China’s foreign trade volume falls by 6.1% in January – July
The country’s positive balance in the mentioned period amounted to $489.57 bln
China’s external trade turnover in January-July decreased year-on-year by 6.1% to $3.4 trillion, according to the General Administration of Customs of China.
This development comes as China’s overall worldwide trade as of June suffers the largest year-on-year decrease it has seen since the COVID-19 pandemic began over three years ago.
According to the information published on the service’s website, over 7 months, the country’s exports decreased by 5% to around $1.94 trillion. At the same time, China’s imports fell 7.6% to $1.46 trillion.
China’s positive balance in the mentioned period amounted to $489.57 bln, an increase of 3.5% compared to the same period in 2022.
According to data provided by China’s customs department on Thursday, June 13, its exports to India reduced by 0.9% in the first half of 2023 to $56.53 billion, and its imports from India reduced by 0.6% for the same period to $9.49 billion. Trade between India and China declined in the first half of this year, a first after two years of growth, including record-high total trade last year.
Last year also saw India import $101.02 billion more from China than it exported to it – a figure known as the trade deficit. In 2021, India’s trade deficit with China was $69.38 billion.
The products that China majorly exports to India include active pharmaceutical ingredients, chemicals, machinery auto components, and medical supplies. However now India has now already developed 38 of its own pharma ingredients out of 54. Even machinery and components are being reduced.
However trade turnover between Russia and China in January-July increased by 36.5% year-on-year and reached $134.1 bln. Exports from China to Russia increased by 73.4% over seven months and amounted to about $62.54 bln, while imports of Russian goods and services increased by 15.1% to $71.55 bln.
Russia’s balance for the reporting period amounted to $9 bln, having decreased around 2.7-fold compared to the same period in 2022.
At the same time, the trade turnover between China and the United States in January-July decreased year-on-year by 15.4%, amounting to $381.51 bln, the General Administration of Customs of China said. Chinese exports to the United States fell by 18.6% to $281.65 bln and imports of US products fell by 4.7% to $99.85 bln.
