China's foreign trade to remain within reasonable range in Q4 despite challenges: MOFCOM
Published: Nov 18, 2022 01:07 AM
China's foreign trade volume reaches 23.6 trillion yuan ($3.49 trillion) in the first 7 months of 2022, maintaining double-digit growth.

Photo: VCG

Despite persistent challenges, China's foreign trade will remain within a reasonable range in the fourth quarter, a Chinese official said on Thursday.

The nation's foreign trade recorded steady progress in the first 10 months, with both imports and exports hitting record highs. However, amid weakening overseas demand, geopolitical conflicts, sporadic outbreaks of COVID-19 and other factors, the growth rates for monthly trade have slowed down in recent months, which is in line with global economic and trading trends, Shu Jueting, spokesperson for the Ministry of Commerce (MOFCOM), told an online press conference.

Given the increasingly complicated external environment, growing uncertainties, a high base of comparison from last year and anemic external demand, there is still pressure on the nation's foreign trade sector in the fourth quarter, Shu said.

In spite of the headwinds, Shu pointed out that there is solid support for the development of China's foreign trade sector. The foreign trade industry has developed sound foundations, and companies have stronger capacity to fulfill commitments and to promote innovation, Shu said.

With the effect of policies stabilizing foreign trade continually kicking in, and the number of international flights increasing significantly, foreign trade will remain within a reasonable range in the fourth quarter, Shu noted.

According to data from the General Administration of Customs (GAC) on November 7, China's foreign trade rose 9.5 percent year-on-year to 34.62 trillion yuan ($4.8 trillion) in the first 10 months, maintaining steady growth despite weakening demand abroad and geopolitical uncertainties. 

Exports rose 13 percent to 19.71 trillion yuan, and imports were up 5.2 percent to reach 14.91 trillion yuan, according to the GAC.

During the just-concluded fifth China International Import Expo in Shanghai, more than 2,800 enterprises from 127 countries and regions attended, showcasing 438 new products, technologies and services. A total of $73.5 billion worth of tentative deals were signed, up 3.9 percent from that of last year. 

Global Times