China's foreign trade up 1.2% in Nov

2023-12-07 13:18:23Global Times Editor : Li Yan ECNS App Download

China's imports and exports expanded by 1.2 percent year-on-year in November, with exports recording first expansion in seven months, as more positive factors emerge for the country's foreign trade recovery, China's General Administration of Customs (GAC) said on Thursday.

In November, total imports and exports reached 3.7 trillion yuan ($516.68 billion), increasing 1.2 percent, with exports rising 1.7 percent and imports up 0.6 percent, according to the GAC. In US dollar terms, total imports and exports were flat from last year, but exports expanded by 0.5 percent, the first expansion since April, data showed.

"Entering the fourth quarter, China's foreign trade is seeing increasing positive factors, with imports and exports growing on annualized basis for two consecutive months and the stable and positive development trend continuing to consolidate," Lü Daliang, spokesperson from the General Administration of Customs said on Thursday.

The growth for two straight months reflected the positive trend of the domestic economic recovery and a market demand rebound, according to Lü.

However, in the first 11 months of 2023, total imports and exports remained flat from last year, with exports up 0.3 percent and imports falling 0.5 percent. And, In US dollar terms, total imports and exports fell by 5.6 percent, according to the GAC.

Among the main trading partners, ASEAN remained China's largest trading partner, with total imports and exports up 0.1 percent in the first 11 months. Imports from the EU, China's second-largest trading partner, grew 5 percent, while exports to the bloc dropped 5.8 percent. Exports to the US, the third-largest trading partner, fell 8.5 percent, while imports from the US went up by 1.6 percent.

Notably, China's imports and exports with countries participating in the joint construction of the Belt and Road Initiative expanded by 2.6 percent in January-November, with exports to those countries jumping 6.9 percent. Also significantly, imports and exports of private enterprises increased by 6.1 percent, accounting for 53.3 percent of China's total imports and exports.

Exports of mechanical and electronic products, which grew 2.8 percent in the first 11 months, led the way, accounting for nearly 60 percent of China's total exports. Exports of smartphones grew 3.3 percent, while auto exports jumped 79.6 percent.

In the first 11 months of the year, imports were led by the purchase of crude oil, which grew 12.1 percent. Soybean imports also expanded by 13.3 percent, while iron ore imports up 2.3 percent, according to the GAC.


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