Foreign Trade: Trade up 7.9% in first half, surplus down

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02:47

Amid global trade tensions triggered by the US, fresh customs data show China's trade in goods increased 7.9 percent year on year, to about two trillion US dollars in the first half of 2018. Customs officials said at a press briefing Friday in Beijing, that China has made headway in pushing for more balanced trade. Meng Qingsheng reports.

The customs authority said that China registered stable trade growth in the first half of 2018, but with narrowed trade surplus. The authority said that exports rose 4.9 percent year on year over the first six months while imports expanded 11.5 percent.

That resulted in a trade surplus of more than 130 billion US dollars, which was narrowed by 26.7 percent.

HUANG SONGPING, SPOKESMAN CHINA'S GENERAL ADMINISTRATION OF CUSTOMS "In the first half, the growth rate of imports was 6.6 percentage points higher than of exports. That's the result of China's proactive policies to expand imports, and the price rise of bulk commodities. As China's domestic market gradually opens to the world, the foreign trade will become more balanced."

Exports and imports of products under the general trade category gained 12.2 percent in the same period from a year ago and accounted for 59 percent of the total foreign trade.

The Customs authority says China's surplus in goods trade was determined by its economic structure and the international division of labor.

MENG QINGSHENG BEIJING "China's foreign trade has been growing steadily in the first half of this year, with optimized structure, and accelerated transformation of growth momentum. However, there will be challenges facing China's foreign trade with rising instabilities and uncertainties in the global trade environment."

One of the challenges comes from the ongoing trade dispute between the United States and China. China's goods trade to the US registered 13.1 percent growth year on year in the first half of this year, reaching about 300 billion US dollars. Exports jumped 13.6 percent year-on-year, while imports climbed 11.8 percent.

HUANG SONGPING, SPOKESMAN CHINA'S GENERAL ADMINISTRATION OF CUSTOMS "Judging from the current situation, the US-China trade dispute has impacted the bilateral trade. It will also bring unfavorable influences to the global trade. We will closely monitor the influence brought by the dispute."

The customs authority said that China will implement additional measures for expanding its reform and opening up policy while also advancing institutional reforms and business innovation to create consistent trade growth. Meng Qingsheng, CGTN, Beijing.