Due to the tariff war between the United States and China, the trade volume between the two countries has decreased by more than 10% in the first half of this year.
According to the General Administration of Customs of China on the 14th, the trade volume between the U.S. and China in the first half of this year decreased by 10.4% compared to the same period last year. China's exports to the U.S. fell by 10.9% to $215.55286 billion (about 297 trillion won), while imports from the U.S. decreased by 8.7% to $73.8880 billion (about 102 trillion won).
In particular, the impact of the tariff was greatest in the second quarter, during which the trade volume decreased by 20.8% compared to the same period last year. However, after talks between the two sides were held in May and June, there was a recovery trend, and the decline in trade volume noticeably decreased.
The import volume from China to the European Union (EU), which is experiencing conflicts over electric vehicles, decreased by 5.9% compared to the same period last year, but exports increased by 6.6%. The total trade volume between the two sides was $392.115550 billion (about 541 trillion won), a 2.3% increase.
Exports to Korea decreased by 2% to $70.94580 billion (about 98 trillion won), while imports increased by 0.2% to $85.85490 billion (about 118 trillion won). The total trade volume between the two countries decreased by 0.8%. During the same period, China's exports to Japan increased by 4.8%, while imports grew by 0.1%. Exports to Russia decreased by 8.4%, and imports fell by 9.6%.
Wang Lingjun, the deputy director of the General Administration of Customs, noted at a press conference that “some countries are currently abusing tariffs or violating international trade rules, which has brought serious challenges to global economic development, and several international organizations have lowered their estimates for the global trade growth rate this year.” He added, “Although we are facing external uncertainties, we have the capability to withstand various risks.”