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China’s goods trade rose by 18.8 percent year-on-year to reach 39.94 trillion yuan ($5.96 trillion) in the first three quarters of this year, the fastest growth for the period in nearly five years, with monthly trade in September surpassing the 5-trillion-yuan mark for the first time, China’s General Administration of Customs announced on Wednesday.

The growth rate for the January-September period was the highest for the same time window in nearly five years, as quarterly and monthly growth rates both picked up. This trade expansion ranks among the strongest among major economies, and China remains the world’s largest trader of goods, GAC officials said.

Customs data shows that in the first three quarters, China’s total exports reached 23.2 trillion yuan, up 16.4 percent year-on-year, while imports hit 16.74 trillion yuan, rising 22.3 percent.

Monthly growth rate has notched double digits for six consecutive months. In September, China’s imports and exports of goods reached 5.16 trillion yuan, surpassing the 5-trillion-yuan mark for the first time, representing a 27.5 percent year-on-year increase. Exports stood at 3.03 trillion yuan, up 29.6 percent, while imports came in at 2.13 trillion yuan, rising 24.6 percent, according to GAC.

China’s exports are shifting toward smarter and greener products. In the first three quarters, integrated circuit exports jumped 99.1 percent. Shipments of green products including electric vehicles, lithium batteries, wind turbines and related components rose by 72.3 percent, 36.4 percent and 22.4 percent respectively, customs data showed.

Wang Jun, vice minister of GAC, told a press conference on Wednesday that China’s foreign trade has effectively weathered external shocks and challenges, and has maintained sound growth momentum in the first three quarters. 

Though the global landscape remains volatile with emerging risks piling up, China’s foreign trade has gained stronger pace and vitality and demonstrated notable resilience. Solid fundamentals and support are in place to sustain import and export growth in the fourth quarter, Wang said.

Global Times