Beijing, China — China’s trade in goods logged steady expansion in the first 10 months of this year as supportive policies, and enterprising trade firms contributed to the market’s resilience.
The country’s foreign trade of goods climbed 9.5 percent year on year to 34.62 trillion yuan (about $4.79 trillion) during the January-October period, data from the General Administration of Customs showed Monday.
Exports rose 13 percent year on year to 19.71 trillion yuan, while imports increased 5.2 percent from a year ago to 14.91 trillion yuan.
In October, the country’s trade in goods totaled 3.55 trillion yuan, up 6.9 percent over one year ago. Exports and imports rose 7 percent and 6.8 percent, respectively.
In the first 10 months of 2022, ASEAN was China’s largest trading partner, whose trade volume with China accounted for 15.2 percent of the country’s total foreign trade.
The European Union and the United States were China’s second-largest and third-largest trading partners during the period, respectively.
China’s trade with countries and regions participating in the Belt and Road Initiative posted robust year-on-year growth, with both exports and imports jumping over 20 percent.
In terms of specific trade goods, mechanical and electrical products, and labor-intensive products, continued to be popular exports, with the former making up 57.1 percent of the total exports value.
China’s exports of automobiles surged 72 percent year on year, while exports of cellphones ticked up 8.7 percent over one year ago.