China Trade +31% Nov 2021
The General Administration of Customs of China (GACC) released on December 7th the figures related to the Chinese international trade in November 2021.
According to the figures disclosed by GACC, the total trade in November 2021 reached USD 579 billion, up by 12.3% compared to the month of October 2021 and up by 25.7% compared to November 2020. Cumulatively, in the first 11-month period of the year, the total trade amounted to USD 5,471 billion, an increase of 31.1% from the USD 4,173 billion trade registered in the same period last year.
From January to November 2021, Chinese companies exported USD 3,026 billion of goods, and imported for over USD 2,445 billion, leading to a record high surplus of USD 582 billion. Exports and imports grew respectively by 30.6% and 31.7% compared to the same 11-month period in 2020.
RCEP members accounted for more than 31% of the Chinese international trade. RCEP enters into force on January 1, 2022, and will give an additional boost to trade and investments in the region between the members.
The European Union and the US represent the second and third trading partners of China, accounting for 13.7% and 12.5% of its total trade. Unlike the RCEP members, the US and the countries of the European Union are the main destination market of Chinese goods: the US receives 17.2% of the Chinese exports, while the European Union accounts for 15.4%.
Among the EU members, Germany is the main partner of China: the trade between Beijing and Berlin exceeded USD 213 billion in the period from January to November 2021, an increase of 24.7% compared to the previous year.
Italy is the fourth trading partner of China in the European Union, after the Netherlands and France, with USD 67 billion of import-export between the two countries. Bilateral trade recorded by Beijing with Italy rose 35.7% in Jan-Nov 2021, the highest increase among the top partners of Beijing.