China's foreign trade up by 7.9 pct in H1, surplus down

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China’s foreign trade registered rapid growth in the first half of the year, reaching 14.12 trillion yuan (about 2.12 trillion US dollars), an increase of 7.9 percent year-on-year, customs data showed Friday.

China’s imports grew by 11.5 percent to 6.61 trillion yuan, while exports increased by 4.9 percent to 7.51 trillion yuan, with trade surplus shrinking by 26.7 percent to 901.32 billion yuan, said the General Administration of Customs (GAC) at a press conference.

The country has generally witnessed optimized trade structure, accelerated transformation of growth momentum and increased quality, according to the GAC.

Shanghai port /VCG Photo

The country’s trade value with its three largest trading partners – the US, EU and ASEAN – was up by 5.2 percent, 5.3 percent and 11 percent respectively, with the combination of the three accounting for 41 percent of the country’s total trade value.

Foreign trade of private enterprises registered 5.52 trillion yuan, up by 11.2 percent. It covered a larger proportion at 39.1 percent of the national total, 1.2 percentage points higher year-on-year, suggesting a growing internal impetus.

The foreign trade of central, western and northeastern China outgrew that of the country, owing to increased coordination in regional development. The foreign trade in 12 western provinces and cities witnessed a growth rate of 17.8 percent.

The electro-mechanical exports kept increasing, up by seven percent to 4.4 trillion yuan. Meanwhile, exports of traditional labor-intensive products were valued at 1.41 trillion yuan, down by 4.1 percent.

Crude oil, natural gas and fishery imports grew as a result of the country’s policy to expand imports. China imported 225 million tonnes of crude oil, an increase of 5.8 percent, and 42.08 million tonnes of natural gas, up by 35.4 percent.