China's Trade Trends August 2022

In the first eight months of the year, China's foreign trade growth lost momentum as soaring inflation affected overseas demand and fresh COVID curbs and heatwaves disrupted output, reviving downside risks for the economy.

The latest data shows China's foreign trade in goods jumped 10.1 percent year on year to 27.3 trillion yuan (about USD 3.95 trillion) from January to August.

In USD terms, total foreign trade came in at USD 4.19 trillion in the eight months, up 9.5 percent year on year.

According to the General Administration of Customs (GAC), the exports rose 14.2 percent year on year to 15.48 trillion yuan, while the imports increased 5.2 percent from a year ago to 11.82 trillion yuan, leading to a trade surplus of 3.66 trillion yuan.

In August alone, the country's foreign trade volume climbed 8.6 percent year on year to 3.71 trillion yuan, with the exports and imports up 11.8 percent and 4.6 percent from a year ago, respectively.

China's trade with its top three trading partners - the ASEAN, the EU, and the US - grew 14 percent, 9.5 percent, and 10.1 percent, respectively. While its trade with the Belt and Road economies jumped 20.2 percent year on year to 8.77 trillion yuan. China's foreign trade with the Belt and Road economies jumped 20.2 percent year on, while that with the RCEP members rose 7.5 percent from January to August.