China’s foreign trade levels have bounced back to health following the dire economic impacts of the COVID-19 pandemic at the onset of 2020.
Data released by the General Administration of Customs on 7 December indicates that China’s imports and exports for the period from January to November totalled 29.04 trillion yuan, for a YoY rise of 1.8%.
China’s foreign trade levels first shifted from negative into positive territory in September, with trade for the first nine months of 2020 posting a YoY rise of 0.7%. The figure for the period from January to October posted a YoY increase of 1.1%.
In the month of November China’s foreign trade totalled 3.09 trillion yuan, for a YoY rise of 7.8%.
Exports totalled 1.8 trillion yuan, for a YoY rise of 14.9%, and imports totalled 1.29 trillion yuan, for a YoY decline of 0.8%.
China’s exports for the period from January to November totalled 16.13 trillion yuan, for growth of 3.7%, while imports were 12.91 trillion yuan, for a decline of 0.5%. The trade surplus was 3.22 trillion yuan, for an increase of 24.6%.
ASEAN remains China’s largest trading partner, with 4.24 trillion yuan of trade during the period from January to November, for an increase of 6.7%, accounting for 14.6% of Chinese foreign trade.
During the period from January to November China’s trade with the EU totalled 4.05 trillion yuan, for YoY growth of 4.7%, while trade with the US was worth 3.65 trillion yuan, for growth of 6.9%, and trade with Japan was worth 2 trillion yuan, for an increase of 1.4%.
