ACCOUNT PROFILE

China Jan-Sept foreign trade value up 22.7%

Posted on 15 October 2021

Over January-September, China's foreign trade value surged 22.7% on year to Yuan 28.33 trillion ($4.4 trillion), and both exports and imports values enjoyed similar growths, as the former gained 22.7% on year to Yuan 15.55 trillion, and the latter up 22.6% on year to Yuan 12.78 trillion, according to the release by the country's General Administration of Customs (GACC) on October 13.

 

The growths in the three elements were more pronounced in US dollar, with the total up 32.8% on year, exports up 33% and imports leapt 32.6% on year, while the total up 32.8% on year, according to the GACC data.

“Our foreign trade has been improving both in quality and quantity, though it is worth noting that the exterior environment will be more complicated and severe with the fluctuation in new virus cases, and uncertainties and instability will, thus, persist,” Li Kuiwen, GACC’s spokesperson shared at the press conference on Wednesday morning.

For September alone, China’s foreign trade value increased by 15.4% on year or up 3% on month to Yuan 3.53 trillion, among which exports accounted for Yuan 1.98 trillion, up 19.9% on year or 4.2% higher on month, and the balance, being imports, grew more slowly by 10.1% on year or 1.6% on month, according to the release.

Until the end of September, the ASEAN region remained China’s top trade partner with a value at Yuan 4.08 trillion, up 21.1% on year or accounting for about 14.4% of the total, the European Union safeguarded its second position with a value at Yuan 3.88 trillion, up 20.5% on year and accounting for 13.7% of the total, Li shared.

As for the “Belt and Road Initiative” countries, their trade value with China increased by 23.4% on year over January-September, he added.

Among the enterprises in China in foreign trade, privately-owned firms saw their total trade value jump by 28.5% on year to Yuan 13.65 trillion over January-September, or contributing to 48.2% of the country's total trade value. 

As for products, machinery, electrical and electronics products still dominated the exports market with the total value approximating Yuan 9.15 trillion in the first nine months, up 23% on year or accounting for 58.8% of the country’s total export value, the GACC data showed.

As for China’s imports of bulk commodities over January-September, many of their prices have been surging since the latter half of 2021 due to the recovery in global economy and demand in the context of loosening in monetary policy and economic stimulus efforts as well as speculative trading, Li pointed out.

Until September, China’s iron ore imports fell 3% on year to 842 million tonnes, partly as the unit price soared 67.5% on year to Yuan 1,160/t, according to the data. 

As for energy products imports, crude oil declined 6.8% on year to 387 million tonnes in contrast to the gain in unit price by 32.8% on year to Yuan 3,083/t, while natural gas grew 22.2% on year to 89.9 million tonnes with its unit price up the least by 5.1% on year to Yuan 2,492/t, all for January-September, according to the GACC data.

Source : Mysteel Global