China’s foreign trade in goods registered a total value of 28.33 trillion yuan ($4.4 trillion) during the first three quarters of 2021, up 22.7 percent year on year and a 23.4-percent increase compared with that during the same period of 2019, according to statistics from the General Administration of Customs of China (GAC).
The country’s goods exports and imports totaled 15.55 trillion yuan and 12.78 trillion yuan respectively in the first nine months of 2021, witnessing an increase of 24.5 percent and 22 percent respectively from the same period of 2019.
“China’s imports and exports grew at a reasonably fast pace during the first three quarters of 2021, showing strong resilience and steady improvement in quality,” said Li Kuiwen, GAC spokesperson and head of the Department of Statistics and Analysis of the GAC.
According to Li, The volume of China’s exports and imports grew with each quarter this year, with the figure hitting 8.51 trillion yuan, 9.59 trillion yuan, and 10.23 trillion yuan in the first, second, and third quarter respectively.
The country experienced relatively fast growth in major economic indicators, including the value-added of industrial companies with annual revenue of more than 20 million yuan, the total retail sales of consumer goods, and fixed-asset investment, during the first eight months of this year.
As the global economy and trade bounce back, China’s exports have benefited from the rising global market demand. The World Trade Organization (WTO) recently predicted that global merchandise trade volume would grow 10.8 percent in 2021.
From January to September, Chinese exports to the U.S., the European Union (EU), and Africa all expanded more than 20 percent, while the exports from China to Latin America increased by more than 40 percent.
These figures have proven that China’s policies on stabilizing foreign trade growth have continued to be beneficial. Since the beginning of this year, the country has introduced a series of policies and measures to maintain a steady foreign trade growth.
The country has bolstered enterprises’ confidence in the Chinese market by speeding up the development of new forms and models of foreign trade, further deepening reform to facilitate cross-border trade, optimizing business environment at ports, and advancing reform and innovation in trade and investment facilitation in free trade zones (FTZs).
China has contributed to the increase in global aggregate demand with a robust domestic market. During the first nine months of the year, China’s imports rose 22.6 percent year on year to hit a record high of 12.78 trillion yuan.
The total value of the country’s imported consumer goods increased by 14.7 percent to 1.29 trillion yuan during the period, accounting for 10.1 percent of the total value of the country’s imports.
The country imported 265.04 billion yuan worth of passenger vehicles during the first three quarters of this year, up 31.5 percent from a year earlier.
Quarterly growth in the country’s imports and exports has slowed, with the growth rate of foreign trade in September being 3.5 percentage points lower than that in August.