(Yicai) Aug. 7 -- China’s trade in goods rose 3.5 percent in the first seven months of the year to CNY25.7 trillion (USD3.58 trillion), despite a quickening pace of decline in trade with the United States.

Exports gained 7.3 percent to CNY15.31 trillion in the January to July period from a year earlier, up slightly on the 7.2 percent growth logged in the first half, according to data released today by the General Administration of Customs. Imports fell 1.6 percent to CNY10.39 trillion, after declining 2.7 percent in January to June.

Trade growth accelerated from a 2.9 percent clip in the first half. Last month alone, it jumped 6.7 percent to CNY3.91 trillion (USD544.7 billion), marking the second consecutive month of expansion.

In US dollar terms, seven-month trade rose 2.4 percent to USD3.6 trillion, with exports up 6.1 percent at USD2.13 trillion and imports down 2.7 percent at USD1.45 trillion.

The Association of Southeast Asian Nations remained China's largest trading partner, with total shipments worth CNY4.29 trillion, an increase of 9.4 percent. The European Union was in second spot at CNY3.35 trillion, a 3.9 percent gain. 

Despite the ongoing tariff truce with the United States, which is set to expire on Aug. 12, China-US trade is continuing to decline. The US ranked as China's third-largest trading partner in the first seven months, after an 11 percent slump to CNY2.42 trillion. First-half bilateral trade sank 9.3 percent.

China's trade with countries involved in the Belt and Road Initiative reached CNY13.29 trillion in January to July, an increase of 5.5 percent.

Private businesses showed strong performance, as their trade jumped 7.4 percent to CNY14.68 trillion. They accounted for 57 percent of China's total trade, up from 54.9 percent. Foreign companies in China saw their trade rise 2.6 percent to CNY7.46 trillion, while state-owned enterprises saw theirs tumbled 8.8 percent to CNY3.49 trillion.

In terms of trade structure, exports of mechanical and electrical products reached CNY9.18 trillion, an increase of 9.3 percent, accounting for 60 percent of the total export value. There was a 22 percent surge in exports of integrated circuits, and auto exports rose by 11 percent.

There was a decline in prices for some major bulk commodity imports, including iron ore, crude oil, coal, and natural gas, with imports falling by both volume and value. Meanwhile, inbound shipments of mechanical and electrical products reached CNY4.09 trillion, a 5.8 percent gain.

Editor: Tom Litting