China's imports from Belt and Road countries grow faster than exports

China's imports from "Belt and Road" countries increased faster that of exports for the first time in 2017, according to a think tank report

China's imports from "Belt and Road" countries increased faster that of exports for the first time in 2017, according to a think tank report.

The value of China's imports from Belt and Road countries stood at $666 billion in 2017, an increase of 20 percent year-on-year, or 39 percent of China's total imports value, according to a report compiled by the State Information Center, a State Council think tank.

image credit: internet

In the same year, China's exports to those countries came in at $774.26 billion, a rise of 8.5 percent year-on-year. The growth of imports outpaced exports for the first time since the Belt and Road Initiative was proposed five years ago.

China's combined trade with those countries reached $1.44 trillion, up 13.4 percent year-on-year, 5.9 percentage points faster than China's overall trade growth.

The Belt and Road Initiative was proposed by China in 2013 to boost trade and investment among countries along the ancient Silk Road trade routes from Asia to Europe and Africa.

China's trade with Central Asia countries grew at the fastest rate, followed by Eastern Europe. Countries including Republic of Korea, Vietnam, Malaysia, India and Russia rank among China's top 10 trading partners along the routes, contributing nearly 70 percent of China's trade with Belt and Road countries.

China mainly sells mechanical and electrical products to Belt and Road countries, and imports mechanical and electrical products as well as fossil fuel from them, the report said.

Chinese private companies do the biggest chunk of trade, followed by foreign-invested companies and State-owned firms.

Yu Shiyang, director of the department of big data development under the State Information Center, said that amid rising protectionism by some countries, China's trade with Belt and Road countries had risen at a brisk pace, showing the initiative was being implemented well, featuring free trade flow.

The report covers 71 countries along the Belt and Road summarizing the current trade picture and projecting future trends.

One of China’s leading port city, Ningbo is also pitched in its own effort for the Belt and Road Initiative via the establishment of a Central and Eastern Europe Innovation Center.

For more details, please contact us or visit us at www.egtcp.com.

Popular services in global trade:

Do you need financial service ($100,000) in global trade?

Why not check your partner’s credit score before doing business?

factory inspection/loading monitor/trade assurance

Follow us:

You can also contact eGTCP.com directly via mail (service@egtcp.com) or phone (+86 400-159-8448).

                                                              

China June exports, imports higher than expected as global demand holds strong

·China's June exports rose 11.3 percent, better than expected, on global demand recovery

·China's June imports rose 17.2 percent, also better than expected

·China trade surplus was $42.77 billion, higher than expected

It’s reported that better-than-expected trade figures for the month of June as a recovery in global demand spurred exports. In June, exports from the world's second largest economy posted a 11.3 percent increase from a year ago and a 17.2 percent rise in imports over the same period in dollar terms, Reuters reported citing China's General Administration of Customs.

That left China with a trade balance of $42.77 billion for the month, higher than a Reuters poll forecast of $42.44 billion. Analysts polled by Reuters had expected exports to rise 8.7 percent while imports were predicted to rise 13.1 percent.

Data from China is closely watched by investors amid concerns about a slowdown in growth and a rise in debt levels in the country. The positive trade data in June came after China reported stronger-than-anticipated exports and imports a month ago.

image credit: internet

Imports have been strong in recent months, driven largely by iron ore and other commodities which used to feed a year-long construction boom, while exports have rebounded thanks to stronger global demand after several years of contraction.

"Looking ahead, we expect export growth to slow on uncertainties in external demand due to rising geopolitical risks and the stronger CNY/USD exchange rate in the first half of 2017," Nomura analysts wrote in a note after the data release.

"Import growth is also likely to moderate along with export growth, in our view. The cooling property market (in terms of sales) is likely to lead to slower domestic investment growth, which may also weigh on import growth," the bank's analysts added. China had a $25.4 billion trade surplus with the United States in June, up from $22.0 billion in May, customs data showed on Thursday. According to a Reuters calculation, the surplus with the U.S. was China's highest since October 2015, when it was $25.5 billion.

Chinese as a foreign trade power and eGTCP.com as a general S2B platform which are good chances for you to boost your global trade in China. China is still a strong foreign trade power and as a general S2B platform, egtco.com is a good partner for you to boost your global trade in China.

Free services in global trade:

Follow us:

You can also contact eGTCP.com directly via mail or phone.

Email: service@egtcp.com Tel: +86 400-159-8448