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According to Customs statistics, China’s foreign trade volume in goods in the first three quarters of 2020 reached RMB23.12 trillion, up by 0.7% year on year (similarly hereinafter). Exports grew by 1.8% to RMB12.71 trillion and imports declined by 0.6% to RMB10.41 trillion. The details are as follows:
1. Foreign trade has been recovering quarter on quarter, now registering positive cumulative growth.
The growth of China’s imports and exports in the first and second quarter of 2020 was -6.5% and -0.2%, respectively.
2. Imports and exports in private sector increased, playing a more prominent role in stabilizing the foreign trade.
In the first three quarters of 2020, China’s private sector registered RMB10.66 trillion in imports and exports, an increase of 10.2%, accounting for 46.1% of the country’s total foreign trade volume, 4 percentage points higher year on year.
3. Foreign trade with major trading partners keeps growing, with ASEAN being China’s largest trading partner.
In the first three quarters of 2020, trade with ASEAN, the largest trading partner of China, registered RMB3.38 trillion, an increase of 7.7%, accounting for 14.6% of China’s total foreign trade volume. Trade with EU, US, Japan and Korea reached RMB3.23 trillion, RMB2.82 trillion, RMB1.61 trillion and RMB1.45 trillion, up by 2.9%, 2%, 1.4% and 1.1%, respectively. Trade with countries involved in the Belt and Road Initiative reached RMB6.75 trillion, an increase of 1.5%.
4. General trade volume increased, with trade structure being continuously optimized.
In the first three quarters of 2020, general trade increased by 2.1% to RMB13.92 trillion, accounting for 60.2% of China’s total foreign trade volume, 0.8 percentage points higher than the previous year.
5. Growth of exports of electro-mechanical products re-entered positive territory and exports of supplies to combat COVID-19 grew fast.
In the first three quarters of 2020, exports of electro-mechanical products increased by 3.2% to RMB7.46 trillion, 5.5 percentage points higher than that of the first half of the year, taking up 58.7% of the country’s total exports. Due to lifestyle changes caused by COVID-19, the exports of laptops and home appliances went up by 17.6% and 17.3%, respectively.
6. Imports of bulk commodities and key agricultural products increased.
In the first three quarters of 2020, China imported 868 million tons of iron ore, up by 10.8%; 416 million tons of crude oil, up by 12.7%; 239 million tons of coal, down by 4.4%; 73.731 million tons of natural gas, up by 3.7%.
