China’s Foreign Trade is bucking the trend amid the Crisis of the Global COVID-19 Pandemic, becoming an important engine and adhesive for rebuilding global trade networks, according to an International Trade Expert.
Official Data released by the General Administration of Customs (GAC) on Monday showed that the total value of China’s foreign trade hit 29.04 trillion yuan (about 4.44 trillion U.S. dollars) in the first 11 months of 2020, up 1.8 percent year on year, which registered 4.17 trillion U.S. dollars, maintaining growth for six months straight.
In November alone, China’s imports and exports totaled 3.09 trillion yuan, up 7.8 percent year on year.
Official Data showed that China’s imports and exports to its major trading partners and countries along the Belt & Road have maintained growth, and the distribution of its international market has continued to improve.
From January to November, China’s imports and exports to ASEAN, the European Union (EU), the United States, Japan and the Republic of Korea (ROK) respectively were 4.24 trillion yuan (649.33 billion U.S. dollars), 4.05 trillion yuan (about 620.23 billion U.S. dollars), 3.65 trillion yuan (about 558.98 billion U.S. dollars), 2 trillion yuan (about 306.29 billion U.S. dollars) and 1.8 trillion yuan (275.66 billion U.S. dollars), up by 6.7 percent, 4.7 percent, 6.9 percent, 1.4 percent and 0.9 percent respectively.
China’s accumulated import-export value with countries along the Belt & Road Routes reached 8.45 trillion yuan (about 1.29 trillion U.S. dollar) from January to November this year, a 1.2 percent rise year-on-year.
“The global economy has suffered a severe recession due to the pandemic, but China’s foreign trade has grown against the trend and has served as an important engine and adhesive for rebuilding a trustworthy global trade network amid this crisis.
The growth of China’s imports and exports not only guarantees our economic and social development, but also promotes the common development of all its trading partners, effectively boosting the transformation and upgrading of global supply chains and becoming an important source of confidence for the upgrading and development of economic globalization amid the crisis,” Zhou Mi, Deputy Director of the Institute of American & Oceania Studies at Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce.