Chinese Imports and Exports Hit Record High for Jan-Oct Period

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Official data indicates that China’s foreign trade volume hit a record high during the first ten months of 2020 despite the ongoing economic impacts of the COVID-19 pandemic.

China’s total import and export volume for the period from January to October was 25.95 trillion yuan (approx. USD$3.93 trillion), for a YoY rise of 1.1%.

Ren Hongbin (任鸿斌), deputy-minister of the Ministry of Commerce (MOFCOM), said that this volume marks a record high for the period, as well as drove an increase in China’s share of the international market.

China recently released the “Implementation Opinions Concerning Driving the Innovative Development of Foreign Trade” (关于推进对外贸易创新发展的实施意见), which proposes the “Three Constructions” (三项建设) of a “foreign trade transition and upgrade base, a trade expediting platform and an international sales system.”

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