Pakistan China Trade
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ISLAMABAD – A centre dedicated to China-Pakistan trade and investment cooperation was unveiled by the Pakistani Ambassador in China Moin-ul-Haque at an unveiling ceremony in Shenzhen, according to China Economic Net (CEN).
Located at the Shenzhen Hi-tech Park, the centre “covers an area of 4000m2 with an investment of RMB 30 million and is estimated to start operation in May,” Jian Peng, Pakistan’s honorary investment counsellor in China told CEN in an interview.
Jian noted the centre will act as a permanent showroom for Pakistan, with multiple functions to promote bilateral collaboration. “It will primarily serve the purposes of Pakistani commodity display, distribution channel development, and commercial liaison establishment,” he added.
The honorary investment counsellor said that the platform will also be “a window” to show Pakistani history, culture and art as well as “a bridge” for the people of the two countries to communicate with each other.
It is learned that the trade and investment centre will be jointly operated by the commercial sections of the Pakistani embassy in China and the Pakistani Consulate in Guangzhou, and Chinese operators.
In a post on Twitter-like Weibo, the Pakistani embassy said that the centre will be “a significant platform for strengthening Pakistan- China economic ties.”
The launching ceremony was also attended by Ghulam Qadir, Commercial Counsellor in the Embassy of Pakistan, Rabbia Nasir, Third Secretary of the Embassy, Sardar Muhammad, Head of Mission/Acting Consul General of Consulate General of Pakistan in Guangzhou, and Muhammad Irfan, Commercial Counsellor of Consulate General of Pakistan in Guangzhou.
China-Pakistan trade centre unveiled in Shenzhen
February 8, 2023
ISLAMABAD – A centre dedicated to China-Pakistan trade and investment cooperation was unveiled by the Pakistani Ambassador in China Moin-ul-Haque at an unveiling ceremony in Shenzhen, according to China Economic Net (CEN).
Located at the Shenzhen Hi-tech Park, the centre “covers an area of 4000m2 with an investment of RMB 30 million and is estimated to start operation in May,” Jian Peng, Pakistan’s honorary investment counsellor in China told CEN in an interview.
Jian noted the centre will act as a permanent showroom for Pakistan, with multiple functions to promote bilateral collaboration. “It will primarily serve the purposes of Pakistani commodity display, distribution channel development, and commercial liaison establishment,” he added.
The honorary investment counsellor said that the platform will also be “a window” to show Pakistani history, culture and art as well as “a bridge” for the people of the two countries to communicate with each other.
It is learned that the trade and investment centre will be jointly operated by the commercial sections of the Pakistani embassy in China and the Pakistani Consulate in Guangzhou, and Chinese operators.
In a post on Twitter-like Weibo, the Pakistani embassy said that the centre will be “a significant platform for strengthening Pakistan- China economic ties.”
The launching ceremony was also attended by Ghulam Qadir, Commercial Counsellor in the Embassy of Pakistan, Rabbia Nasir, Third Secretary of the Embassy, Sardar Muhammad, Head of Mission/Acting Consul General of Consulate General of Pakistan in Guangzhou, and Muhammad Irfan, Commercial Counsellor of Consulate General of Pakistan in Guangzhou.
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In a significant development for Pakistan's rice industry, the country's rice exports to China have surged by 53% in the year 2022.
This increase is an encouraging sign for Pakistan, which has been striving to enhance its exports to China, one of the world's largest markets.
The growth in Pakistan's rice exports to China is largely attributed to the recent trade agreement between the two countries. Under the agreement, China has granted access to Pakistani rice exports and reduced import tariffs, making it easier for Pakistani rice exporters to enter the Chinese market.
Pakistan's rice is highly regarded for its superior quality, and the Chinese market has traditionally been dominated by Indian rice.
However, the recent surge in Pakistani rice exports to China is expected to alter this landscape, with Pakistani rice exporters seeking to capture a larger share of the Chinese market.
In a significant development for Pakistan's rice industry, the country's rice exports to China have surged by 53% in the year 2022.
This increase is an encouraging sign for Pakistan, which has been striving to enhance its exports to China, one of the world's largest markets.
The growth in Pakistan's rice exports to China is largely attributed to the recent trade agreement between the two countries. Under the agreement, China has granted access to Pakistani rice exports and reduced import tariffs, making it easier for Pakistani rice exporters to enter the Chinese market.
Pakistan's rice is highly regarded for its superior quality, and the Chinese market has traditionally been dominated by Indian rice.
However, the recent surge in Pakistani rice exports to China is expected to alter this landscape, with Pakistani rice exporters seeking to capture a larger share of the Chinese market.
ghazi52
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Pakistan's rice export to China in 2022 surpassed USD 455 million with a volume of more than one million tonnes, for the first time between China-Pakistan rice trade, said Ghulam Qadir Commercial Counsellor at Pakistan's Embassy Beijing, China.
Ghulam Qadir indicated that according to the General Administration of Customs of the People’s Republic of China (GACC), last year, bilateral trade in agriculture products increased significantly and China imported more than 1.19 million tons of different types of rice from Pakistan, an increase of 53% year on year.
“Our rice exports to China surpassed one million tons for the first time, due to facilitation from both governments and hard work of businessmen. With the opening up of China, these exports are forecasted to grow more”, he added.
Pakistan's rice export to China in 2022 surpassed USD 455 million with a volume of more than one million tonnes, for the first time between China-Pakistan rice trade, said Ghulam Qadir Commercial Counsellor at Pakistan's Embassy Beijing, China.
Ghulam Qadir indicated that according to the General Administration of Customs of the People’s Republic of China (GACC), last year, bilateral trade in agriculture products increased significantly and China imported more than 1.19 million tons of different types of rice from Pakistan, an increase of 53% year on year.
“Our rice exports to China surpassed one million tons for the first time, due to facilitation from both governments and hard work of businessmen. With the opening up of China, these exports are forecasted to grow more”, he added.
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BEIJING: China remains Pakistan’s largest trading partner during the first quarter of the ongoing fiscal year 2022-23 and the leading investor in Pakistan in the first five months of FY 2022-23, contributing 23.83%, or $102.5 million to its FDI.
It is expected as special economic zones (SEZs) under the umbrella of CPEC are being established, they will attract more FDI for Pakistan in the near future not only from China, but also from other countries.
“From 2013 to 2022, the volume of trade in goods between China and BRI countries has doubled from US $1.04 trillion to US $2.07 trillion, with an average annual growth rate of 8%”, said Chen Chunjiang, Assistant Minister of Commerce, China said in a press conference held here, according to Gwadar Pro.
In the same period, China’s cumulative bilateral investment in BRI countries exceeded US $270 billion, he added.
He briefed the audience that fruitful results have been achieved since BRI was put forward ten years ago. By the end of 2022, Chinese companies had invested a total of $57.13 billion in overseas economic and trade cooperation zones in BRI countries, creating 421,000 jobs.
From 2013 to 2022, over half of China’s contracted projects abroad are in BRI countries, with the total value of new contracts signed and the total turnover of completed projects in BRI countries exceeding US $1.2 trillion and US $800 billion respectively.
Mr. Chen said in the next step China will continue to deepen and consolidate economic and trade cooperation under the Belt and Road Initiative.
“The government will deepen its involvement in international industrial cooperation and optimize two-way investment structures. China aims to promote the signing of free trade agreements with more countries and accelerate the development of a free trade zone network covering the entire BRI-related region,” he said.
Green development, digital economy, and blue economy will be put high on the agenda of China’s cooperation with BRI countries, he shared. China will make cooperation greener in infrastructure, energy, industry, and trade. “Silk Road E-commerce” pilot zones will be set up to foster a new mode of business.
Data shows that despite the pandemic restrictions, trade volume has been on an upward trajectory in the past 3 years. In 2022, Pakistan’s exports of seafood to China increased by 42%, rice by 53%.
In the first nine months of 2022, Pakistan’s exports to China were nearly 20% higher than in the entire year of 2018, showcasing the catalyzing effect of the China-Pakistan Free Trade Agreement (CPFTA).
China remains Pakistan’s largest trading partner in 2022-23
March 7, 2023BEIJING: China remains Pakistan’s largest trading partner during the first quarter of the ongoing fiscal year 2022-23 and the leading investor in Pakistan in the first five months of FY 2022-23, contributing 23.83%, or $102.5 million to its FDI.
It is expected as special economic zones (SEZs) under the umbrella of CPEC are being established, they will attract more FDI for Pakistan in the near future not only from China, but also from other countries.
“From 2013 to 2022, the volume of trade in goods between China and BRI countries has doubled from US $1.04 trillion to US $2.07 trillion, with an average annual growth rate of 8%”, said Chen Chunjiang, Assistant Minister of Commerce, China said in a press conference held here, according to Gwadar Pro.
In the same period, China’s cumulative bilateral investment in BRI countries exceeded US $270 billion, he added.
He briefed the audience that fruitful results have been achieved since BRI was put forward ten years ago. By the end of 2022, Chinese companies had invested a total of $57.13 billion in overseas economic and trade cooperation zones in BRI countries, creating 421,000 jobs.
From 2013 to 2022, over half of China’s contracted projects abroad are in BRI countries, with the total value of new contracts signed and the total turnover of completed projects in BRI countries exceeding US $1.2 trillion and US $800 billion respectively.
Mr. Chen said in the next step China will continue to deepen and consolidate economic and trade cooperation under the Belt and Road Initiative.
“The government will deepen its involvement in international industrial cooperation and optimize two-way investment structures. China aims to promote the signing of free trade agreements with more countries and accelerate the development of a free trade zone network covering the entire BRI-related region,” he said.
Green development, digital economy, and blue economy will be put high on the agenda of China’s cooperation with BRI countries, he shared. China will make cooperation greener in infrastructure, energy, industry, and trade. “Silk Road E-commerce” pilot zones will be set up to foster a new mode of business.
Data shows that despite the pandemic restrictions, trade volume has been on an upward trajectory in the past 3 years. In 2022, Pakistan’s exports of seafood to China increased by 42%, rice by 53%.
In the first nine months of 2022, Pakistan’s exports to China were nearly 20% higher than in the entire year of 2018, showcasing the catalyzing effect of the China-Pakistan Free Trade Agreement (CPFTA).
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Apr 29, 2023
QINGDAO (China Economic Net) ... Pakistan's sesame exports have increased from 100,000 tons in 2020 to 150,000 tons in 2021 after being allowed to export to China. It is expected to be a bumper crop as last year sellers Sowing had increased by 25 percent since getting better prices. These views were expressed by Ms. Li Yuanyuan, Director of the Greater China Region of JKT Foods, an agricultural produce trading company, after the China International Sesame Conference held last week in the coastal city of Qingdao, China Economic Net (CEN). ) in an interview.
"Before Pakistani sesame was allowed to enter China, most of our products were sold to the Middle East," he said. China offers a vast market to Pakistani sesame.
He told CEN that under good climatic conditions, consistent quality, free from pesticide residues and clean color of Pakistani sesame gives it a competitive edge in the international market.
Also, shipping to China is the fastest, Ms Li told CEN. Direct ship can reach Chinese port in 12 to 14 days.
Pakistani sesame seeds hit the Chinese market around October every year, so there will be plenty of time to sell before the Chinese Lunar New Year, which is usually a big target for consumption.
That being said, the arrival of sesame in the Pakistani market coincides with the rainy season, Ms Lee added. If it rains, the quality of the sesame will be compromised, and Chinese buyers can only choose sesame from other countries as a substitute.
Pakistan exports 80% of the total production of sesame seeds. At present, Iran and China are the major buyers of Pakistan's sesame but are gaining market share due to the increase in exports from other countries.
China's sesame imports account for about 1/3 of world production. As of 2020, its import has crossed one million tonnes for three consecutive years, providing a huge market to Pakistani producers.
Sesame production in Pakistan is also increasing rapidly. In recent years, the use of hybrid varieties has increased the sesame harvest from a mere 36,000 tonnes in 2019 to 150,000 tonnes in 2022 despite devastating floods. This increase is mainly due to the hybrid variety as it has higher demand and better quality than the farm variety, which has reduced in size by up to 50% due to lower demand, quality issues and higher FFA value.
But it is difficult to predict the overall harvest this year because the weather plays a big role at this time, Ms Lee said.
He told CEN that currently most Pakistani sesame exported to China is raw sesame. In the next few years, as Pakistan's sesame processing technology develops, highly processed sesame such as colored sesame and dehulled sesame are expected to gain more popularity in the sugar market.
Chinese importers eye Pakistani sesame production recovery
Apr 29, 2023
QINGDAO (China Economic Net) ... Pakistan's sesame exports have increased from 100,000 tons in 2020 to 150,000 tons in 2021 after being allowed to export to China. It is expected to be a bumper crop as last year sellers Sowing had increased by 25 percent since getting better prices. These views were expressed by Ms. Li Yuanyuan, Director of the Greater China Region of JKT Foods, an agricultural produce trading company, after the China International Sesame Conference held last week in the coastal city of Qingdao, China Economic Net (CEN). ) in an interview.
"Before Pakistani sesame was allowed to enter China, most of our products were sold to the Middle East," he said. China offers a vast market to Pakistani sesame.
He told CEN that under good climatic conditions, consistent quality, free from pesticide residues and clean color of Pakistani sesame gives it a competitive edge in the international market.
Also, shipping to China is the fastest, Ms Li told CEN. Direct ship can reach Chinese port in 12 to 14 days.
Pakistani sesame seeds hit the Chinese market around October every year, so there will be plenty of time to sell before the Chinese Lunar New Year, which is usually a big target for consumption.
That being said, the arrival of sesame in the Pakistani market coincides with the rainy season, Ms Lee added. If it rains, the quality of the sesame will be compromised, and Chinese buyers can only choose sesame from other countries as a substitute.
Pakistan exports 80% of the total production of sesame seeds. At present, Iran and China are the major buyers of Pakistan's sesame but are gaining market share due to the increase in exports from other countries.
China's sesame imports account for about 1/3 of world production. As of 2020, its import has crossed one million tonnes for three consecutive years, providing a huge market to Pakistani producers.
Sesame production in Pakistan is also increasing rapidly. In recent years, the use of hybrid varieties has increased the sesame harvest from a mere 36,000 tonnes in 2019 to 150,000 tonnes in 2022 despite devastating floods. This increase is mainly due to the hybrid variety as it has higher demand and better quality than the farm variety, which has reduced in size by up to 50% due to lower demand, quality issues and higher FFA value.
But it is difficult to predict the overall harvest this year because the weather plays a big role at this time, Ms Lee said.
He told CEN that currently most Pakistani sesame exported to China is raw sesame. In the next few years, as Pakistan's sesame processing technology develops, highly processed sesame such as colored sesame and dehulled sesame are expected to gain more popularity in the sugar market.
ghazi52
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More exports from Pakistan will boost confidence of Chinese enterprises, said Moinul- Haque, Pakistani Ambassador to China during his meeting with traders and businessmen from 50 enterprises in Sichuan and Chongqing area here at the China-Pakistan Economic and Cultural Exchange Incubation Centre.
“We will soon set up a platform between Sichuan and Punjab to connect the business community of the two places. We invite you all to be part of that,” he said according to a report published by Gwadar Pro on Wednesday.
Commercial Counsellor, Ghulam Qadir, also attended the meeting and introduced some new progress and potentials of Pak-China cooperation.
“Agriculture is a key area. We are very strong in this sector. I would like to share with you that protocol for exporting Pakistan’s dairy products is very near completion. It will open a market of $10 billion.
Another related sector is meat, we are all set to export Pakistani beef for the first time to China in less than a month. Our protocol on red pepper and other products will also be approved. For example, the first batch of cherry buyers from 18 Chinese enterprises has arrived in Pakistan.”
Ambassador Haque highlights boost in confidence for Chinese enterprises with increased exports
May 18, 2023
More exports from Pakistan will boost confidence of Chinese enterprises, said Moinul- Haque, Pakistani Ambassador to China during his meeting with traders and businessmen from 50 enterprises in Sichuan and Chongqing area here at the China-Pakistan Economic and Cultural Exchange Incubation Centre.
“We will soon set up a platform between Sichuan and Punjab to connect the business community of the two places. We invite you all to be part of that,” he said according to a report published by Gwadar Pro on Wednesday.
Commercial Counsellor, Ghulam Qadir, also attended the meeting and introduced some new progress and potentials of Pak-China cooperation.
“Agriculture is a key area. We are very strong in this sector. I would like to share with you that protocol for exporting Pakistan’s dairy products is very near completion. It will open a market of $10 billion.
Another related sector is meat, we are all set to export Pakistani beef for the first time to China in less than a month. Our protocol on red pepper and other products will also be approved. For example, the first batch of cherry buyers from 18 Chinese enterprises has arrived in Pakistan.”
ghazi52
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Two new air cargo routes have been inaugurated recently
In a milestone move to bolster trade ties between China and Pakistan, two new air cargo routes have been inaugurated recently between the two countries, according to a statement released by Nanning Customs District of China on May 22.
It is learned that the new air routes will operate between Nanning, capital of China’s southwest autonomous region of Guangxi, and the Pakistani cities of Karachi and Lahore.
As per the announcement, the first freight flight between Nanning and Lahore took off on the early morning of May 16th, marking the first air freight route between Guangxi and Pakistan, and the following day, a second cargo route from Nanning to Karachi was launched.
The Nanning-Karachi route is set to operate three times a week — on Mondays, Wednesdays, and Fridays, while the Nanning-Lahore route is scheduled to run four times a week — on Tuesdays, Thursdays, Saturdays, and Sundays, overseas business manager of Guangxi Civil Aviation Industry Development Co., Ltd told the press.
The reporter learns that flights from Karachi/ Lahore to Nanning will primarily transport Pakistani fruits and seafood to China, and those from Nanning to Karachi/ Lahore will deliver Chinese clothing accessories and other goods to the Pakistani market.
It is pertinent to mention that Pakistan has enhanced collaboration with Guangxi over the past few years as a growing number of Pakistani enterprises increase their presence in business activities and exhibitions such as the China-ASEAN Expo (CAEXPO) in the region.
Two new air cargo routes have been inaugurated recently
In a milestone move to bolster trade ties between China and Pakistan, two new air cargo routes have been inaugurated recently between the two countries, according to a statement released by Nanning Customs District of China on May 22.
It is learned that the new air routes will operate between Nanning, capital of China’s southwest autonomous region of Guangxi, and the Pakistani cities of Karachi and Lahore.
As per the announcement, the first freight flight between Nanning and Lahore took off on the early morning of May 16th, marking the first air freight route between Guangxi and Pakistan, and the following day, a second cargo route from Nanning to Karachi was launched.
The Nanning-Karachi route is set to operate three times a week — on Mondays, Wednesdays, and Fridays, while the Nanning-Lahore route is scheduled to run four times a week — on Tuesdays, Thursdays, Saturdays, and Sundays, overseas business manager of Guangxi Civil Aviation Industry Development Co., Ltd told the press.
The reporter learns that flights from Karachi/ Lahore to Nanning will primarily transport Pakistani fruits and seafood to China, and those from Nanning to Karachi/ Lahore will deliver Chinese clothing accessories and other goods to the Pakistani market.
It is pertinent to mention that Pakistan has enhanced collaboration with Guangxi over the past few years as a growing number of Pakistani enterprises increase their presence in business activities and exhibitions such as the China-ASEAN Expo (CAEXPO) in the region.
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China's trade surge in first five months of 2023
By Imran Khalid | Gwadar Pro
Jun 10, 2023
China's economic prowess has once again corroborated its resurgence, with recent data from the General Administration of Customs (GAC) demonstrating the country's impressive trade performance. In a clear testament to China's robust economic policies, the country's exports surged by a remarkable 8.1 percent in yuan-denominated terms in the first 5 months, soaring to a staggering 9.62 trillion yuan ($1.35 trillion).
Equally noteworthy is the growth of imports, which experienced a 0.5 percent year-on-year increase, reaching 7.15 trillion yuan. It is vital that China's foreign trade sector has undergone substantial improvements, evident in the remarkable growth observed in its trade relations with key partners. The Association of Southeast Asian Nations (ASEAN) continues to occupy a prominent position as China's largest trade partner.
Impressively, bilateral trade between China and the ASEAN bloc has surged by a remarkable 9.9 percent, reaching an impressive 2.59 trillion yuan. This remarkable achievement represents a significant 15.4 percent of China's total trade volume. Furthermore, China's trade collaboration with the European Union (EU), its second-largest trade partner, has also flourished. The GAC data reveals a robust year-on-year growth of 3.6 percent in trade with the EU, amounting to an impressive 2.28 trillion yuan.
These figures undoubtedly illustrate the amplifying strength of China's trade relationships on a global scale. China's unwavering commitment to economic growth and trade expansion is evident in the recent data, reaffirming its status as a global economic powerhouse. As the nation continues to foster strong trade ties with its partners, the prospects for China's economy appear even more promising.
Of particular importance is China's flourishing trade with countries along the Belt and Road Initiative, where a remarkable 13.2 percent year-on-year increase was recorded, amounting to a substantial 5.78 trillion yuan. Furthermore, trade with five Central Asian nations experienced an astonishing surge of 44 percent, showcasing the robustness of China's economic engagement in the region.
Equally impressive is China's foreign trade with fellow members of the Regional Comprehensive Economic Partnership (RCEP), which saw a notable 4.5 percent year-on-year growth, reaching an impressive 5.11 trillion yuan.
This data underscores China's commitment to enhancing its trade networks and fostering stronger ties with regional partners. China's staunch dedication to international trade and economic cooperation is clearly bearing fruit, as evident in these remarkable figures.
China's foreign trade landscape has experienced a remarkable shift, with private enterprises emerging as major contributors to the nation's economic success, as revealed by the GAC. In the first five months alone, the trade volume of private firms surged by an impressive 13.1 percent year-on-year, reaching a substantial 8.86 trillion yuan.
This remarkable achievement accounted for 52.8 percent of China's total trade during the period, marking a noteworthy increase of 3.9 percentage points compared to the previous year. Against the backdrop of mounting external challenges, China's foreign trade continued to thrive. In May alone, trade grew by 0.5 percent year-on-year, amounting to an impressive 3.45 trillion yuan.
Although exports experienced a slight decline of 0.8 percent year-on-year, reaching 1.95 trillion yuan, imports recorded a robust growth of 2.3 percent year-on-year, totaling 1.5 trillion yuan. These figures underscore the resilience and adaptability of China's private enterprises, which have played a pivotal role in driving the nation's trade expansion. Despite global uncertainties, China's foreign trade sector remains vibrant, bolstering the nation's position as an economic powerhouse and exemplifying the agility and determination of its private sector.
Similarly, China's export sector continues to showcase its strength, with both mechanical and electrical products and labor-intensive products experiencing significant growth. In the first five months, China's export of mechanical and electrical products reached a remarkable 5.57 trillion yuan, accounting for an impressive 57.9 percent of the total export value.
Recognizing the importance of maintaining stability in foreign trade, the Chinese government, through a State Council meeting held on April 7, had outlined a comprehensive policy mix to support enterprises in securing orders and expanding their market share. The focus lies on stabilizing exports to developed economies while also encouraging companies to explore opportunities in developing countries and regional markets like the Association of Southeast Asian Nations (ASEAN).
This strategic approach by the Chinese government reflects its commitment to fostering resilience and adaptability in the face of evolving global trade dynamics. By diversifying export destinations and strengthening trade ties with both established and emerging markets, China not only ensures the stability of its export sector but also opens up new avenues for economic growth.
China's trade surge in first five months of 2023
By Imran Khalid | Gwadar Pro
Jun 10, 2023
China's economic prowess has once again corroborated its resurgence, with recent data from the General Administration of Customs (GAC) demonstrating the country's impressive trade performance. In a clear testament to China's robust economic policies, the country's exports surged by a remarkable 8.1 percent in yuan-denominated terms in the first 5 months, soaring to a staggering 9.62 trillion yuan ($1.35 trillion).
Equally noteworthy is the growth of imports, which experienced a 0.5 percent year-on-year increase, reaching 7.15 trillion yuan. It is vital that China's foreign trade sector has undergone substantial improvements, evident in the remarkable growth observed in its trade relations with key partners. The Association of Southeast Asian Nations (ASEAN) continues to occupy a prominent position as China's largest trade partner.
Impressively, bilateral trade between China and the ASEAN bloc has surged by a remarkable 9.9 percent, reaching an impressive 2.59 trillion yuan. This remarkable achievement represents a significant 15.4 percent of China's total trade volume. Furthermore, China's trade collaboration with the European Union (EU), its second-largest trade partner, has also flourished. The GAC data reveals a robust year-on-year growth of 3.6 percent in trade with the EU, amounting to an impressive 2.28 trillion yuan.
These figures undoubtedly illustrate the amplifying strength of China's trade relationships on a global scale. China's unwavering commitment to economic growth and trade expansion is evident in the recent data, reaffirming its status as a global economic powerhouse. As the nation continues to foster strong trade ties with its partners, the prospects for China's economy appear even more promising.
Of particular importance is China's flourishing trade with countries along the Belt and Road Initiative, where a remarkable 13.2 percent year-on-year increase was recorded, amounting to a substantial 5.78 trillion yuan. Furthermore, trade with five Central Asian nations experienced an astonishing surge of 44 percent, showcasing the robustness of China's economic engagement in the region.
Equally impressive is China's foreign trade with fellow members of the Regional Comprehensive Economic Partnership (RCEP), which saw a notable 4.5 percent year-on-year growth, reaching an impressive 5.11 trillion yuan.
This data underscores China's commitment to enhancing its trade networks and fostering stronger ties with regional partners. China's staunch dedication to international trade and economic cooperation is clearly bearing fruit, as evident in these remarkable figures.
China's foreign trade landscape has experienced a remarkable shift, with private enterprises emerging as major contributors to the nation's economic success, as revealed by the GAC. In the first five months alone, the trade volume of private firms surged by an impressive 13.1 percent year-on-year, reaching a substantial 8.86 trillion yuan.
This remarkable achievement accounted for 52.8 percent of China's total trade during the period, marking a noteworthy increase of 3.9 percentage points compared to the previous year. Against the backdrop of mounting external challenges, China's foreign trade continued to thrive. In May alone, trade grew by 0.5 percent year-on-year, amounting to an impressive 3.45 trillion yuan.
Although exports experienced a slight decline of 0.8 percent year-on-year, reaching 1.95 trillion yuan, imports recorded a robust growth of 2.3 percent year-on-year, totaling 1.5 trillion yuan. These figures underscore the resilience and adaptability of China's private enterprises, which have played a pivotal role in driving the nation's trade expansion. Despite global uncertainties, China's foreign trade sector remains vibrant, bolstering the nation's position as an economic powerhouse and exemplifying the agility and determination of its private sector.
Similarly, China's export sector continues to showcase its strength, with both mechanical and electrical products and labor-intensive products experiencing significant growth. In the first five months, China's export of mechanical and electrical products reached a remarkable 5.57 trillion yuan, accounting for an impressive 57.9 percent of the total export value.
Recognizing the importance of maintaining stability in foreign trade, the Chinese government, through a State Council meeting held on April 7, had outlined a comprehensive policy mix to support enterprises in securing orders and expanding their market share. The focus lies on stabilizing exports to developed economies while also encouraging companies to explore opportunities in developing countries and regional markets like the Association of Southeast Asian Nations (ASEAN).
This strategic approach by the Chinese government reflects its commitment to fostering resilience and adaptability in the face of evolving global trade dynamics. By diversifying export destinations and strengthening trade ties with both established and emerging markets, China not only ensures the stability of its export sector but also opens up new avenues for economic growth.
