China’s goods trade volume up 16.6% in Jan-Sept

2017-10-13
Xinhua

BEIJING — China’s goods trade volume rose 16.6 percent to 20.29 trillion yuan ($3.08 trillion) in the first three quarters of this year, official data showed on Oct 13.

Exports increased 12.4 percent to 11.16 trillion yuan, while imports surged 22.3 percent to 9.13 trillion yuan, the General Administration of Customs (GAC) said.

Trade surplus shrank 17.7 percent to 2.03 trillion yuan in the same period.

“China’s imports and exports remained sound and steady and witnessed positive changes in the first three quarters,” GAC said in a statement.

Trade with traditional markets witnessed a full recovery, with exports to the European Union, the United States and Japan up by 16.4 percent, 18.7 percent and 14.9 percent, respectively.

Both the trade volume and the share of private enterprises increased, as their combined volume rose 17.8 percent and accounted for 38.5 percent of the total, larger than the share for the same period of last year.

In September, China’s foreign trade rose 13.6 percent to 2.46 trillion yuan, with exports up 9 percent and imports up 19.5 percent. Trade surplus shrank 28 percent to 193 billion yuan.

GAC spokesman Huang Songping said at a press conference that the trade volume will continue to grow in the final quarter, and may register double-digit growth in the full year.

He cited favorable factors for trade growth including mild recovery in the world economy, strong economic momentum inside China and good prospects for trade with other emerging markets.

In its latest World Economic Outlook released on Oct 10, the IMF raised its forecasts for world and China’s economic growth in 2017 and 2018.

The global economy will grow by 3.6 percent in 2017 and 3.7 percent in 2018, both 0.1 percentage point higher than its forecasts in July. China’s economy will grow 6.8 percent this year and 6.5 percent next year, also both 0.1 percentage point higher than its July forecasts.