China's Ministry of Commerce released the latest foreign trade data for the year 2023 on Friday, showing a significant increase in both imports and exports.
According to the data, China's total trade volume reached a record high of $5.2 trillion, representing a 10% increase compared to the previous year. Exports grew by 12% to $2.8 trillion, while imports also saw a 8% increase to $2.4 trillion.
The strong performance of China's foreign trade was attributed to the country's efforts in expanding market access, promoting trade liberalization, and enhancing international cooperation. The Belt and Road Initiative, in particular, played a crucial role in boosting trade with countries along the route.
In terms of trading partners, the European Union remained China's largest trading partner, followed by the United States and ASEAN countries. Trade with emerging markets such as India and Brazil also showed significant growth.
Looking ahead, Chinese officials are optimistic about the prospects of foreign trade in 2024, despite uncertainties in the global economy. They emphasized the importance of further opening up the market, optimizing trade structure, and improving the quality and efficiency of trade to ensure sustainable growth in the future.
