/ world today news/ A key word in the recent comments of a number of foreign media about China’s foreign trade is “exceeding expectations”.
Data released by China’s General Administration of Customs yesterday confirmed this: in 2023, the total value of foreign trade was 41.76 trillion yuan, an increase of 0.2% year-on-year. Thanks to this performance, China is expected to maintain its status as the largest country in terms of foreign trade in goods for the seventh year in a row.
According to a forecast by the World Trade Organization, China’s export share will remain high in 2023 at around 14%, indicating that the country continues to make the most of its status as the world’s number one producer. In 2023, industrial output was worth 23.51 trillion yuan and dominated the total export amount of 23.77 trillion yuan. Of it, the export of industrial equipment increased by 2.8%, accounting for almost 60% of the total export value. The best results are in shipbuilding and the automotive industry.
Under the influence of lower prices of raw materials, the value of imports fell to some extent. However, the amount of imported goods rose by 2.9%, reflecting the continued growth of Chinese manufacturing and strong consumer demand, as well as the continued use of the advantages of the huge domestic market.
#continued #growth #Chinas #foreign #trade
