China's Ministry of Commerce spokesperson He Yongqian Photo: Chu Daye/GT

China's foreign trade companies weathered global headwinds during the first seven months by exploring new markets, rolling out new products and opening up new channels, Ministry of Commerce (MOFCOM) spokesperson He Yongqian told a press briefing on Thursday, commenting on the steady performance of Chinese foreign trade during the period.

In the first seven months, China's total imports and exports reached 25.7 trillion yuan ($3.58 trillion), up 3.5 percent year-on-year. Exports grew 7.3 percent to reach 15.3 trillion yuan.

Amid an increasingly complex international trade landscape this year, China's foreign trade has maintained a stable and upward trend, with supportive policies, efforts in market diversification and in improving the quality of goods, according to the spokesperson. The foreign trade growth rebounded month by month, with notable improvements in both volume and quality. 

In the financial sector, China Export & Credit Insurance Corp underwrote $573.5 billion in short-term insurance in the first seven months, up 14.7 percent year-on-year. The Export-Import Bank of China disbursed over 700 billion yuan in loans for foreign trade. 

Trade with emerging and other markets increased by 5 percent, accounting for 65.5 percent of the total trade, up 0.9 percentage points year-on-year.

New growth drivers emerged. In the first seven months, exports of mechanical and electrical products grew by 9.3 percent, accounting for 60 percent of the total, up 1.1 percentage points year-on-year. High-tech and high-value-added products such as smart home appliances, electric vehicles, industrial robots, and ships continued to record strong export growth.

China will remain committed to expanding high-level opening-up, focusing on its own development, and addressing various uncertainties with the certainty of high-quality development, the spokesperson said, adding that China has the confidence and capacity to safeguard stability and quality in foreign trade, working with more trading partners to tackle challenges and share development opportunities.

Global Times