Posted on 08 Nov 2022
China's foreign trade value rose by 9.5% on-year over January-October to total Yuan 34.62 trillion ($5.26 trillion), the latest numbers from the country's General Administration of Customs (GACC) showed on Monday. Within the total, the value of the country's exports climbed by 13% on year to Yuan 19.71 trillion, and that of imports rose 5.2% to Yuan 14.91 trillion over the same period.
For October alone, although the country's trade value increased by 6.9% on year to Yuan 3.55 trillion, it was 6.8% lower on month, the GACC data showed. In the totals, the value of total exports gained 7% on year to Yuan 2.07 trillion last month, and imports moved up 6.8% on year to Yuan 1.48 trillion.
In the first ten months of this year, the countries of the ASEAN region remained China's top trading partner, with the value adding up to Yuan 5.26 trillion, up 15.8% on year and accounting for 15.2% of the total. The European Union ranked second with the trade value with China reaching Yuan 4.68 trillion, up 8.1% on year or accounting for 13.5% of the total.
As for the "Belt and Road Initiative" countries, their trade value with China witnessed an on-year rise of 20.9% to Yuan 11.23 trillion, or contributing to 32.4% of the total, Mysteel Global noted.
Over the January-October period, China's privately-owned enterprises contributed Yuan 17.44 trillion in foreign trade value, up 14.4% on year, and their proportion in the total saw an uptick of 2.2 percentage points from that in 2021 to reach 50.4%.
As for the products that China exported during the past ten months, those of machinery, electrical goods and electronics secured the top position with the value totalling Yuan 11.25 trillion, up 9.6% on year and accounting for 57.1% of the total export value.
Among China's bulk commodity imports over January-October, those of iron ore dipped 1.7% on year to 917 million tonnes, with the average unit price falling 29.1% on year to Yuan 796.1/t, the Customs data showed.
In contrast, crude oil imports declined 2.7% on year to 414 million tonnes, according to GACC, while the average unit price jumped 53.1% on year to Yuan 4,812.7/t. Coal imports shrank 10.5% on year to 230 million tonnes, with the unit price surging 56.3% on year to Yuan 976.7/t. Imports of natural gas slid 10.4% on year to 88.7 million tonnes, though the unit price soared 58.5% on year to Yuan 4,095.3/t.
Source:Mysteel Global
