Chinese Foreign Trade up 16.6% YoY in July

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China saw foreign trade levels leap in July, despite its renewed round of Covid-Related lockdowns and heightened geopolitical tensions.

Chinese imports and exports totalled 3.81 trillion yuan in July, for a rise of 16.6% compared to the same period last year, according to figures released by the General Administration of Customs on 7 August. The year-on-year (YoY) growth rate for July also marked an acceleration of 2.3 percentage points compared to June.

Chinese exports in July totalled 2.25 trillion yuan, for YoY growth of 23.9%, while imports were 1.56 trillion yuan, for YoY growth of 7.4%. The trade surplus was 682.69 billion yuan, for an expansion of 90.9%.

For the first seven month of 2022 CHina’s imports and exports of goods totalled 23.6 trillion yuan, for YoY growth of 10.4%.

Chinese customs officials said that double-digit growth in Chinese trade would help to support the economy amidst the short-term negative impacts of the Covid pandemic.

“Year-on-year growth in imports and exports of 16.6% for the month of July extends the ongoing trend of recovery for foreign trade that has continued for five months,” said Li Kuiwen (李魁文), statistical analyst with the General Administration of Customs.

“This will make a positive contribution to stabilising the overall macro-economic outlook.”

Li highlighted the role played by the Regional Comprehensive Economic Partnership (RCEP) in boosting China’s foreign trade levels. In July trade with RCEP nations totalled 1.17 trillion yuan, for YoY growth of 18.8%, helping to drive overall growth in imports and exports of 5.6 percentage points.