China's foreign trade grew
By Alimat Aliyeva
In the first 9 months of this year, China's foreign trade grew by 5.3 percent in yuan compared to the same period last year and reached 32.33 trillion yuan (4.57 trillion US dollars), Azernews reports
The General Customs Administration of China has issued a statement on this issue. During this period, exports increased by 6.2 percent in yuan, while imports increased by 4.1 percent. The main place in exports (about 60 percent) was occupied by mechanical engineering and electronics products. Exports of high-tech equipment increased by 43.4 percent, integrated circuits - by 22 percent, cars - by 22.5 percent, household appliances - by 15.5 percent.
The increase in imports was mainly due to raw materials, including oil, gas and coal (4.8 percent), as well as metal ore (4.9 percent). China's foreign trade, the world's second largest economy, has exceeded 10 trillion yuan for three consecutive quarters. In the reporting period, the growth rate of China's trade with partner countries under the Belt and Road Initiative (6.3 percent) was higher than the growth rate of the country's foreign trade. The volume of total trade with these countries amounted to 47.1 percent of China's foreign trade. Trade with the BRICS countries increased by 5.1 percent, and with ASEAN members – by 9.4 percent.
Experts believe that China's exports should have increased by 5 percent this year, but this did not happen. Last year, China's total exports decreased by 4.6 percent in dollar terms. This is the first decrease in the last 7 years.
It should be noted that the impact of the Chinese economy on the global economy, which is the world's second largest gross domestic product (GDP), is quite large. It is no coincidence that the forecasts of a number of analytical centers on the global economy are based on forecasts of the development of the Chinese economy.
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