Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Economy

China's foreign trade sustains resilience, upward momentum

December 08, 2021


Abstract : China's foreign trade maintained growth momentum in the first 11 months of the year amid signs of global economic recovery and resilient demand.

Aerial photo taken on Dec. 5, 2021 shows the sunrise scenery of the Yangpu international container port at Yangpu economic development zone in south China's Hainan Province. (Xinhua/Pu Xiaoxu)

BEIJING, Dec. 7 (Xinhua) -- China's foreign trade maintained growth momentum in the first 11 months of the year amid signs of global economic recovery and resilient demand.

During the Jan.-Nov. period, total imports and exports of the country expanded 22 percent year on year to 35.39 trillion yuan (5.55 trillion U.S. dollars), official data showed Tuesday.

The figure, already surpassing the 32.16-trillion-yuan total for all of 2020, marked a 24-percent increase from the pre-epidemic level in 2019, according to the General Administration of Customs.

Both exports and imports continued double-digit growth in the first 11 months of the year, surging 21.8 percent and 22.2 percent from a year earlier, respectively.

In November alone, the country's imports and exports rose 20.5 percent year on year to 3.72 trillion yuan, up 11.4 percent from that in October, the data showed.

The continuing global recovery is supporting China's exports in terms of demand, said Zheng Houcheng, director of Yingda Securities Research Institute, adding that he expects overseas demand to remain resilient in the coming month.

Sun Binbin, chief fixed-income analyst at Tianfeng Securities, attributed the surge in imports last month to the increase in purchasing managers' indices and the easing of production capacity constraints.

Tuesday's data also showed month-on-month pick-ups in both imports and exports in November, which reflected export production's strong demand for raw material imports as well as domestic year-end consumer demand at the same time, Sun noted.

In the Jan.-Nov. period, China's trade with its top three trading partners -- the Association of Southeast Asian Nations, the European Union and the United States -- maintained sound growth.

During the period, the growth rates of China's trade value with the three trading partners stood at 20.6 percent, 20 percent and 21.1 percent, respectively, customs data showed.

Private enterprises saw the fastest growth rate in imports and exports by increasing 27.8 percent to 17.15 trillion yuan in the first 11 months, accounting for 48.5 percent of the country's total.

The imports and exports of foreign-invested firms and that of state-owned enterprises rose 13.1 percent and 27.3 percent, respectively, in the period.

China rolled out a slew of measures in 2021 to ramp up foreign trade growth, including accelerating the development of new business forms and modes, further deepening reform to facilitate cross-border trade, optimizing its business environment at ports, and promoting reform and innovation to facilitate trade and investment in pilot free trade zones.

Scan the QR code and push it to your mobile phone

Keyword: China's foreign trade

Reading:

China Focus: Xinhua releases report on China's approach to democracy, freedom and human rights

Opportunities in China haven't disappeared for Australian businesses, says report

China's foreign trade up 22 pct in first 11 months

China establishes new state-owned logistics group

Trade facilitation measures boost foreign trade growth in China's Hohhot Customs District

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial