Chinese Imports Expected to Hit Record High of over $2 Trillion in 2018

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Official forecasts see China’s import volume hitting an unprecedented high in 2018.

The National Commerce Work Meeting (全国商务工作会议) expects China’s import volume for 2018 to breach USD$2 trillion, for a record high level.

Song Xianrong (宋先茂), head of the foreign trade department of the Ministry of Commerce, said that China has reduced import tariffs on products including pharmaceutical, vehicles and daily goods since the start of 2018, with the overall tariff level falling to 7.5% from 9.8%.

Data from China’s General Administration of Customs indicates that Chinese imports posted a 14.6% rise for the first eleven months of 2018 to exceed the full year figure for 2017, and make a 60.8% contribution to trade growth.

 

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