Accra:China has reported a 22.3% increase in imports during the first three quarters of this year, with the total reaching 16.74 trillion yuan, approximately 2.5 trillion US dollars. This growth rate surpasses that of exports by 5.9 percentage points.
According to Yemen News Agency, official data from the General Administration of Customs of China, as disseminated by the Xinhua News Agency, revealed that import growth has remained above 20% for seven consecutive months since March. September marked a milestone, with import values exceeding 2 trillion yuan for the first time.
Wang Jun, Deputy Head of the General Administration of Customs, attributed the rapid import growth to the stability of China's economic performance and the benefits of its large consumer market. The shift in Chinese consumption towards higher-quality products has increased demand for premium goods globally.
Wang also noted that the expansion of advanced manufacturing industries has driven up the demand for intermediate goods and key components. Specifically, imports of storage components grew 1.5-fold, integrated circuits rose by 56.6%, and aircraft parts increased by 17.6%. Enhanced production activities have further boosted the demand for raw materials, with imports of metal ores, including iron, aluminum, and nickel, exceeding 1.2 billion tons. Oil and gas imports surpassed 400 million tons within the same period.
An example of tariff policy influencing trade can be seen in the import of frozen strawberries from Egypt. Chu Fuyan, a foreign trade official at Shuanghetai, a food import company in Longkou, Shandong Province, highlighted that tariff reductions from 30 percent to zero have incentivized imports. Since May 1st, the company has imported 1,357 tons of frozen strawberries from Egypt, benefiting from approximately 3.18 million yuan in tariff exemptions.
Wang emphasized that this growing openness enhances opportunities for mutually beneficial economic and trade cooperation, stabilizes global production and supply chains, and provides international companies with more access to the Chinese market.
