Close  

China trade volume falls 7.0% in 2015 — Customs

/ 11:34 AM January 13, 2016
China Trade

China’s customs has reported that the volume of its trade has fallen seven percent year on year. AP FILE PHOTO

BEIJING, China — China’s total trade volume fell seven percent year-on-year to 24.59 trillion yuan (around $3.74 trillion) in 2015, Customs said Wednesday, as slowing growth in the world’s second-largest economy and plunging commodity prices took their toll.

It was far below the government’s target of six percent growth in trade, and the fourth year in a row that external commerce had missed its goal.

ADVERTISEMENT

China’s imports slumped 13.2 percent on the previous year to 10.45 trillion yuan, Customs said, while exports were down 1.8 percent to 14.14 trillion yuan.

READ: China warns vs rival free trade pacts

FEATURED STORIES

The figures put in doubt China’s title as the world’s biggest trader in goods. US trade figures will not be released until February, but for the first 11 months of the year US trade in goods amounted to $3.48 trillion on a total balance of payments basis, according to figures from the US census bureau.

Nonetheless a spokesman for China’s Customs said in a statement that “foreign trade of private enterprises shows vitality”.

“Progress has been made in efforts to diversify trade partners,” the spokesman added. The European, US and the Association of South-East Asian Nations are China’s top three trading partners.

China’s annual trade surplus leaped 56.7 percent to 3.69 trillion yuan, Customs said.

READ: Shanghai volatile as China fears persist

December’s figures offered a rare bright spot for the economy, with exports rising 2.3 percent year-on-year to 1.43 trillion yuan.

Imports fell 4.0 percent to 1.05 trillion yuan in the month, with the surplus jumping 24.7 percent to 382.05 billion yuan.

ADVERTISEMENT

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, China economy, China slowdown, China trade, News
For feedback, complaints, or inquiries, contact us.
lifestyle

This jewelry designer is also an architect

November 22, 2019 05:35 AM

sports

Becoming his own man

November 22, 2019 05:30 AM

business

PDIC to sue AMA Bank brass, employees

November 22, 2019 05:26 AM



© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.