China remained biggest trading country in 2019

China remained biggest trading country in 2019

Trade surplus of 2.92 trillion Yuan

China remained biggest trading country in 2019 by posting a 3.4% growth rate and a total foreign trade volume of 31.54 trillion Yuan (about $4.6 trillion). The WTO data shows that China performed better compare to other countries in the list of best trading countries.

Official data from China showed the country’s exports grew 5% year-on-year to 17.23 trillion Yuan last year while imports climbed 1.6% to 14.31 trillion Yuan- with trade surplus of 2.92 trillion Yuan.

China’s Deputy Head of the General Administration of Customs Zou Zhiwu admitted that 2019 was “complex and tough year indeed”.

 It was tough year for China’s trade as   global economic growth continuously slowing and challenges mounting. He further said that against such a backdrop, China still scored steady growth and maintained momentum for achieving better quality.

 Zou pointed to a few fresh trends in Chinese foreign trade. “Private firms are playing a larger part in foreign trade, overtaking foreign-funded enterprises to become the biggest contributor to China’s foreign trade for the first time.”

He said that the capability of private firms exploring emerging markets eye-catching. China has increased trade with countries in Latin America and Africa, as well as the Association of Southeast Asian Nations (ASEAN) members in 2019. 

China’s efforts to look for new markets paid back well.  

In 2019, ASEAN overtook US to become China’s second-largest trading partner, while trade with countries participating in the Belt and Road Initiative picked up 10.8% to 9.27 trillion Yuan.

                                                     Business correspondent