BEIJING: Facing unprecedented headwinds from COVID-19, China’s foreign trade sector has delivered better-than-expected performance this year, providing a much-needed positive impact on world trade, which is still caught in a recession.
“China’s total foreign trade and its share in the international trade market this year have both notched a historic high,” the Ministry of Commerce (MOC) said Saturday, projecting that the combined export and import value for 2020 will reach around 32 trillion yuan (about 4.9 trillion U.S. dollars). Earlier in October, the World Trade Organization (WTO) predicted in its revised trade forecast that world merchandise trade is expected to fall by 9.2 percent in 2020.
As the pandemic continued to wreak havoc on global economic activities, market watchers noted that the steady expansion of China’s foreign trade will help stabilize international market expectations, restore the global supply chain and beef up market confidence.
Recovery on Track: The epidemic dealt a heavy blow to China’s foreign trade. In the first two months of 2020, the total foreign trade in goods fell 9.6 percent year on year in yuan terms, with exports slumping 15.9 percent and imports down 2.4 percent, data from the General Administration of Customs (GAC) shows.
However, the declining trend was soon reversed amid the country’s firm containment of COVID-19 in the following months, pointing to its strong resilience in the supply chain and manufacturing strength.
In April, China’s goods exports went up 8.2 percent year on year, recording the first monthly positive growth. In June, its foreign trade rose 5.1 percent as exports and imports both saw positive growth, up 4.3 percent and 6.2 percent, respectively. – Agencies
