BEIJING
\nTotal goods imports and exports in yuan-denominated terms increased 3.5 percent year on year in August, marking the third consecutive month that both exports and imports achieved simultaneous growth, official data showed Wednesday.
\nDuring the January-August period, China\u2019s goods trade also expanded 3.5 percent year on year, according to the General Administration of Customs (GAC). Exports led the overall expansion during the January-August period, surging 6.9 percent year on year, while imports registered a slight decrease of 1.2 percent.
\nIn U.S. dollar terms, the country\u2019s exports and imports of goods amounted to 321.81 billion U.S. dollars and 219.48 billion U.S. dollars, respectively, in August. For the first eight months, the figures were 2.452 trillion U.S. dollars and 1.666 trillion U.S. dollars.
\nDuring the January-August period, ASEAN remained China\u2019s largest trading partner, with total bilateral trade surging 9.7 percent to 4.93 trillion yuan (about 686.8 billion U.S. dollars), accounting for 16.7 percent of the country\u2019s total foreign trade. It was followed by the European Union, with trade rising 4.3 percent.
\nChina has remained ASEAN\u2019s largest trading partner for 16 consecutive years, while ASEAN has been China\u2019s top trading partner for five consecutive years. Data also highlighted a 5.4 percent increase in trade with Belt and Road countries to 15.3 trillion yuan, while trade with the United States, China\u2019s third-largest trading partner, fell 13.5 percent in the first eight months of this year.
\nPrivate enterprises demonstrated significant dynamism as the main driver of trade, with their import and export values growing 7.4 percent to 16.89 trillion yuan, accounting for 57.1 percent of the nation\u2019s total, 2.1 percentage points higher than the same period last year.
\nChina\u2019s foreign trade continued to undergo a structural shift as exports of mechanical and electrical (M&E) products grew 9.2 percent, accounting for 60.2 percent of total exports, driven by strong growth in integrated circuits and automobiles, while labor-intensive products saw a 1.5 percent decline.
\nChina\u2019s exports of complete vehicles are expected to hit the 7 million unit mark in 2025, with commercial vehicle exports set to surpass 1 million units for the first time and new energy vehicle exports poised for steady growth amid a more balanced overseas market distribution, according to a forecast by the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) in early September.
\nComplete vehicles and auto parts collectively remain the largest category of M&E exports, accounting for 10 percent of the total M&E export value, according to the CCCME. The trade performance came amid significant uncertainties in global economic and trade development, with multiple international organizations noting that tariff barriers have substantially increased global trade costs.
\nChina\u2019s commerce ministry has pledged to expand high-standard opening up, as the world\u2019s largest goods trader addresses uncertainties with high-quality development. trade has maintained its stable growth trajectory despite facing a severe and complex external environment.
\nLyu added that monthly exports have now grown for six consecutive months as enterprises continuously adapt to international demand with high-quality supply, while the recovery in domestic production and consumption has driven a month-on-month improvement in the cumulative import growth rate. <\/p>\n","protected":false},"excerpt":{"rendered":"
BEIJING Total goods imports and exports in yuan-denominated terms increased 3.5 percent year on year in August, marking the third consecutive month that both exports and imports achieved simultaneous growth, official data showed Wednesday. During the January-August period, China\u2019s goods trade also expanded 3.5 percent year on year, according to the General Administration of Customs […]<\/p>\n","protected":false},"author":2,"featured_media":502149,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-502125","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n