According to data from the General Customs Administration, exports and imports rose slightly in the first seven months of the year, with a notable drop in July.

However, this trend did not stop China from reporting a 0.4-percent year-on-year increase in foreign trade, equivalent to 23.55 trillion yuan (about 3.29 trillion US dollars) between January and July.

During the said period, the Association of Southeast Asian Nations (ASEAN) established itself as China’s largest trading partner. Beijing’s exchange of goods and services with these countries increased 2.8 percent on-year and accounted for 15.3 percent of the country’s total trade value, while trade with nations along the Belt and Road Initiative amounted to 8.06 trillion yuan (1.12 trillion US dollars), a 7.4-percent rise year-on-year.

China’s trade with the United States fell 9.6 percent on-year in the first seven months and fell 0.1 percent with the European Union compared to last year.

On the other hand, private imports and exports grew 6.7 percent year-on-year in the January-July period, and their commercial value represented 52.9 percent of the total. The figures for foreign-funded enterprises and state-owned enterprises accounted for 30.6 percent and 16.2 percent of the total value, respectively.

According to the Customs report, the exports that grew the most were linked to mechanical and electrical products, such as data processing devices, cell phones and automobiles.

China’s economy grew 5.5 percent on-year in the first half on the back of increasingly strong domestic consumption following Covid-19, the National Bureau of Statistics revealed recently, ranking China among the fastest-growing economies of the world.

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