China’s Foreign Trade Up 4.1 Percent
China’s foreign trade of goods rose 4.1 percent year-on-year in the first five months of 2019 to $1.76 trillion, according to customs data.
According to Xinhua News Agency, exports increased 6.1 percent year-on-year during the period, while imports grew 1.8 percent.
The European Union was China’s largest trading partner in the period, with bilateral trade volume up 11.7 percent from 2018, followed by ASEAN, up 9.4 percent, and the U.S., down 9.6 percent.
Trade with countries participating in the Belt and Road Initiative rose nine percent year-on-year, 4.9 percentage points higher than the overall pace. This accounted for 28.8 percent of China’s total trade volume, up 1.3 percentage points from the same period in 2018.
Exports of mechanical and electrical products, as well as labor-intensive products such as textile and furniture, maintained growth in the period. In addition, imports of crude oil and natural gas saw an increase, while soybean imports dropped in the first five months.
China's economy will grow by an estimated 6.3 percent this year, according to a report by the Asian Development Bank. The growth is in line with the Chinese government's target and is anticipated to continue next year, with growth of 6.1 percent predicted for 2020. This is a drop from 6.8 percent in 2017 and 6.6 percent in 2018.