Economy· Macro

China’s global trade volume predicted to exceed USD 4.3 trln last year

minutes 2020/01/03 09:50:19
Global Trade, Exports and Imports, Belt and Road Initiative

Jan 03, 2020 (China Knowledge) - The country's total import and export volume is believed to have surpassed RMB 30 trln (USD 4.3 trln) in 2019, claimed China's Ministry of Commerce.

From Jan through Nov, China has traded mainly with the emerging economies and the size of the imports and exports with these economies increased from 1.7% to 59.5%. 29.3% of the trade was with countries located along the route of the Belt and Road initiative. Trade volume in November reached a peak of RMB 2.86 trln in 2019, the highest single-month figure in 2019. Data from the World Trade Organization revealed the growing share of China’s international export market in the first three quarters of 2019, with more exports than any other leading economies.

China’s total exports over the first 11 months reached RMB 28.5 trln, up 2.4% annually, based on the data from the national customs administration.

China’s ties with other Eurasian countries continue to deepen as trade between China and Eurasian countries amount to USD 143 bln during the first 10 months of 2019, up 7.7% from the previous year. Trade with Russia amounts to USD 89.9 bln, up 2.8%. imports and exports between China and the five Central Asian countries -- Uzbekistan, Tajikistan, Turkmenistan, Kyrgyzstan, and Kazakhstan – surged 11% to USD 37.8 bln.

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