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China's foreign trade volume rises 6.5% to 3t yuan

Updated: Aug 7, 2020 By Zhong Nan chinadaily.com.cn Print
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Ships get ready for their voyages in the foreign trade container terminal of Qingdao port in Shandong province. [Photo by Yu Fangping/For China Daily]

China's foreign trade volume surged 6.5 percent to 2.93 trillion yuan in July, an encouraging sign showing economic recovery in many parts of the world and the positive effect of the nation's trade policy measures introduced earlier this year.

China's exports grew by 10.4 percent year-on-year to 1.69 trillion yuan in July, while its imports rose to 1.24 trillion yuan, growing by 1.6 percent from same period a year earlier, the General Administration of Customs said.

The country's foreign trade reached 17.16 trillion yuan, down 1.7 percent year-on-year in the first seven months of 2020, narrowing by 1.5 percentage points compared with the decline in the first half, customs data showed.

China's foreign trade with the Association of Southeast Asian Nations, its largest trading partner, jumped 6.6 percent year-on-year to 2.51 trillion yuan during the seven-month period, while its trade volume with the European Union grew 0.1 percent on a yearly basis to 2.41 trillion yuan.

In the meantime, China's goods trade with the US declined by 3.3 percent on a yearly basis to 2.03 trillion yuan, with China's exports to the US falling 4.1 percent and imports dropping 0.3 percent amid the COVID-19 pandemic and other economic uncertainties.

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