During the same period, China’s total imports and exports registered a YoY increase of 4.7 per cent, reaching 16.77 trillion yuan. However, in dollar terms, total foreign trade stood at $2.44 trillion, marking a 2.8 per cent decline year-on-year.
China’s exports rose by 8.1 per cent to $13.502 trillion in the first five months of 2023, while imports went up by 0.5 per cent.
The country’s total foreign trade in dollar terms, however, declined by 2.8 per cent to $2.44 trillion.
ASEAN remained China’s top trading partner, contributing to 15.4 per cent of China’s total foreign trade volume.
In the month of May, the country’s foreign trade expanded by 0.5 per cent, hitting 3.45 trillion yuan. While exports experienced a slight 0.8 per cent decrease YoY, amounting to 1.95 trillion yuan, imports climbed 2.3 per cent to reach 1.5 trillion yuan, according to Chinese media reports.
The Association of Southeast Asian Nations (ASEAN) continued to be China’s largest trading partner in the first five months of the year. The total imports and exports with ASEAN countries grew by 9.9 per cent YoY, reaching 2.59 trillion yuan, and accounting for 15.4 per cent of China’s total foreign trade volume.
Furthermore, trade with countries involved in the Belt and Road Initiative reached 5.78 trillion yuan in the same period, marking a 13.2 per cent increase YoY. Trade with other members of the Regional Comprehensive Economic Partnership stood at 5.11 trillion yuan, reflecting a 4.5 per cent increase from the previous year.
Fibre2Fashion News Desk (DP)