Posted on 16 Jan 2023
China's foreign trade value climbed by 7.7% on year to hit a record high of Yuan 42.07 trillion ($6.3 trillion) in 2022, passing the Yuan 40 trillion mark for the first time, according to the latest data released by the country's General Administration of Customs (GACC) on Friday. The result showed that China has remained the world's largest country in trading goods for six consecutive years, GACC noted.
Within the total, exports value grew 10.5% on year to Yuan 23.97 trillion, and that of imports rose 4.3% on year to Yuan 18.1 trillion, the new GACC data showed.
Last year, the ASEAN region was still China's top trade partner with the trade value totaling Yuan 6.52 trillion, and the European Union the second largest at Yuan 5.65 trillion, or up 15% and 5.6% on year respectively. The U.S. ranked the third with the trade value growing by 3.7% on year to Yuan 5.05 trillion.
In parallel, China saw its foreign trade value with Belt and Road Initiative countries go up by 19.4% on year, accounting for 32.9% of the country's total foreign trade value, according to the GACC data.
In 2022, a total of 598,000 enterprises throughout the country involved in imports and exports, up 5.6% on year, among which some 510,000 privately-owned firms contributed Yuan 21.4 trillion or 50.9% to the country's total trade value.
As for products China exported last year, machinery, electrical and electronics products still dominated with a combined value of Yuan 20.66 trillion, up 2.5% on year and accounting for 49.1% of the total exports, the Customs data showed.
Source:Mysteel Global
