China’s international trade rose 14.2 per cent year-on-year to 27.79 trillion yuan (US$4.28 trillion) in 2017, bringing an end to the past two years’ of consecutive declines, according to new data from the General Administration of Customs (GAC).
Exports climbed 10.8 per cent to 15.33 trillion yuan while imports surged 18.7 per cent to 12.46 trillion yuan in 2017. Trade surplus also narrowed, falling 14 per cent to 2.87 trillion yuan compared to the nine per cent reduction registered in 2016.
Analysts attributed improved exports to recovery in the global economy as well as steady economic expansion in the country. Rising commodity prices and increased trade with countries along the Belt and Road routes were also cited as reasons for the positive growth.
Countries along the ‘Belt and Road’ initiative saw increased trade too, rising 18 per cent in 2017. Trade with these markets now accounts for 26.5 per cent of the national total value of foreign trade, and is expected to be the highlight and growth point of China’s foreign trade, according to a GAC spokesperson.
The European Union, USA and Southeast Asia were the top three trading partners with 2017 export figures rising 15 per cent YoY. Chinese private companies have also played a bigger role in trade.