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China’s foreign trade jumps 16%

Beijing - China’s foreign trade jumped year-on-year to €3.4 trillion in the first 10 months of 2018. Imports surged 20.3 percent while exports grew by 12.6 percent

Beijing - China’s foreign trade jumped 16.1 percent year-on-year to €3.4 trillion in the first 10 months of 2018. This was due, reported the China Daily citing a customs official, to the emerging momentum for world economic recovery and to new domestic policies that boosted and stabilized trade and investments.

Imports surged 20.3 percent year-on-year to $1.79 trillion between January and October, while exports grew by 12.6 percent to $2.05 trillion, resulting in a trade surplus of $254.2 billion-down 22.3 percent year-on-year, the General Administration of Customs announced.

Li Kuiwen, director-general of the administration’s Department of Statistics, said China’s imports have maintained relatively rapid growth this year, faster than export growth. The development of imports and exports is more balanced, and the country’s door for further opening-up is also widening.

Li said the first China International Import Expo, being held in Shanghai this week, is a powerful way to support free trade and meet the nation’s growing demand for high-quality goods and services through imports. State-owned industrial equipment manufacturer China National Machinery Industry Corp signed 21 import deals with foreign partners worth a total $8.4 billion in such areas as high-end manufacturing, automobiles and information technology during the expo on Tuesday.

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