CHINA’S total imports and exports expanded 0.4% year on year to 23.55 trillion yuan (US$3.29 trillion) in the first seven months of the year, official data showed yesterday.

Exports grew 1.5% year on year to 13.47 trillion yuan, while imports declined 1.1% from a year earlier to 10.08 trillion yuan, according to the General Administration of Customs.

In July alone, foreign trade dropped 8.3% year on year, with exports down 9.2% and imports down 6.9%, the data showed.

In the January-July period, the Association of Southeast Asian Nations (ASEAN) remained China’s largest trade partner. China’s trade with ASEAN countries rose 2.8% year on year and accounted for 15.3% of the country’s total trade value.

China’s trade with the European Union edged down 0.1% from a year earlier, and the country’s trade with the United States declined 9.6% year on year in the first seven months.

During this period, China’s trade with countries along the Belt and Road amounted to 8.06 trillion yuan, which jumped 7.4% year on year.

Private enterprises saw imports and exports grow 6.7% year on year to 12.46 trillion yuan in the January-July period. The trade value represented 52.9% of the country’s total.

The import and export value of foreign-funded firms and State-owned firms accounted for 30.6% and 16.2% of the country’s total, respectively.   (Xinhua)