Chinese Foreign Trade Hits Record Highs in June

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Chinese foreign trade levels have tapped record highs in the first half of 2022, despite the brakes placed on the economy by a renewed round of Covid restrictions as well as heightened geopolitical uncertainties.

In the month of June Chinese imports and exports of goods stood at over 3.7 trillion yuan, with total exports exceeding 2.2 trillion yuan, according to figures from the General Administration of Customs (GAC).

Liang Ming (梁明), foreign trade researcher from the Ministry of Commerce, said that the prints mark record highs for the month of June.

In the first half of 2022 China’s total imports and exports of goods totalled 19.8022 trillion yuan, which also marked a record high for the period.

“These results are extremely striking, and fully embody the competitiveness and resilience of Chinese foreign trade,” Liang said.

China saw growth in trade with all its major trading partners in the first half of 2022. Trade with ASEAN totalled 2.95 trillion yuan, for year-on-year (YoY) growth of 10.6%; trade with the EU was 2.71 trillion yuan, for a YoY rise of 7.5%, while trade with the United States was 2.47 trillion yuan, for YoY growth of 11.7%.

Trade with Belt and Road nations grew 17.8%, while trade with RCEP members rose 5.6%.