China's goods trade value from January to October increased by 5.2 percent year on year to reach 36.02 trillion yuan (about 5.07 trillion U.S. dollars), the General Administration of Customs (GAC) said on Thursday.
According to customs statistics, exports rose to 20.8 trillion yuan (about 2.93 trillion U.S. dollars), up 6.7 percent from the previous year, while imports grew to 15.22 trillion yuan (about 2.14 trillion U.S. dollars), a year-on-year increase of 3.2 percent.
Exports of mechanical and electrical products reached 12.36 trillion yuan (about 1.74 trillion U.S. dollars), up 8.5 percent and accounting for 59.4 percent of total exports.
Notably, exports of ships, automobiles, and motorcycles surged by 74.9 percent, 20 percent, and 24.6 percent respectively. Household appliances and general machinery equipment exports also showed robust growth, up 16.1 percent and 14.5 percent respectively.
Imports showed a good performance as well in the first ten months this year.
Imports of energy products and minerals increased by 5.1 percent and 4.9 percent respectively. Imports of mechanical and electrical products reached 5.75 trillion yuan (about 808.18 billion U.S. dollars), growing by 8.6 percent, with that of aircraft parts and electronic components jumping by 13.7 percent and 11.5 percent respectively.
"In the context of a package of incremental policies working together, the growth rate of imports and exports in October accelerated, nearly four percentage points higher than the September figure. In the first ten months this year, China's foreign trade grew steadily, with continuous expansion in scale and optimization of structure, making it possible to achieve the annual target of stable growth in both quality and quantity," said Lyu Daliang, director of the Statistical Analysis Department under the General Administration of Customs.
In Rizhao, a city in east China's Shandong Province, an automobile manufacturer reported significant export growth from January to October.
The company's export value reached 260 million yuan (about 36.24 million U.S. dollars), up by over 50 percent year on year. The automated assembly line produces a branded light truck every three minutes, with exports reaching over 40 countries and regions.
"We've obtained about 900 invention patents and utility model patents. Our diesel tricycles captured 80 percent of the overseas market," said Yu Zhenjiang, head of the company.
As the company's brand gradually wins the international market, the continuous increase in overseas sales provides a steady stream of motivation for its research and development.
China's foreign trade increase 5.2 percent in first 10 months, extending stable growth
