On November 10, China's Ministry of Commerce (MOC) stated at a press conference that China’s foreign trade will likely maintain stable movement with support from the government’s foreign trade policies.
In October this year, China’s total foreign trade value amounted to $307.299 billion, indicating a month-on-month decrease of 6.1 percent and a year-on-year decrease of 4.9 percent.
In the January-October period of the current year, China’s total foreign trade value amounted to $2.981481 trillion, down 7.6 percent year on year. With China’s foreign trade promotion measures gradually coming into effect and with its foreign trade structure being optimized, the China's foreign trade will likely see improvements and move on stable trend even though the growth rate in the January-October this year period was negative, the MOC stated.
The MOC also commented that China’s exports to the EU and Japan have increased. In the January-October period, the value of China’s exports to the EU and Japan amounted to RMB 1.82 trillion ($0.26 trillion) and RMB 694.9 billion ($102.01 billion), up 1.0 percent and 0.5 percent year on year, respectively. In addition, in the given period China increased its import volumes of 10 commodities including crude oil, iron ore, natural gas and copper ore concentrate, while import prices decreased, leading to overall cost savings of about RMB 423.2 billion ($62.12 billion).