China’s foreign trade decline narrows in September

Beijing, Oct 13 (IANS) China’s foreign trade dropped 8.8 percent year on year in September to 2.22 trillion yuan (about $352 billion), less severe than the 9.7 percent contraction in August, official data showed on Tuesday.

Exports dropped 1.1 percent to 1.3 trillion yuan and imports decreased 17.7 percent to 924 billion yuan, Xinhua news agency reported.

The trade surplus totalled 376.2 billion yuan, up 96.1 percent, the General Administration of Customs (GAC) said.

For the first three quarters, foreign trade dropped 7.9 percent year on year to 17.87 trillion yuan, with exports down 1.8 percent to 10.24 trillion yuan and imports down 15.1 percent to 7.63 trillion yuan. The trade surplus surged by 82.1 percent to 2.61 trillion yuan.

GAC spokesperson Huang Songping attributed the drops to the sluggish global economy, high costs and slumping commodity prices.

China’s foreign trade with countries involved in the Belt and Road initiative hit 4.5 trillion yuan, about 25 percent of the total foreign trade in the first three quarters.

Exports to emerging markets have been rising. Foreign trade grew 5.8 percent with the ASEAN, 8.7 percent with India, 1.3 percent with Latin America and 6.1 percent with Africa.

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