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Effective URL: https://retailinasia.com/in-markets/chinas-2021-foreign-trade-exceeds-us-6-trillion/?utm_medium=email&utm_campaign=Newsle...
Submission: On January 19 via api from SG — Scanned from DE
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Subscribe for free × Dismiss alert Featured CHINA’S 2021 FOREIGN TRADE EXCEEDS US$ 6 TRILLION Staff Writer 19 hours ago Source: Shutterstock Eight years after reaching US$4 trillion for the first time in 2013, China foreign trade has hit a new high in 2021. The General Administration of Customs (GAC) announced on 14th January that China’s total goods imports and exports expanded 21.4 percent year on year to reach 39.1 trillion yuan (US$ 6.14 trillion) in 2021. SEE ALSO: The rise of children’s cosmetics in China The total trade volume climbed to 39.1 trillion yuan (US$ 6.14 trillion), up 21.4 percent year on year, with exports up 21.2 percent to 21.73 trillion yuan (US$ 3.43 trillion) and imports up 21.5 percent to 17.37 trillion yuan (US$ 2.74 trillion). “China has been at the forefront of economic development and pandemic response globally, and maintained rapid growth in foreign trade, which registered a record high in volume and steady progress in quality,” said Li Kui Wen, the spokesperson of General Administration of Customs. China’s imports and exports with ASEAN, the European Union and the United States gained 19.7 percent, 19.1 percent and 20.2 percent respectively, while its trade with Japan and the Republic of Korea climbed 9.4 percent and 18.4 percent. In addition, its trade volume with economies involved in the Belt and Road Initiative reported an increase of 23.6 percent. China’s exports of medical materials and medicines more than doubled last year, and products related to the stay-at-home economy, such as laptops and home appliances, witnessed a 13.2-percent increase following an already-strong growth in 2020. China’s purchases of intermediate and consumer products overseas gained 24.9 percent and 9.9 percent, respectively, from a year ago in 2020, the GAC data shows. The country’s imports accounted for 12.1 percent of the world’s total in the first three quarters of 2021, up 0.5 percentage points from a year ago. More Chinese enterprises are participating in foreign trade, with a total number of 567,000 Chinese enterprises participating in import and export activities, an increase of 36,000 year-on-year. Among them, the imports and exports of private enterprises reached 19 trillion yuan, an increase of 26.7 percent, accounting for 48.6 percent overall. Meanwhile, the imports and exports of foreign-invested enterprises was 14.03 trillion yuan (US$ 2.2 trillion), an increase of 12.7 percent, and that of Chinese state-owned enterprises reached 5.94 trillion yuan (US$ 934 billion), an increase of 27.7 percent. SEE ALSO: China’s Hainan duty free sales rose 83 percent in 2021 As global demand remains robust, China’s exports are expected to remain strong in the first quarter of 2022. RELATED Tags China foreign trade trends SHARE THIS STORY: [whatsapp] Featured Articles of the Week FIRMENICH PARTNERS WITH HARMAY IN CHINA Staff Writer 1 hour ago Firmenich, a privately-owned fragrance and taste company, announced a new strategic partnership with HARMAY, a new retail brand in China, on 18th Janu… Staff Writer 1 hour ago * Featured TOMMY HILFIGER COLLABORATES AGAIN WITH AAPE BY A BATHING APE Staff Writer 18 hours ago * Featured CHINA’S 2021 FOREIGN TRADE EXCEEDS US$ 6 TRILLION Staff Writer 19 hours ago * Featured STARBUCKS CHINA ANNOUNCES PARTNERSHIP WITH MEITUAN Staff Writer 19 hours ago * Featured CHINESE BEVERAGE COMPANY NOD RAISES A SUPPLEMENTARY PRE-A ROUND OF FINANCING Staff Writer 19 hours ago * Featured WATSONS LAUNCHES VIRTUAL PLAYLAND IN ASIA Staff Writer 19 hours ago Related Posts * Chinese beverage company NOD raises a supplementary Pre-A round of financing 18 Jan 2022 * The rise of children’s cosmetics in China 17 Jan 2022 * JD.com invites dermatologists to share skincare knowledge with Chinese customers 17 Jan 2022 * Japanese sportswear brand Goldwin opens first flagship store in China 14 Jan 2022 * Gen Z leads demand for imported goods in China 14 Jan 2022 * 10 Chinese homegrown brands to watch in 2022 12 Jan 2022 Facebook-f Twitter Linkedin-in Youtube * HOME * About Us * Advertise with us * Consulting * Terms and Conditions * Subscribe Menu * HOME * About Us * Advertise with us * Consulting * Terms and Conditions * Subscribe Copyright © Retail in Asia 2021. * HOME * About Us * Advertise with us * Consulting * Terms and Conditions * Subscribe Menu * HOME * About Us * Advertise with us * Consulting * Terms and Conditions * Subscribe Facebook Twitter Linkedin Youtube Copyright © Retail in Asia 2021.