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  • Photo taken on April 14, 2020 shows containers at the Lianyungang Port in Lianyungang City, east China's Jiangsu Province.

    Photo taken on April 14, 2020 shows containers at the Lianyungang Port in Lianyungang City, east China's Jiangsu Province. | Photo: Xinhua

Published 7 June 2020
Opinion

In the first five months of 2020, foreign trade of goods dropped by 4.9 percent year on year.

China's exports rose by 1.4 percent year on year in yuan terms to 1.46 trillion yuan (about US$205.74 billion) in May, official data published Sunday revealed.

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However, imports fell by 12.7 percent to 1.01 trillion yuan last month, resulting in a trade surplus of 442.75 billion yuan, the General Administration of Customs (GAC) added. Foreign trade of goods decreased by 4.9 percent year on year in May to 2.47 trillion yuan.

In the first five months of 2020, foreign trade of goods dropped by 4.9 percent year on year to 11.54 trillion yuan, maintaining the same level of decrease during the January-April period.

During the January-May period, ASEAN remained as China's largest trading partner with trade up by 4.2 percent year on year to 1.7 trillion yuan, accounting for 14.7 percent of China's total foreign trade.

Trade with the European Union, the United States, and Japan decreased during the period, GAC data showed.

During the same period, the foreign trade volume of private enterprises expanded by 1.8 percent to 5.11 trillion yuan, accounting for 44.3 percent of China's total foreign trade volumes, up by 2.9 percentage points from the same period last year.

Noting that the COVID-19 pandemic has brought shockwaves to global trade, experts say it is crucial for China to strengthen the implementation of measures to stabilize foreign trade. 

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