China’s foreign trade companies’ better performances in the third quarter helped raise their confidence and expectations regarding trade prospects for the whole year, revealed a survey conducted by the China Council for the Promotion of International Trade.
The survey report about the general situation of China’s foreign trade in the third quarter showed that 45.1 percent of the surveyed foreign trade enterprises expressed that their confidence in foreign trade development gradually recovered in the third quarter, and 30.31 percent of foreign trade enterprises expected to achieve year-on-year growth in annual trade volume, which is 4.09 percentage points higher than that in the second quarter.
According to the report, ASEAN has become China’s largest source market of foreign trade orders, especially after the implementation of the Regional Comprehensive Economic Partnership (RCEP).
In the third quarter, the top three main source markets of foreign trade enterprises’ new orders were ASEAN, the EU and the US, accounting for 30.6 percent, 30.55 percent and 25.29 percent, respectively.
“The effects of policy packages for economic and foreign trade stabilisation began to show in the third quarter. The confidence and expectations of China’s foreign trade enterprises have improved significantly, continuously displaying a strong resilience,” said Sun Xiao, a spokesman for the council.
The export volume and profit of foreign trade enterprises both improved in the third quarter. The trade volume of 22.69 percent of these enterprises increased, and the profits of 19.52 percent of the enterprises surged month on month. The companies in high value-added industries reported significant improvements in export profits, according to the findings of the survey.
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