China's foreign trade grew by 3,4 percent in 2019 to 31,54 trillion yuan (4,6 trillion U.S. dollars), and represented a slowdown of 6,3 percentage points compared to the previous year, reported this Tuesday (14.01.2020/XNUMX/XNUMX) the General Customs Administration.
Exports rose 5 percent year on year to 17,23 trillion yuan, while imports rose 1,6 percent to 14,31 trillion yuan., the entity stated.
At the same time, China's trade surplus rose 25,4 percent year on year to 2,92 trillion yuan.
«Based on our initial analysis, China will remain the world's largest trading country in 2019."said Zou Zhiwu, deputy director of the administration.
Zou added that China's foreign trade enjoyed steady growth and improved quality last year, despite mounting internal and external challenges.
In December, the country's foreign trade rose 12,7 percent from the same period in 2018, setting a monthly record of 3,01 trillion yuan, while exports and imports grew 9 percent and 17,7 percent respectively, also the highest figures for a single month.
The rebound in December can be attributed to factors including increased import demand amid a recovery in manufacturing activities, rising prices of major commodities around the world and growing confidence driven by progress in trade talks between China and the United States, said Huang Guohua, an official with the customs agency.
Notable changes
Analyzing China's foreign trade in 2019, Zou highlighted some notable changes.
In 2019, the Association of Southeast Asian Nations (ASEAN) became China's second largest trading partner., with a trade volume of 4,43 trillion yuan.
Private companies surpassed foreign-owned companies for the first time as the largest contributor to the country's foreign trade, recording a record volume of 13,48 trillion yuan.
Last year, the country's trade mix continued to improve, with general trade enjoying a larger share. With a year-on-year growth of 5,6 percent, general trade accounted for 59 percent of total trade, up 1,2 percentage points from the previous year.
Electrical products, electronics and machinery accounted for 58,4 percent of exports of the country in 2019, with a trade volume of 10,06 trillion yuan, representing a year-on-year increase of 4,4 percent.
Last year, China's meat imports recorded the fastest growth compared to other major commodities such as iron ore, soybeans, crude oil and natural gas.
Source: Xinhua
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
