A cargo port in Tianjin, China. (Photo: Xinhua/VNA)
According to the General Administration of Customs of China, between January and May, bilateral trade turnover between China and ASEAN reached 3.02 trillion RMB (approximately USD 420.5 billion), marking a 9.1 per cent year-on-year increase. This growth propelled ASEAN ahead of the European Union and the United States in China’s trade rankings. The EU ranked second with trade totalling 2.3 trillion RMB (up 2.9 per cent), while the US came in third.
China’s total foreign trade during the same period stood at 17.94 trillion RMB, representing a 2.5 per cent increase compared to a year earlier. Of this, exports grew by 7.2 per cent to 10.67 trillion RMB, while imports declined by 3.8 per cent to 7.27 trillion RMB.
In May alone, China’s trade volume reached 3.81 trillion RMB. Exports climbed 6.3 per cent to 2.28 trillion RMB, whereas imports fell 2.1 per cent to 1.53 trillion RMB.
Private enterprises continued to play a vital role in China’s foreign trade, contributing 57.1 per cent of the total value. Their export performance was particularly strong, accounting for 65.4 per cent, or 6.97 trillion RMB, of China’s total exports.
The latest figures underscore the resilience of China’s foreign trade sector and the momentum of its ongoing economic recovery. The growth in trade has been supported by recent high-level economic and trade discussions, particularly with the United States.