China's Trade Growth Exceeded Major Economies to a New Record
Liao Shumin|Liu Jing
/SOURCE : Yicai
China's Trade Growth Exceeded Major Economies to a New Record

(Yicai Global) Aug. 14 -- The growth rate of China's trade rose to a higher level than that of 30 other major economies from January to July, spurred by accelerated exchange of goods with familiar partners, as well as with emerging economies. 

Imports and exports increased 8.6 percent to USD16.72 trillion from the year before, marking a record high, the commerce ministry reported, citing customs data. The growth rate was 3.8 percentage points higher than the average of other 30 countries according to the World Trade Organization.

The figures show that trade continued robust with familiar counterparts of the US, Europe, and Japan, while the exchange of goods with the emerging markets of BRICS countries rose 12 percent, and with the Belt and Road nations by 11 percent. China has invested massively on the former Silk Road countries and particularly their infrastructure since the inception of the Belt and Road investment plan in 2013.

Compared to last year, China's exports climbed 5 percent to CNY8.9 trillion (USD1.3 trillion) and imports jumped 13 percent to CNY7.8 trillion. The month of July was particularly strong with a growth rate of 13 percent that amounted to CNY2.6 trillion worth of trade. Trade surplus narrowed 42.6 percent to CNY177 billion (USD25.7 billion) during the seven months.

Editor: Emmi Laine 

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Keywords: Export , Import , Trade Surplus , BRICS , Cross-Border Electronic Business Platform , Ministry of Commerce