China maintains commerce, trade growth momentum in 2021: Ministry

02 Feb '22

2 min read

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China sustained its upward momentum in commerce and foreign trade in 2021 amid COVID-19 containment measures, with a stellar performance to achieve stable business operation, according to the ministry of commerce. It has turned the world's second-largest commodity consumption market, with its total trade volume of goods ranking first globally for five consecutive years.

The ministry, in a recent press conference, offered statistics on the country's commerce and foreign trade performance in 2021.

Foreign direct investment into the Chinese mainland, in actual use, expanded by 14.9 per cent YoY to a record high of 1.15 trillion yuan in the year. Investment in the Chinese mainland from countries along the Belt and Road soared by 29.4 per cent.

China's foreign trade exceeded $6 trillion for the first time in 2021. The total import and export of goods expanded by 21.4 per cent YoY to 39.1 trillion yuan. Exports rose by 21.2 per cent, while imports went up by 21.5 per cent.

Last year, China's retail sales of consumer goods rose by 12.5 per cent year on year (YoY) to 44.1 trillion yuan ($6.93 trillion). Consumption re-established itself as the key driver of economic development, accounting for 65.4 per cent of total expenditure, a Chinese government portal reported.

The country’s online sales of physical goods expanded by 12 per cent YoY to 10.8 trillion yuan in 2021, accounting for 24.5 per cent of the total retail sales during the period.

The country's service trade saw faster upgrades, rising by 14.7 per cent YoY to reach 4.7 trillion yuan in the first 11 months of the year.

Fibre2Fashion News Desk (DS)

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