China’s Trade Trends July 2022

According to the latest data disclosed by the General Administration of Customs of China, the total international trade in the first seven months of 2022 increased by 10.4 percent to 23.6 trillion yuan (USD 3.64 trillion) compared to the same period the previous year. During the first seven months, the country's exports grew 14.7 percent year-on-year to reach 13.37 trillion yuan (USD 2.06 trillion), whereas imports were up 5.3 percent to hit 10.23 trillion yuan (USD 1.58 trillion).

ASEAN remained China's largest trading partner during the first seven months, accounting for 15 percent of the country's total foreign trade. China's trade with its top three trading partners - the ASEAN, the EU, and the US - grew 13.2 percent, 8.9 percent, and 11.8 percent from a year ago, respectively. China's trade with Belt and Road economies jumped 19.8 percent year-on-year, while that with the 14 Regional Comprehensive Economic Partnership (RCEP) economies was up 7.5 percent from January to July.

In July alone, Chinese exports exceed growth expectations of 18 percent year-on-year to USD 332.96 billion. July imports totaled USD 231.7 billion, a rate of growth of 2.3 percent from a year earlier and higher than June's rate of growth of 1 percent. The nation’s trade balance climbed to about USD 101 billion in July, surpassing the previous record set in June.