China-US Goods Trade Increases 1.8% YOY in Q1-3

October 14, 2020 0:24 am

Beijing (PingWest)—The goods trade value between China and the United States grew 2% on a yearly basis to 2.82 trillion yuan ($418.1 billion) in the first three quarters of this year, according to data released by the General Administration of Customs on Tuesday.

China, in the meantime, exported 2.18 trillion yuan of products to the US, growing 1.8% year-on-year, while it imported 640.86 billion yuan of goods from the US, increasing 2.8% on a yearly basis.

China shipped 1.31 trillion yuan of mechanical and electrical products to the US between January and September, an increase of 1.4% year-on-year accounting for 60% of its total export value to the US during the nine-month period, administration spokesperson Li Kuiwen said at a news conference.

The official said the exports of China's laptops, labor-intensive products, medical materials and medicines to the US surged 14.4%, 4.4% and 32.4% on a yearly basis, respectively, in the first three quarters.

China also imported 91.39 billion yuan of US agricultural products, a growth of 44.4% year-on-year.

Besides, the General Administration of Customs said that China's foreign trade increased 7.5% year on year in the third quarter of this year. Exports jumped 10.2% year on year while imports climbed 4.3% in yuan terms.

The International Monetary Fund on Tuesday projected that China's economy will grow by 1.9% in 2020, 0.9 percentage point above the June forecast, according to its latest World Economic Outlook report.