China's foreign trade value at 3.7 trn yuan in November 2023

The exports saw a year-on-year increase of 1.7 percent, reaching 2.1 trillion yuan. Imports also showed a marginal rise of 0.6 percent from the previous year, totalling 1.6 trillion yuan.

Cumulatively, from January to November, China's foreign trade remained stable, equating to last year's figures at 37.96 trillion yuan.

In the first eleven months of the year, the Association of Southeast Asian Nations (ASEAN) maintained its position as China's largest trading partner. Trade with ASEAN countries marginally increased by 0.1 percent year-on-year, amounting to 5.8 trillion yuan and representing 15.3 percent of China's total trade, according to Chinese media reports.

However, trade relations with some of China's other significant partners showed a downturn. Trade with the European Union (EU) fell by 2.2 percent compared to the previous year. More notably, trade with the US saw a 6.9 percent decline during the same period.

In contrast, China's trade with countries participating in the Belt and Road Initiative experienced positive growth, increasing by 2.6 percent year-on-year.

ALCHEMPro News Desk (DP)