China’s Foreign Trade Up 18.5% YoY in Jan-Jul

In the first seven months, China’s foreign trade (tangible goods trade) totaled RMB15.46 trillion, up 18.5% from a year earlier, the General Administration of Customs of China announced on August 8. In detail, export value was up 14.4% YoY to RMB8.53 trillion, and import value was up 24% YoY to RMB6.93 trillion, while trade surplus was down 14.5% YoY to RMB1.6 trillion.
In July alone, the foreign trade was up 12.7% YoY to RMB2.32 trillion. Export value was up 11.2% YoY to RMB1.32 trillion, and import value was up 14.7% YoY to RMB1 trillion, resulting in an increase of 1.4% YoY in trade surplus to RMB321.2 billion.
China’s trade with the EU was up 17.1% YoY to RMB2.33 trillion in January-July, contributing 15.1% of the nation’s total. Sino-US trade came next, up 20.6% YoY to RMB2.18 trillion, 14.1% of China’s total. The trade with the ASEAN was up 20.9% YoY to RMB1.9 trillion, 12.3% of the total, and that with Japan was up 16.9% YoY to RMB1.15 trillion, 7.4% of the total.
In the first seven months, China imported 247 million tons of crude oil, up 13.6% YoY, averaging RMB2 603.2/t, up 40.1% YoY, and 17.38 million tons of oil products, with the volume down 1% YoY but average price up 31.9% YoY to RMB3 266.4/t. Natural gas imports were up 20.7% YoY to 36.82 million tons, and the average price was up 12.6% YoY to RMB2 237.4/t.