China's total imports and exports hit record high in the first ten months - Ping...

China's total imports and exports hit record high in the first ten months

China's total imports and exports hit record high in the first ten months

1 hours ago

China's total imports and exports were $4.89 trillion in the first ten months of 2021, up 31.9% year-on-year and topping the full-year record for 2019 before the outbreak, according to statistics released on Sunday by the General Administration of Customs (GAC).

Exports reached $2.7 trillion for the first 10 months, a year-on-year increase of 32.3%, while imports saw a significant 31.4% increase, reaching $2.19 trillion.

ASEAN remained China's most important trading partner, with a total of $703.34 billion, a 30% rise. Trade with the EU, China's second-largest trading partner, increased by 30% to $670.38 billion.

The growth in trade between China and the US was the greatest among the top three trading partners, climbing 33.4% year-on-year to $609.94 billion.

Citing experts, Global Times said the rise was mostly driven by China's growing imports of agricultural goods and bulk commodities amid China's implementation of the phase one trade agreement and the expansion of power supplies.

In October alone, the country's exports climbed by 27.1% year-on-year to $300.2 billion, beating market estimates of approximately 23%. It's a double-digit growth for the 13th month in a row.

Import growth rose to 20.6% year-on-year in October, falling short of experts' forecasts of approximately 26%.

According to experts, as coal supply concerns have eased, most power plants in the nation have boosted inventories, and the growth rate of imports and exports in November and December is projected to stay at a monthly growth rate of more than 20%.

SHARE