China’s foreign trade decline contracts in November

Beijing, Dec 8 (IANS) China’s foreign trade in November dropped 4.5 percent year-on-year to 2.16 trillion yuan ($337 billion), the ninth-consecutive monthly decline, official data showed on Tuesday.

The decline range in November significantly contracted when compared with the nine percent year on year plunge registered in October, Xinhua cited data from the general customs administration (GAC) as showing.

Exports dropped 3.7 percent to 1.25 trillion yuan and imports fell by 5.6 percent to 910 billion yuan. The trade surplus expanded by two percent to 343.1 billion yuan.

In the first 11 months, foreign trade dropped 7.8 percent year on year to 22.08 trillion yuan.

They were separated into 12.71 trillion yuan for exports, down 2.2 percent, and 9.37 trillion yuan for imports, down 14.4 percent.

Meanwhile, the trade surplus surged 63 percent to 3.34 trillion yuan.

China reported 3.16 trillion yuan of trade with the European Union, its largest trade partner, in the first eleven months, down 7.7 percent year on year.

It reported 3.15 trillion yuan with the US, the second-largest trade partner, up 1.9 percent, according to the GAC.

Trade with Asean, the third-largest trade partner, and the fifth trade partner Japan, dropped 2.1 percent and 10.4 percent year on year, to 2.6 trillion yuan and 1.57 trillion yuan, respectively.

Foreign trade of private firms dropped 1.8 percent year on year in the first eleven months to 8.11 trillion yuan, accounting for 36.7 percent of China’s total trade volume during the period.

The weighting was 2.2 percentage points more than the same period last year. Exports of private firms rose 2.2 percent year on year to 5.7 trillion yuan.

In contrast, state-owned enterprises witnessed a sharp foreign trade fall of 12.9 percent year on year to 3.65 trillion yuan, accounting for 16.5 percent of the country’s total during the period.

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