China’s foreign trade hits $3.3tn in 7 months; reserves reach $3.2tn

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Beijing

China’s total imports and exports expanded 24.5 percent on a year-on-year basis to $3.3 trillion in the first seven months of the year, while foreign reserves rose to $3.2359 trillion by the end of July, official data showed Saturday.

The trade volume marked a 22.3 percent increase compared with the level during the same period in 2019, data from the General Administration of Customs showed.

Both exports and imports logged double-digit growth in the Jan.-July period, jumping 24.5 percent and 24.4 percent from a year earlier, respectively.

Trade surplus increased 24.8 percent year on year in the first seven months to 1.98 trillion yuan. In July alone, the country’s imports and exports rose 11.5 percent year on year to 3.27 trillion yuan, customs data showed.

On the other hand, China’s foreign exchange reserves rose to $3.2359 trillion at the end of July, up 21.9 billion dollars from a month earlier. The volume went up 0.68 percent from the end of June, according to the State Administration of Foreign Exchange (SAFE).—TLTP

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