The latest data on foreign trade operations in the first 8 months show that China’s foreign trade has been better than expected

The latest data on foreign trade operations in the first 8 months show that China's foreign trade has been better than expected

09/11/2020 THE STATE COUNCIL OF THE PEOPLE’S REPUBLIC OF CHINA

A few days ago, the person in charge of the Foreign Trade Department of the Ministry of Commerce gave an introduction on China’s foreign trade operations from January to August this year.

Overall, from January to August, China’s total import and export volume was 20.05 trillion RMB, a year-on-year decrease of 0.6%. Among them, exports were 11.05 trillion RMB, an increase of 0.8%; imports were 9 trillion RMB, a decrease of 2.3%. From an international comparison, China’s import and export performance is also better than the average level of major global economies.

Specifically, foreign trade operations mainly present the following characteristics:

Private enterprises showed strong resilience and made outstanding contributions to stabilizing foreign trade.
The proportion of exports from emerging markets continues to increase. Exports to ASEAN increased by 6.9%.
The export-oriented economy in the central and western regions accelerates development.
The export of high-tech and high value-added products grew strongly. Labor-intensive products are greatly affected by the epidemic, and exports are relatively weak.
The industrial foundation is solid and general trade continues to strengthen. Exports of processing trade fell by 6.6%.
New business formats such as cross-border e-commerce have become new bright spots in foreign trade growth.

Source: http://www.gov.cn/xinwen/2020-09/11/content_5542483.htm