China’s foreign trade declined 3.2 percent year-on-year to 14.24 trillion yuan in the first half of 2020, shrinking 1.7 percentage points compared to the yearly decrease of the first five months this year, according to data released by the General Administration of Customs.
In the meantime, the country’s exports dropped by 3 percent on a yearly basis to 7.71 trillion yuan and imports fell by 3.3 percent year-on-year to 6.53 trillion yuan, customs data showed.
The administration said that foreign trade in the first half of this year was better than expected, with both imports and exports registering positive growth in June.
China’s foreign trade surged 5.1 percent on a yearly basis in June, with exports and imports growing 4.3 percent and 6.2 percent, respectively, said the GAC.
The administration noted that imports and exports in the private sector increased against the overall context, playing a more prominent role in maintaining the stable growth of the country’s foreign trade.