Beijing, 7 November 2023(TDI): Official data released by the General Administration of Customs on Tuesday reveals that China’s import and export of goods in the first ten months of 2023 remained steady. It demonstrated resilience amidst global challenges.
The country’s foreign trade totaled 34.32 trillion yuan (approximately 4.78 trillion U.S. dollars), marking a modest year-on-year growth of 0.03 percent.
China’s exports during the January-October period grew by 0.4 percent, amounting to 19.55 trillion yuan, while imports decreased by 0.5 percent to 14.77 trillion yuan.
Furthermore, in October alone, foreign trade experienced a 0.9 percent year-on-year increase, reaching 3.54 trillion yuan.
Regional Trade Dynamics
The Association of Southeast Asian Nations (ASEAN) continued to be China’s largest trade partner during the first ten months of 2023.
Trade with ASEAN countries expanded by 0.9 percent year-on-year to 5.23 trillion yuan, constituting 15.2 percent of China’s total trade value.
Meanwhile, trade with the European Union experienced a slight decline of 1.6 percent from the previous year, and trade with the United States decreased by 7.6 percent.
China’s trade with countries along the Belt and Road Initiative saw a noteworthy increase of 3.2 percent year-on-year.
Key Export Sectors
Machinery and electronic products took center stage in China’s export market, constituting 58.5 percent of total exports and growing by 2.8 percent during the ten months.
The export value of automobiles experienced a remarkable surge of 88.5 percent compared to the previous year.
Despite global economic uncertainties, China’s ability to navigate challenges and maintain a stable trade environment demonstrates its commitment to fostering economic resilience and continued international cooperation.
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China’s robust trade performance and its adaptability in the ever-changing global landscape underscore its significant role in shaping the world economy.
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