China’s Foreign Trade rises 6.1% in H1. It has reached a new height in first half (H1) of this year, allowing more momentum for economic recovery.
According to the General Administration of Customs, the volume of goods traded increased 6.1% over the previous year to 21.17 trillion yuan (about US$2.97 trillion) in the January – June period. While imports increased by 5.2 percent, exports increased by 6.9 percent.
In comparison to the same period last year, imports and exports increased by 7.4 percent overall in the second quarter. This is significantly more than the increases of 1.7 percent in the fourth quarter of the previous year and 4.9 percent in the first quarter of this year.
The data was made public ahead of the 20th Communist Party of China Central Committee’s third plenary meeting, which is scheduled to take place in Beijing from July 15–18. The main topics the plenum will discuss are ways to further Chinese modernization as well as deepening reforms.
With bilateral trade value of 3.36 trillion yuan in the first half of the year—a 10.5 percent increase—and 15.9 percent of China’s overall foreign trade, ASEAN continued to be China’s top trading partner. Although the EU was the second-biggest trading partner, the value of bilateral trade fell by 0.7%. With 2.9 percent growth in bilateral trade year on year, the US emerged as the third-largest trading partner.
China’s overseas trade with Belt and Road Initiative partners reached 10.03 trillion yuan during the same time, an increase of 7.2 percent.
Almost sixty percent of the country’s exports, according to GAC, are composed of up of electromechanical goods. Additionally, integrated circuits, automatic data processing equipment, and vehicle exports are also continuously expanding.
As China’s Foreign Trade rises 6.1% in H1, the economy is projected to take an ascending trajectory.
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