Beijing (TDI): China’s foreign trade has seen steady growth in the first seven months of this year, with total imports and exports reaching 25.7 trillion yuan (approximately $3.58 trillion), marking a 3.5% increase compared to the same period last year.
This growth rate reflects a 0.6 percentage point improvement over the first half of the year, according to figures released by the General Administration of Customs.
Exports during this period climbed to 15.31 trillion yuan, showing a 7.3% rise. In contrast, imports dipped by 1.6% to 10.39 trillion yuan, although the rate of decline has slowed by 1.1 percentage points compared to the first six months.
In terms of trading partners, the Association of Southeast Asian Nations (ASEAN) maintained its position as China’s largest partner, with bilateral trade totaling 4.29 trillion yuan, an increase of 9.4%. This accounted for 16.7% of China’s overall trade volume.
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The European Union followed as the second-largest trading partner, with trade reaching 3.35 trillion yuan, a year-on-year increase of 3.9%, comprising 13% of China’s total trade.
The United States came in third with trade volume at 2.42 trillion yuan, down 11.1%, representing 9.4% of the total.
Trade with Belt and Road Initiative (BRI) partner countries also grew. The combined trade volume with these countries reached 13.29 trillion yuan, up 5.5% compared to the same period last year.
A significant highlight of the report was the continued strength of exports in mechanical and electrical products, which now make up 60% of China’s total exports.
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Among these, items such as data processing equipment, integrated circuits, and automobiles posted notable growth, reflecting China’s ongoing push to develop advanced manufacturing capabilities.
Private businesses have played a key role in this trade growth. Their combined imports and exports reached 14.68 trillion yuan, up 7.4%, and accounted for 57.1% of the country’s total trade volume, an increase of 2.1 percentage points from the previous year.
Foreign-invested firms also posted growth, with trade reaching 7.46 trillion yuan, an increase of 2.6%, making up 29% of China’s total foreign trade.
Farkhund Yousafzai is an Associate Editor at The Diplomatic Insight.
