, the European Union and the United States – grew by 13.2 percent, 8.9 percent and 11.8 percent from last year, respectively. China’s trade with the Belt and Road economies jumped 19.8 percent year on year, while those with the 14 RCEP economies rose 7.5 percent from January to July.

The prospect of the United States eliminating some tariffs on Chinese exports and the profits the RCEP trade agreement brings will continue to add impetus to China’s foreign trade during the year, Pai said.

However, Pai said challenges such as the economic downturn in Europe and the United States as well as increased competition from Southeast Asian countries such as Vietnam could add some pressure to China’s foreign trade in the second half of the year.

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

Amid the ongoing 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 enhance its resilience, Xu Guoting, a spokesperson for the Ministry of Commerce, said recently at a regular session. Press Conference.

Officials will guide foreign trade companies to explore and expand the international market. She said China will continue to organize international exhibitions, such as the China International Import Expo and China Import and Export Fair, and encourage localities and industry associations to hold online exhibitions.

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