Business & Economy

China’s foreign trade grew 6.5 percent year-on-year in July

Beijing, Aug 7 (efe-epa).- China’s foreign trade increased by 6.5 percent in July compared to the same month last year to 2.93 trillion yuan ($420.55 billion), according to data released by the General Administration of Customs on Friday.

Official statistics show that China’s exports increased by 10.4 percent year-on-year during this period to 1.69 trillion yuan.

The country’s foreign trade in the first seven months of this year stood at 17.16 trillion yuan, 1,7 percent less than in the same period of the previous year.

During the first half of 2020, foreign trade had declined by 3.2 percent.

Imports also grew by 1.6 percent year-on-year in July to 1.24 trillion yuan.

China’s trade surplus in July was 442.23 billion yuan.

China’s foreign trade had posted a year-on-year growth of 5.1 percent in June while in May it fell by 4.9 percent from the same period last year.

The countries of the Association of Southeast Asian Nations were China’s main trading partners in the first seven months of 2020 and trade between the two increased by 6.6 percent year-on-year while China’s trade with the European Union increased by 0.1 during the same period.

Meanwhile, trade with the US, which has been locked in a trade dispute with China since March 2018, declined by 3.3 percent year-on-year between January and July.

Exports fell by 4.1 percent and imports by 0.3 percent in Yuan terms. EFE-EPA


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