China's trade with the US up 6.5% in the first 3 quarters despite trade tensions

Source:Global Times Published: 2018/10/12 12:49:37

China's foreign trade has advanced steadily despite some impact caused by trade tensions with the US, a Chinese official said on Friday.

In the first three quarters, China's trade volume with the US rose 6.5 percent year-on-year to 3.06 trillion yuan ($ 443.3 billion), accounting for 13.8 percent of the country's total foreign trade, according to the latest data released by the General Administration of Customs (GAC).

The US is still the second-largest trade partner of China, Li Kuiwen, an official with the GAC, told a press conference on Friday.

China's export to the US stood at 2.27 trillion yuan during the same period, up 7.4 percent on a yearly basis, and the country's imports from the US increased 3.8 percent year-on-year to 798.13 billion yuan, Li said.

In September alone, China's trade with the US was 405.54 billion yuan, up 13.1 percent year-on-year, with exports worth a total of 319.31 billion yuan and imports totaling 86.23 billion yuan, up 16.6 percent and 1.6 percent year-on-year, respectively, according to the GAC data.

China-US trade tensions have caused some impact on China's foreign trade growth, but the impact is controllable, Li said, noting that the country's foreign trade has advanced steadily since the start of this year.

China-US bilateral trade is relatively complementary, Li said, adding that "China has a complete industrial chain and strong manufacturing capabilities, and the US market has a strong dependence on China-made products."

China's yuan-denominated export volume rose 6.5 percent year-on-year from January to September, with imports up 14.1 percent, the GAC data showed.

Global Times

Posted in: ECONOMY

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