Vol­ume of China’s trade stays sta­ble

In­crease seen in first three quar­ters de­spite on­go­ing dis­putes with US

China Daily (Hong Kong) - - FRONT PAGE - By ZHONG NAN zhong­nan@chi­nadaily.com.cn

China’s for­eign trade vol­ume re­mained sta­ble in the first three quar­ters de­spite on­go­ing trade dis­putes with the United States, cus­toms data showed on Fri­day.

Trade vol­ume jumped by 9.9 per­cent year-on-year to 22.28 tril­lion yuan ($3.22 tril­lion) in the first three quar­ters, thanks to the coun­try’s di­ver­si­fied trade ac­tiv­i­ties with emerg­ing economies and the fast growth of trade by pri­vate com­pa­nies, the data showed.

Ex­ports jumped by 6.5 per­cent year-on-year dur­ing the same pe­riod to 11.86 tril­lion yuan, while im­ports grew by 14.1 per­cent to 10.42 tril­lion yuan, re­sult­ing in a trade sur­plus of 1.44 tril­lion yuan — nar­rower by 28.3 per­cent year-on-year, the Gen­eral Ad­min­is­tra­tion of Cus­toms an­nounced.

Li Kui­wen, spokesman for the GAC, said the fast trade growth in the first nine months has laid a solid foun­da­tion for the whole year’s per­for­mance, and the coun­try has tapped trade op­por­tu­ni­ties with more coun­tries and re­gions, es­pe­cially those re­lated to the Belt and Road Ini­tia­tive, such as Rus­sia and Poland.

China has also taken mea­sures to im­prove its ex­port struc­ture, with ex­ports of au­to­mo­biles ex­pand­ing by 16.3 per­cent and ma­chine tools by 18.7 per­cent, com­pared with the same pe­riod last year, ac­cord­ing to the GAC. Ex­ports of elec­tri­cal-me­chan­i­cal prod­ucts rose by 7.8 per­cent to 6.91 tril­lion yuan, ac­count­ing for 58.3 per­cent of China’s to­tal ex­port value.

Li said the im­pact of China’s trade fric­tion with the US on its over­all trade sit­u­a­tion is con­trol­lable.

How­ever, he warned that global trade growth will con­tinue to face chal­lenges, given es­ca­lat­ing Sino-US trade fric­tion and other fac­tors caused by a num­ber of eco­nomic un­cer­tain­ties world­wide.

Of­fi­cial data showed that China’s im­ports of ma­jor com­modi­ties in­creased both in vol­ume and price in the first three quar­ters.

For­eign ship­ments of crude oil to China in­creased by 5.9 per­cent, nat­u­ral gas by 34 per­cent, re­fined oil by 9.8 per­cent and cop­per by 16.1 per­cent be­tween Jan­uary and Septem­ber.

The in­crease in com­mod­ity im­ports in­di­cates that the coun­try’s de­mand for man­u­fac­tur­ing and en­ergy raw ma­te­ri­als re­mains large, said Li Guanghui, vice-pres­i­dent of the Chi­nese Academy of In­ter­na­tional Trade and Eco­nomic Co­op­er­a­tion.

“The com­bi­na­tion of China’s com­pet­i­tive la­bor costs and in­ter­na­tional cap­i­tal and tech­nol­ogy since the coun­try’s re­form and open­ing-up drive has helped fa­cil­i­tate the coun­try’s trade growth and strengthen its pric­ing ad­van­tage,” he added. “It has also gen­er­ated hand­some re­turns for for­eign com­pa­nies through their ex­port­ing from China.”

Xin Guobin, vice-min­is­ter of in­dus­try and in­for­ma­tion tech­nol­ogy, said China will ac­cel­er­ate the pace of de­vel­op­ing high-end man­u­fac­tur­ing and dig­i­tal tech­nolo­gies to fur­ther en­hance the coun­try’s ex­port­ing ca­pa­bil­i­ties.

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