NEWS

Foreign Trade Growth for China

Tuesday, October 29, 2019

The General Customs Administration of China reported that foreign trade in their country had an interannual increase of 2.8% during the first months of the current year registering 22.91 trillion yuan (about 3.2 trillion dollars).

According to this report, Chinese imports increased 5.2% during the same time period, while imports registered a decrease of 0.1%. The commercial surplus generated 2.05 trillion yuan (290.113 billion dollars) representing an increase of 44.2% compared to the figure from 2018 during the same term. Imports reached an amount of 10.43 trillion yuan (1.4 trillion dollars), while exports increased by 12.48 trillion yuan (1.76 trillion dollars).

However, by analyzing the data a 6.2% interannual downturn can be seen right after a decrease of 6.2% on August. On the other hand, exports registered a fall of 0.7% on September after a 2.6% rise on the previous month. Because of this, the volume of foreign trade in China indicates a year-to-year decline of 3.3% on the ninth month.

As for China’s trade with the United States, sales to that country fell by 6%, while US products fell by 22.5%.

The United States decided to cancel the 25% to 30% increase in tariffs on Chinese imports worth 250 billion, while China committed to increase purchases of U.S. agricultural products up to a value of 40 billion and 50 billion dollars.

In this regard, the Asian country agrees with these advances, waiting to finally reach an agreement jointly.


Source:

General Customs Administration of China