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China’s foreign trade reached US$981 billion in the first two months of 2022

The General Administration of Customs (GAC) announced on 7th March that China’s total imports and exports rose 13.3 percent year-on-year to RMB 6.2 trillion (US$981 billion) in the first two months of 2022. 

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Both exports and imports witnessed double-digit growth, surging 13.6 percent and 12.9 percent from the same period in 2021 respectively. 

In US dollar terms, total trade came in at $973.45 billion during the period, up 15.9 percent year-on-year (YoY). Trade surplus increased 19.5 percent year-on-year to $115.95 billion during the same period.

“Despite growing external uncertainties and complexities, China’s foreign trade got off to a stable start,” said GAC official Li Kuiwen. 

In terms of goods types, exports of mechanical and electrical products expanded by 9.9 percent to account for 58.3 percent of the total, while labor-intensive products increased 8.9 percent in January and February.

China’s imports and exports with its top three trading partners — the European Union, ASEAN and the United States — gained 12.4 percent, 10.5 percent and 9.7 percent respectively. Meanwhile, China’s imports and exports with Belt and Road countries combined reported an increase of 18.3 percent YoY, up to RMB1.92 trillion (US$303 billion).

Zhang Yu, chief macro analyst with Hua Chuang Securities, said considerable demand from overseas has bolstered China’s exports, and demand is likely to recover further as the manufacturing sentiment in developed economies remains high and epidemic prevention measures overseas continue to be relaxed.

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With the implementation of policies to stabilize growth, the production side may see slight improvements in the future, which would further promote import growth, noted Dong Qi, chief macro analyst at Guotai Junan Securities.