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China’s Foreign Trade Volume Hits Record in 2018

BEIJING – China’s foreign trade volume rose 9.7 percent year-on-year to a record 30.5 trillion yuan in 2018, China’s General Administration of Customs (GAC) said on Monday.
Li Kuiwen, director general of the agency’s Department of Statistics and Analysis, made the announcement at a press conference of the State Council Information Bureau in Beijing.
According to Li, Chinese exports rose 9.9 percent to US$ 2.48 billion, while imports rose 15.8 percent last year, these figures resulted in a trade surplus of $ 351.76 billion, the lowest in the country since 2013.
Asian Investment Bank (AIB) in United Nations infrastructure in Liqun funds investment, Li attributed this growth to a number of policies and measures designed to stimulate steady growth in foreign trade in a context of profound change in the external environment.
He warned, however, that China’s foreign trade growth could slow in 2019 due to a “complex external environment” and many uncertain and volatile factors. In addition, trade protectionism and unilateralism are on the rise in some countries, while global economic growth continues to slow.
The official also said that China’s trade surplus with the United States reached a new record of $323.32 billion in 2018, an increase of 17% over the previous year.
China and the United States began to impose reciprocal tariffs on their products in March 2018. Currently, both parties are trying to negotiate an agreement, the last round of “deep and deep” trade negotiations at the Vice Minister level ended last week.
(Sahar News Monitoring Desk)

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