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China's Foreign Trade Achieved Rapid Growth In The First Three Quarters

- Oct 19, 2018 -

According to the website of the Ministry of Commerce, on October 17, the person in charge of the Foreign Trade Department of the Ministry of Commerce introduced the operation of China's foreign trade in the first three quarters of 2018.

According to customs statistics, the total import and export value of China in the first three quarters was 22.28 trillion yuan, up 9.9% compared with the same period last year; of which, the export value was 11.86 trillion yuan, up 6.5%; the import value was 10.42 trillion yuan, up 14.1%; and the surplus was 1.44 trillion yuan, down 28.3%. In the first three quarters, foreign trade grew rapidly, the structure was optimized continuously, the power transformation was accelerated, the quality and efficiency were further improved, and the steady and good situation was further consolidated, laying a foundation for the high-quality development of foreign trade.

From the perspective of international market layout, while consolidating the traditional market, exports to emerging markets have maintained rapid growth, and the international market has been further optimized. Among them, exports of BRICs and the "one belt along the way" grew by 9.7% and 7.7% respectively, 3.2 percentage points higher than the average export growth rate and 1.2 percentage points respectively.

From the point of view of import, driven by such favorable factors as insisting on opening wider to the outside world, promulgating policies and measures to promote import expansion and reducing import tariffs, China's imports grew by 14.1% in the first three quarters and contributed 64.2% to the growth of imports and exports, which became the main driving force for the growth of foreign trade this year. The import of mechanical and electrical products increased by 4 trillion and 720 billion yuan, an increase of 13%, and the total import volume of the country increased by 6 percentage points. Imports of cosmetics, fruits and dried fruits closely related to people's lives increased by 75.1% and 30.2% respectively. Crude oil, natural gas, coal and other 10 major commodities combined to stimulate imports increased by 4.1 percentage points.