China's foreign trade up 5.2 percent in first ten months

China's foreign trade reached 36.02 trillion yuan (about $5 trillion) in the first ten months of this year, marking a steady year-on-year growth of 5.2 percent, according to the latest customs data.

The country's exports amounted to 20.80 trillion yuan, a rise of 6.7 percent, while imports reached 15.22 trillion yuan, up 3.2 percent, according to the General Administration of Customs on Thursday.

China's trade with Belt and Road Initiative (BRI) partner countries saw robust growth, totaling 16.94 trillion yuan, a 6.2 percent increase year on year. Notably, trade with ASEAN countries reached 5.67 trillion yuan, an increase of 8.8 percent and representing 15.7 percent of China's total foreign trade, solidifying ASEAN's position as China's largest trading partner.

In the same period, China's trade with the EU, the U.S., and South Korea was valued at 4.64 trillion yuan, 4.01 trillion yuan, and 1.91 trillion yuan, with growth rates of 1.2 percent, 4.4 percent, and 6.7 percent, respectively.

Lyu Daliang, director of the Statistics and Analysis Department at the General Administration of Customs, commented on the positive trends, noting that the growth rate for imports and exports accelerated by nearly four percentage points in October compared to September, following the Chinese government's recent policy actions.

This sustained growth reflects both scale and quality improvements in China's foreign trade, making the government's goals for stability and enhancement in trade achievable by year-end, Lyu said.

(Cover via CFP)