China's export extends double-digit growth of 11.8% despite rising external uncertainties
According to data released by the General Administration of Customs (GAC) on Wednesday, the country's foreign trade totaled 3.71 trillion yuan ($531.64 billion) in August, an increase of 8.6 percent on a yearly basis.
In August, China's exports increased 11.8 percent year-on-year to 2.12 trillion yuan, while imports rose 4.6 percent year-on-year to 1.59 trillion yuan. The country's trade surplus expanded 40.4 percent year-on-year, maintaining a relatively high level.
Over the first eight months of 2022, the country's foreign trade grew 10.1 percent year-on-year to 27.3 trillion yuan, while exports gained 14.2 percent year-on-year to 15.48 trillion yuan.
ASEAN continues to be China's largest trading partner, accounting for 15 percent of China's total foreign trade between January and August. China's trade with its top three trading partners - ASEAN, the EU, and the US - grew 14.2 percent, 9.5 percent, and 10.1 percent year-on-year, respectively.
Trade with Belt and Road Initative (BRI) partners jumped 20.2 percent year-on-year over the period. In August alone, China's import and exports with BRI countries and regions increased 23.8 percent year-on-year, contributing to 6.9 percentage points of the country's total foreign trade growth, according to the GAC.
Over the period, China's foreign trade with the 14 Regional Comprehensive Economic Partnership (RCEP) economies was up 7.5 percent, according to the GAC.
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