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Resilient Foreign Trade Sees Great Potential

By Xinhua , 2019-07-25 12:00:00

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Hustling and bustling, foreign-trade ports in China rarely see any vehicles passing without a full load。 A typical scene is at Qingdao port in East China’s Shandong province, where trains bound for Europe have been increasing since last year。

This reflects China’s growing presence in foreign markets and international exports — in the first half of 2019, the total value of traded goods gained 3.9 percent year-on-year, reaching 14.67 trillion yuan. Exports totaled 7.95 trillion yuan, up 6.1 percent. The trade surplus increased by 41.6 percent, to 1.23 trillion yuan.

Li Kuiwen, spokesman for the General Administration of Customs, said foreign trade in China is growing steadily, with quality and vitality.

A recent report by WTO lowered expectations for global trade growth in 2019。 And indeed, major economies such as Germany, Japan and the Republic of Korea have seen decreases in total value of imports and exports in the first season of this year。

However, the growth rate of China’s exports stayed ahead of the world’s major economies.

Over the past four years, China’s total value of foreign trade in the first half has been on the rise, from 11.13 trillion yuan in 2016 to 14.12 trillion yuan this year.

Meanwhile, the optimizing structure of foreign trade backed by hi-tech products raised the trade quality。

According to customs statistics, in the first half of 2019, China’s general trade import and export hit 8。78 trillion yuan, a year-on-year growth of 5。5 percent, accounting for 59。9 percent of China’s total foreign trade value, 0。9 percent higher than in the same period in 2018。

Compared with processing trade, general trade carries higher additional value with longer domestic industrial chains, the improved percentage of which means China is more independent in developing foreign trade, said Li Kuiwen.

Also, exports from China have become more high-end, and such items as automobiles, mechanical equipment, electrical and electronic products are more competitive.

 

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