China records growth in trade, global demand slows

China says its total imports and exports expanded 4.7 percent year on year to 16.77 trillion yuan in the first five months of 2023.

However, foreign demand for products and services have declined.

The country says its growth numbers show continued resilience despite the sluggish external demand.

Exports grew 8.1 percent year on year while imports rose 0.5 percent in the first five months, according to data released by the General Administration of Customs (GAC) on Wednesday.

The GAC said, in May, foreign trade increased 0.5 percent year on year, marking the fourth consecutive month of foreign trade growth.

From January to May, trade with member countries of the Regional Comprehensive Economic Partnership agreement witnessed stable growth, accounting for more than 30 percent of the country’s total foreign trade GAC data showed.

The growth rate of China’s trade with the Association of Southeast Asian Nations and the European Union stood at 9.9 percent and 3.6 percent, respectively it added.

China’s trade with Belt and Road countries rose 13.2 percent year on year to 5.78 trillion yuan in the period.

In the January-May period, imports and exports by private enterprises jumped 13.1 percent to 8.86 trillion yuan, accounting for 52.8 percent of the country’s total.

The report noted that exports of mechanical and electrical products expanded by 9.5 percent to account for 57.9 percent of the total exports.

To boost foreign demand of goods from China, the country has introduced a series of policy measures such as; building a  global-oriented and fully open unified domestic market. The unified market will provide various market entities, including foreign-invested enterprises, with a better environment and a bigger arena.

Xinhua/Hauwa Abu