China’s imports jumped 20.9 percent year-on-year to 11.29 trillion yuan ($1.71 trillion) during the first 11 months of the year, on the back of strong domestic demand for commodities, electrical and mechanical products, the General Administration of Customs said on Dec 8.
The country purchased 991 million metric tons of iron ore, 386 million metric tons of crude oil and 60.7 million metric tons of natural gas from the global markets during the period, up 6 percent, 12 percent and 26.5 percent from the same period a year ago.
Gao Peiyong, director of the Institute of Economics at the Chinese Academy of Social Sciences in Beijing, said the import scenario remains promising as demand for and prices of big commodities have been rising. It also showed that the recovery in the domestic market has remained stable.
Eager to support its ongoing industrial upgrading boom, China also imported 5.22 trillion yuan worth of mechanical and electrical products, up 14.7 percent from the same period a year earlier, including 1.13 million units of vehicles.
China’s foreign trade volume rose 15.6 percent year-on-year to 25.14 trillion yuan between January and November of 2017, while exports increased 11.6 percent to 13.85 trillion yuan. The trade surplus shrank 16.7 percent to 2.56 trillion yuan during the same period.
Both the trade volume and the share of private enterprises increased, as their combined volume rose 16.9 percent year-on-year and accounted for 38.5 percent of the total, larger than the share for the same period of 2016.
‘Many opportunities also arose from the country’s growing demand for consumption-related products and services, diversified market channels created by the Belt and Road Initiative and free trade deals with partner countries, as well as the hunger for more homemade sophisticated industrial products,’ said Gao Feng, the Ministry of Commerce spokesman.
Source: The Central People’s Government of the People’s Republic of China