(Yicai) Jan. 12 -- The value of China's foreign trade dropped 5 percent to USD5.9 trillion last year, mainly as a result of the weaker Chinese currency versus the US dollar.

Exports fell 4.6 percent to USD3.38 trillion, while imports dropped 5.5 percent to USD2.56 trillion, data from the General Administration of Customs showed today.

Yuan-denominated trade edged up 0.2 percent to CNY41.76 trillion (USD5.85 trillion), with exports rising 0.6 percent to CNY23.77 trillion and imports falling 0.3 percent to CNY17.99 trillion. 

The number of foreign trading businesses in China that had record imports and exports topped 600,000 for the first time, said Wang Lingjun, vice minister of the GACC. Some 556,000 were private companies, and they accounted for 53.5 percent of total trade, up from 50.4 percent the year before, he noted.

The Association of Southeast Asian Nations remained China's biggest trading partner, with an increase of 0.2 percent to CNY6.4 trillion (USD895.4 billion). Trade with the European Union, its second-biggest partner, fell 1.9 percent, and that with the United States, its third-largest partner, declined 6.6 percent. 

Trade with countries in the Belt and Road Initiative rose 2.8 percent to CNY19.47 trillion. 

China exported CNY23.51 trillion of manufactured products last year. Exports of electric passenger cars, lithium-ion batteries, and solar power batteries surged 30 percent to CNY1.06 trillion, while that of vessels and home appliances jumped 35 percent and 9.9 percent, respectively, reflecting the shift to ‘Created in China’ from ‘Made in China.’

Domestic demand is recovering, Wang pointed out. In 2023, China imported over CNY5 trillion of bulk commodities, CNY3 trillion of electronic components, and CNY2 trillion of consumer goods, providing firms across the world with broad market space and opportunities for cooperation, he said. 

China’s competitive advantages in external trade are still striking despite lackluster overseas demand and uncertainties, including impeded shipping through the Red Sea, Wang said. 

More than 75 percent of key firms expect their imports and exports to remain unchanged or increase this year, according to the results of a survey by the GACC. 

Editor: Martin Kadiev