China's trade volume up 15.9% in Jan-Oct

Containers are seen at Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, Feb 13, 2017. [Photo/Agencies]

BEIJING - China's foreign trade volume rose 15.9 percent year-on-year to 22.52 trillion yuan ($3.39 trillion) in the first ten months of this year, official data showed Wednesday.

Exports increased 11.7 percent to 12.41 trillion yuan, while imports surged 21.5 percent to 10.11 trillion yuan, the General Administration of Customs (GAC) said.

The trade surplus shrank 17.8 percent to 2.3 trillion yuan in the same period.

"China's imports and exports witnessed rapid growth in the first ten months," the GAC said in a statement.

Trade with traditional markets saw fast growth, with exports to the European Union, the United States and Japan up by 16.2 percent, 17.2 percent and 14.2 percent, respectively.

Both the trade volume and the share of private enterprises increased, as their combined volume rose 17.1 percent and accounted for 38.4 percent of the total, larger than the share for the same period of last year.

In October, China's foreign trade rose 10.2 percent to 2.24 trillion yuan, with exports up 6.1 percent and imports up 15.9 percent. The trade surplus shrank 20.3 percent to 254.47 billion yuan.

Exports of machinery, electronics and labor-intensive products continued to expand in the first ten months, while the volume of steel exports dropped 30.4 percent year-on-year to 64.49 million metric tons.