China\u2019s foreign trade in goods hit a record of $6.05 trillion the last year, crossing the $5 trillion and $6 trillion marks in the same year after the country reported total imports and exports of over $4 trillion for the first time eight years ago.<\/p>\n
Total goods trade went up by $1.4 trillion from a year ago. In yuan terms, the country\u2019s total trade in goods reached 39.1 trillion yuan, expanding 21.4 percent year on year.<\/p>\n
\u201cWe exported more than 30,000 vehicles the last year, 92 percent more than those in the previous year and hitting a new historical high,\u201d said an executive from Chinese carmaker Jiangling Motors Company based in Nanchang, east China\u2019s Jiangxi province.
\nAccording to the executive, Belt and Road countries have grown into an important market for the group. In Chile, the group witnessed a 69-percent year-on-year rise in its market share and a tripling sales volume, the executive said.
\nChina posted steady trade growth with all its major trading partners over the last year, especially Belt and Road countries.
\nIn 2021, the country’s imports and exports with its top five trading partners \u2013 ASEAN, the European Union (EU), the U.S., Japan and South Korea stood at 5.67 trillion yuan, 5.35 trillion yuan, 4.88 trillion yuan, 2.4 trillion yuan and 2.34 trillion yuan, respectively, growing 19.7 percent, 19.1 percent, 20.2 percent, 9.4 percent and 18.4 percent year on year.
\nThe trade volume with economies involved in the Belt and Road Initiative reported an increase of 23.6 percent, 2.2 percentage points higher than average trade growth.
\nThe year 2021 marked the 20th anniversary of China\u2019s accession to the WTO. Over the past two decades, China\u2019s trade in goods experienced exponential development. The country\u2019s total foreign trade surged to 39.1 trillion yuan the last year from 4.22 trillion yuan in 2001, with an average annual growth of 12.2 percent.
\nThe quality of China\u2019s foreign trade is also improving steadily, apart from its growing size.
\nThe country further optimized the forms of trade, with general imports and exports accounting for over 60 percent of its total trade volume. Last year, China\u2019s general trade grew 24.7 percent to 24.08 trillion yuan, and the country\u2019s processing trade reached 8.5 trillion yuan, up 11.1 percent.
\nBoth exports and imports of machinery and electronic products maintained sound momentum for growth. Last year, China\u2019s exports of this type of products expanded 20.4 percent to 12.83 trillion yuan, accounting for 59 percent of the country\u2019s total exports. Meanwhile, it imported 7.37 trillion yuan of these products during the same period, up 12.2 percent, which made up 42.4 percent of China\u2019s total imports. The imports of integrated circuits went up by 15.4 percent.
\nLi Kuiwen, spokesperson of the General Administration of Customs (GAC), attributed the growth of China\u2019s foreign trade in the last year to the country\u2019s leading position in economic development and pandemic response in the global sphere.
\nHe said the Chinese economy maintained a sound momentum of recovery, with a rapid rise in major economic indicators.
\nThe Chinese economy has a strong resilience, and its fundamentals for long-term growth will never change, he noted, adding that domestic production and consumption offered strong support for the stable growth of foreign trade. Last year, the imports and exports of Chinese intermediate products grew 24.9 percent and 28.6 percent, respectively. There was also a 9.9-percent growth in the imports of consumer goods.
\nGlobal recovery was another reason for China\u2019s foreign trade growth, the spokesperson said. Both the World Bank and International Monetary Fund set 2021 global growth forecast at over five percent, and the WTO also revised up its forecast for global goods trade growth in 2021 to 10.8 percent.
\nFor this reason, China reported growth rates of over 20 percent in its exports to the EU and Africa the last year, and also witnessed an over-forty-percent surge in its exports to Latin America.
\nBesides, China\u2019s foreign trade growth also came from the sustained results of China\u2019s policies to stabilize economic growth, Lu said.
\n\u201cThe exports of our nameko products jumped over 50 percent from a year ago and received high reputation in overseas markets thanks to the facilitation measures adopted for the custom clearance of featured agricultural products,\u201d said Cui Guomin, general manager of a food company in northeast China\u2019s Liaoning province.
\nSince the outbreak of COVID-19, Chinese players in the cross-border e-commerce sector, taking advantage of online marketing, online transaction and contactless delivery, have proactively nurtured their new competitiveness in international cooperation and competition, and expanded the size of their imports and exports, Li said.
\nLast year, imports and exports in China\u2019s cross-border e-commerce sector reached 1.98 trillion yuan, up 15 percent, and exports through market procurement trade surged 32.1 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"
China\u2019s foreign trade in goods hit a record of $6.05 trillion the last year, crossing the $5 trillion and $6 trillion marks in the same year after the country reported total imports and exports of over $4 trillion for the first time eight years ago. Total goods trade went up by $1.4 trillion from a […]<\/p>\n","protected":false},"author":2,"featured_media":241492,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-241484","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n