China's Foreign Trade Sees Steady Growth, Increases by 5.3%

China's entire imports and exports of goods rose by 5.3% year on year in yuan terms in the first three quarters of this year, indicating continuous growth, according to official figures released on October 15th.

According to the General Administration of Customs, the products trade volume increased to 32.33 trillion yuan ($4.57 trillion) between January and September, setting a record high.

Exports increased 6.2 percent year on year to 18.62 trillion yuan, while imports increased 4.1 percent to 13.71 trillion yuan in the first three quarters, according to GAC data.

Mechanical and electrical products dominated China's exports throughout the period, accounting for about 60% of the total, according to Wang Lingjun, deputy head of the GAC

Wang said, "The current domestic and international environment is increasingly complex, posing challenges to the development of China's foreign trade"

Private firms recorded 17.78 trillion yuan in imports and exports, a 9.4 percent gain year on year, accounting for 93.8 percent of total global trade growth.

Imports and exports of foreign-invested firms climbed by 1.1 percent, reflecting the second consecutive quarter of growth.

In the first three quarters, China's import volume of bulk commodities climbed by 5% year on year, owing to consistent development in industrial production and consumption.

From an international standpoint, market diversification is rapidly increasing. China's trade with more than 160 nations and areas expanded in the first three quarters of the year.