China's trade with APEC economies rises 23.9 per cent in first three quarters
China's imports grew faster than exports in the first three quarters, with imports up 22.3 per cent year on year. Trade with other APEC economies rose 23.9 per cent to 24.07 trillion yuan, accounting for 60.3 per cent of total trade.
China's imports grew faster than exports in the first three quarters of this year, with imports rising 22.3 per cent year on year against export growth of 16.4 per cent, according to data released by the General Administration of Customs on Wednesday.
Customs spokesman and deputy director Wang Jun said import growth had exceeded 20 per cent for seven consecutive months, with September imports surpassing 2 trillion yuan for the first time. The import growth rate outpaced exports by 5.9 percentage points in the first three quarters, with imports from more than 110 countries and regions growing faster than exports, contributing to balanced trade development.
Wang attributed the faster import growth to China's stable economic performance, the continued release of the super-large market effect, and the expansion of advanced manufacturing, which drove strong demand for intermediate goods such as key components. Imports of storage components surged 1.5 times and integrated circuits rose 56.6 per cent, while improved production also supported steady imports of upstream raw materials.
Wang also said the ninth China International Import Expo would be held in Shanghai next month, with customs introducing 18 facilitation measures for the event.
Lyu Daliang, director of the Statistics and Analysis Department, said China's imports and exports with other APEC economies reached 24.07 trillion yuan in the first three quarters, up 23.9 per cent year on year, accounting for 60.3 per cent of total foreign trade, 2.5 percentage points higher than the same period last year.
Lyu said this year's APEC 'China Year' focused on three priority areas: openness, innovation and cooperation, which he described as an important driver of the rapid trade growth between China and other APEC economies.
He added that in electronics, automobiles and machinery, China and other APEC economies had gradually formed complementary advantages and closely linked innovation chains, boosting two-way trade in high-tech products. High-tech product trade with other APEC economies grew 50.3 per cent to 6.66 trillion yuan in the first three quarters, exceeding the total for last year and contributing nearly half of the trade increase with these economies.