CHINA’S total imports and exports expanded 4.7% year on year in the first five months of 2023, showing continued resilience amid sluggish external demand.

Exports grew 8.1% year on year while imports rose 0.5% in the first five months, the General Administration of Customs (GAC) said Wednesday.

In May alone, foreign trade increased 0.5% year on year, marking the fourth consecutive month of foreign trade growth, according to the GAC.

From January to May, trade with member countries of the Regional Comprehensive Economic Partnership agreement witnessed stable growth, accounting for more than 30% of the country’s total foreign trade, GAC data showed.

The growth rate of China’s trade with the Association of Southeast Asian Nations and the European Union stood at 9.9% and 3.6%, respectively.

China’s trade with Belt and Road countries rose 13.2% year on year in the period.

In particular, trade with five Central Asian countries — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan — surged 44% year on year, the GAC said.

In the January-May period, imports and exports by private enterprises jumped 13.1%, accounting for 52.8% of the country’s total.

In terms of the types of goods, exports of mechanical and electrical products expanded 9.5% to account for 57.9% of the total exports.

China has introduced a series of policy measures to stabilize the scale and optimize the structure of foreign trade, which has helped business operators actively respond to the challenges brought by weakening external demand and effectively seize market opportunities, said Lyu Daliang, an official with the GAC.

The Ministry of Commerce said Monday that the country is building a global-oriented and fully open unified domestic market. The unified market will provide various market entities, including foreign-invested enterprises, with a better environment and a bigger arena.

Economic expos, trade expos and special working mechanisms for major foreign investment projects will be leveraged in an improved manner to provide more platforms and better services, according to the ministry.

To keep foreign trade stable, the country will create more opportunities, stabilize trade of vital products and support foreign trade companies.

To improve the foreign trade structure, China will formulate green and low-carbon standards for some foreign trade products, guide enterprises to make good use of cross-border e-commerce retail export-related tax policies and improve the efficiency of customs clearance. (Xinhua)