China‘s total trade volume with the US fell 9 percent to 2.42 trillion yuan ($340 billion), while trade surplus expanded 7.7 percent to 1.33 trillion yuan from January to August amid the escalating trade war.
The US was China‘s third largest trade partner in the first eight months, accounting for 12 percent of China‘s total foreign trade volume, according to the data released by the General Administration of Customs on Sunday.
The declining proportion of China/US trade in China‘s overall trade volume tells the diminishing leverage Washington could impact China‘s economy.
China‘s exports to the US fell 3.7 percent to 1.88 trillion yuan, imports from the US fell 23.5 percent to 545.01 billion yuan from January to August, and trade surplus was 1.33 trillion yuan.
The trade surplus expansion with the US was narrowed from the first half of the year‘s 12 percent, and 11.1 percent from the first seven months.
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China‘s trade with countries grew faster than the average level, and its trade with major markets like the EU, countries and Japan kept growing in the first eight months.
China‘s trade with the EU was up 9.7 percent to 3.15 trillion yuan in first eight months. The EU isChina‘s largest trade partner, accounting for 15.6 percent of China‘s total trade volume.
ASEAN countries ranked as China‘s second largest trade partner in the first eight months. The total trade volume grew 11.7 percent to 2.74 trillion yuan, accounting for 13.6 percent of China‘s total trade.
China‘s soybean imports were 56.32 million tons in the first eight months, declining 9.2 percent. China‘s soybean imports in the first half year were down 14.7 percent to 32.87 million tons, and down 11.2 percent to 46.90 million tons in the first seven months.