Exports rose 6.1% YoY to 6.5 billion yuan during the first five months of 2019
According to the customs data shown in recent days, Chinese foreign trade has increased by 4.1% on an annual basis in the first five months of this year to 12.1 trillion yuan (about $ 1.76 trillion).
An authoritative source such as the General Administration of Customs (GAC) has confirmed that exports have increased by 6.1% on an annual basis to 6.5 billion yuan during this period, while imports have grown by 1.8% at 5.6 trillion yuan.
May trade rose 2.9% to amount to 2.59 trillion yuan. Exports grew by 7.7%, reaching 1.43 trillion yuan, while imports decreased by 2.5%, showed the GAC data. The trade surplus also grew by 45% to 893.36 billion yuan during the January-May period.
The European Union was China’s main trading partner in the period under review
The European Union was China’s main trading partner in the reporting period, with a bilateral trade volume up 11.7% from a year earlier to 1.9 trillion yuan, followed by ASEAN, up 9.4% to 1.63 trillion yuan and the United States, down 9.6% to 1.42 trillion yuan.
The business was also surprising with countries participating in the Belt and Road Initiative, which totaled 3.49 trillion yuan, up 9% year-on-year, 4.9 percentage points more than the general pace. The GAC also added that the amount represented 28.8% of China’s total trade volume, up 1.3 percentage points over the same period last year.
Private companies in the country reported faster trade growth in the first five months
Private companies in the country reported faster trade growth in the first five months, with trade volumes increasing 11.1% to 5.02 trillion yuan. The amount represented 41.4% of the total trading volume over the period, up 2.6 percentage points on an annual basis.
Exports of mechanical and electrical products, as well as labor-intensive products such as textiles and furniture, continued to grow over the period. Furthermore, imports of crude oil and natural gas increased, while those relating to soybeans decreased in the first five months of the year.