China's trade surges in first seven months
China's trade in goods grew significantly in the first seven months of this year, expanding by 17.3 percent year-on-year. The total value of imports and exports reached 30.13 trillion yuan, equivalent to approximately 4.46 trillion US dollars. Import growth continued to outpace export growth. Exports rose by 14 percent to 17.44 trillion yuan, while imports increased by 22 percent, reaching 12.69 trillion yuan. These robust figures are largely driven by a shift towards high-tech and green products. Exports of electromechanical products surged by 21.2 percent, now accounting for 63.8 percent of total exports. Green and low-carbon products showed strong momentum, with electric vehicle exports up 71.2 percent, lithium batteries growing by 35.8 percent, and wind turbine generator sets expanding by 34.8 percent. On the import side, electromechanical products also played a crucial role, with imports rising by 29.7 percent and making up 41.9 percent of the total import value. Imports of bulk commodities increased by 3 percent in volume. Trade with major partners showed varied trends. Trade with ASEAN countries grew by 20 percent to 5.14 trillion yuan.July's performance underscored positive momentum, with monthly import and export volume maintaining above 4 trillion yuan for the fifth consecutive month. The foreign trade surplus for the first seven months reached 687.37 billion US dollars.
