(ECNS) - The General Administration of Customs said a number of elements contributed to stable growth in foreign trade in the first three quarters of the year.
Li Kuiwen, director of the administration’s department of statistics, said growth in the domestic economy in the period led to an increase of imports such as crude oil, natural gas and consumer goods.
Besides, Chinese companies have diversified their export markets amid the country’s further opening up, according to Li.
Customs statistics show that China’s imports and exports with countries along the “Belt and Road” initiative, Africa and Latin America experienced faster growth at 3.3, 3.9 and 3.8 percentage points higher than average respectively. Trade with Russia, Egypt and Brazil increased by 19.4 percent, 22.9 percent and 16.4 percent respectively.
Li said trade growth was also an outcome of governmental measures such as reductions on import value-added taxes along with reduced tariffs on drugs, automobiles and auto parts, as well as consumer goods.
