Last updated on September 2, 2018
China’s foreign trade increased 7.9 per cent year-on-year to 14.12 trillion yuan ($2.12 trillion) in the first half of 2018, despite escalating trade tensions between the world’s two largest economies.
The country’s exports grew by 4.9 per cent year-on-year to 7.51 tn yuan from January to June of 2018, while imports amounted to 6.61 trillion yuan, up 11.5 percent from the same period a year earlier, data from the General Administration of Customs showed.
For June alone, China’s exports maintained a relatively stable growth, growing 11.3 per cent in June measured in US dollar terms, compared to one year earlier, beating the expectation of 9.5 per cent but slowing down from 12.6 per cent in May.
However, the country’s imports rose 14.1 per cent year-on-year, missing the expectation of 21.3 per cent and slowing down sharply from 26 per cent in the previous month.
GAC spokesman Huang Songping said the growth of China’s foreign trade benefited from the global economy’s recovery, the country’s efforts to optimize its industrial structure and new measures for opening-up in both trade and investment.
The data released by the GAC shows that trade volume between China and the US grew 5.2 per cent year-on-year to 1.93 trillion yuan in the first six months of 2018, accounting for 17.7 percent of China’s foreign trade.