y mid-November, China’s 2018 total import-export value had exceeded that of the whole of 2017, according to data from China Customs.
Data from the General Administration of Customs reveals that China’s import-export value totaled at 27.8 trillion yuan (US$4t) in 2017, but by the end of October 2018, the figure had already exceeded 25 trillion yuan (US$3.7t).
Analysts attributed the growth to China’s more open and diverse export market and a more stable global economic environment. Despite the Sino-US trade conflict, China, according to its Ministry of Commerce, is seeing rapid growth in exports to emerging markets, including to Southeast Asian countries, Brazil, India and South Africa.
China’s rate of imports grew faster than for exports, seeing a 15.4 percent cumulative growth rate from January to October, nearly eight percentage higher than that of exports over the same period.
Bai Ming, deputy director of the International Market Institute under the Chinese Academy of International Trade and Economic Cooperation, told China News Radio that the export-import increase also derived partly from many enterprises rushing to finalize deals before the US increased tariffs. However, he said he is optimistic as the government is continuing to detail and implement policies on stabilizing foreign trade.