(Yicai Global) Oct. 13 -- China’s imports and exports reached historic highs in the third quarter, topping expectations as the country’s foreign trade continues to do well despite the pandemic ravaging the world economy and a stronger Chinese currency.

Exports jumped 10.2 percent to CNY5 trillion (USD741 billion) in the three months ended Sept. 30 from a year earlier, the General Administration of Customs said today. Imports rose 4.3 percent to CNY3.88 trillion.

The figures reflected an ongoing recovery in the world’s second-largest economy and an uncertain restart for the wider global economy after some countries eased up on measures to curb the spread of the coronavirus. 

But the pandemic continues worldwide, giving rise to a serious global recession and greater uncertainty amid an increasingly severe and complex international environment, GAC spokesperson Li Kuiwen said at a press conference.

Over recent months the yuan also has been strengthening against the US dollar. The People’s Bank of China, the nation’s central bank, moved over the weekend to slow the currency’s appreciation by waiving a reserve requirement ratio for financial institutions selling some foreign exchange forward contracts.

The GAC will keep an eye on the impact of fluctuating exchange rates on foreign trade, Li said.

In the nine months through Sept. 30, the combined value of China’s exports and imports came to CNY23 trillion (USD3.4 trillion) in the first positive collective growth this year. Cargo exports rose 1.8 percent to CNY12.71 trillion, while imports fell 0.6 percent to CNY10.41 trillion.

China’s customs regulator will continue to assist the innovative development of foreign trade to make it more convenient, Li said.

Regional Tallies

The Association of Southeast Asian Nations was China’s biggest trading partner in the nine months, accounting for 14.6 percent of foreign trade. The combined value of imports and exports to the region was up 7.7 percent from a year earlier to CNY3.38 trillion (USD501 billion).

Trade with the European Union and the United States also increased despite the economic fallout from Covid-19, with the total value of imports and exports up 2.9 percent and 2 percent to CNY3.23 trillion and CNY2.82 trillion respectively.

Nations participating in China’s Belt and Road Initiative traded CNY6.75 trillion worth of goods in the first three quarters, up 1.5 percent year on year.

Face Masks and Electronics

Machinery, electrical appliances and electronics products accounted for more than half of all exports in the nine months. They were up 3.2 percent from the same period last year to CNY7.46 trillion (USD1.1 billion), and 5.5 percentage points more than in the first half.

Overseas sales of medical instruments and devices surged 48.2 percent, while sales of drugs and medical materials were also up 21.8 percent. Exports of textiles, which include face masks, jumped 37.5 percent to CNY828.8 billion.

Exports of laptops and home appliances also did well, gaining 17.6 percent and 17.3 percent respectively, as people adapted to working from home.

Imports of pork more than doubled to 3.3 million tons in the first three quarters as China’s swine herds have yet to recover from an outbreak of African swine fever. Beef imports rose by 38.8 percent to 1.57 million tons. Imports of foreign iron ore were up 10.8 percent to 868 million tons and those of crude oil rose 12.7 percent to 416 million tons.

Editor: Kim Taylor