Business & Economy

China’s foreign trade grows 1.9 percent year-on-year in 2020

Beijing, Jan 14 (efe-epa).- China’s trade with the rest of the world increased by 1.9 percent year-on-year in 2020 to reach 32.15 trillion yuan ($4.96 trillion), according to data published by the General Administration of Customs on Thursday.

The official statistics show that the country’s exports grew 4 percent year-on-year during last year to 17.93 trillion yuan.

Imports, on the other hand, declined by 0.7 percent year-on-year in 2020 to 14.22 trillion yuan.

Therefore, China’s trade surplus was 3.7 trillion yuan in 2020, 26.7 percent more than in the previous year.

China’s trade with the European Union increased by 5.3 percent in 2020.

Meanwhile, trade with the United States, with which China has been locked in a trade dispute since March 2018, increased by 8.8 percent year-on-year during last year.

China’s trade with the Association of Southeast Asian Nations (ASEAN) – its largest trading partner – rose by 7 percent.

The country’s foreign trade in December of 2020 increased by 5.9 percent from a year ago to reach 3.2 trillion yuan.

Exports expanded by 10.9 percent during the last month of 2020 while imports fell marginally by 0.2 percent.

The General Administration of Customs said that, during the first 10 months of 2020, China’s foreign trade accounted for 12.8 percent of the world’s total while the country’s exports accounted for 14.2 percent.

The agency said these were record figures for China, citing national statistics as well as data from the World Trade Organization. EFE-EPA

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