According to data released by the General Administration of Customs on November 7, in the first 10 months of this year, the total value of my country’s foreign trade imports and exports was 34.62 trillion yuan, a year-on-year increase of 9.5%, and foreign trade continued to operate smoothly.
With the growth of China’s foreign trade dropping from 8.3 percent in September to 6.9 percent in October, experts said that external factors such as softening global consumption demand and high inflation will continue to pose challenges to companies at home in the fourth quarter and next year
Meanwhile, the high export base last year is also a factor for the slowing growth rate this year, experts said.
Chinese exporters have been busy upgrading their product mix this year, supported by government support measures and new foreign trade formats such as cross-border e-commerce, despite the Russian-Ukrainian conflict and U.S. interest rate hikes. China’s export trade is no longer driven by products with low industrial added value.
China’s exports had been weighed down by a sluggish Christmas shopping season, high inflation and high interest rates, as well as an uncertain economic outlook in overseas markets. These factors have severely dampened consumer confidence in many parts of the world.