Business

China’s foreign trade growth sees stable recovery in January-July period

Published

3 years ago

August 30, 2022

By Du Haitao, People’s Daily
China’s foreign trade maintained double-digit growth in the first seven months of this year, despite the unfavorable external situation, intermittent COVID-19 impacts and other negative factors.
The country’s foreign trade volume reached 23.6 trillion yuan ($3.49 trillion) between January and July, increasing 10.4 percent year-on-year, according to statistics released by the General Administration of Customs (GAC).
In particular, exports grew 14.7 percent year-on-year to 13.37 trillion yuan, and imports reached 10.23 trillion yuan, up 5.3 percent. The country’s trade surplus expanded 62.1 percent to 3.14 trillion yuan during the same period.
The ASEAN, the EU, the U.S. and South Korea maintained the four largest trading partners of China in the January-July period. Their trade volume with China stood at 3.53 trillion yuan, 3.23 trillion yuan, 2.93 trillion yuan and 1.39 trillion yuan, up13.2 percent, 8.9 percent, 11.8 percent and 8.9 percent, respectively.
China’s trade volume with Belt and Road countries expanded 19.8 percent year on year, and that with the 14 Regional Comprehensive Economic Partnership (RCEP) economies was up by 7.5 percent in the first seven months of this year.
In the first half of this year, Shanghai’s foreign trade had withstood the test of the Pandemic. With the acceleration of the resumption of work and production, Shanghai’s local economy has returned to normal, strongly boosting the city’simports and exports.
In June, Shanghai’s foreign trade growth turned positive, standing at 9.6 percent, up 46.2 percentage points from that in April.
“Both the numbers of incoming containers and enterprises’ pickups have significantly increased. We are currently working at full capacity,” said customs officer Wei Jianhua from Shanghai’s Wusong district. Wei told People’s Daily that the Wusong customs handled 37,000 batches of goods in June, up 46.3 percent from a year ago and 370 percent from a month ago.
Statistics indicate that Shanghai municipality, as well as Jiangsu, Zhejiang and Anhui provinces, all of which are located in the Yangtze River delta, reported combined foreign trade growth of 11.7 percent in the January-July period, up 2.5 percentage points from that in the first half of this year. The figure was 25.7 percent in July alone, contributing over half to the national foreign trade growth.
According to statistics, China’s trade with RCEP partners reached 1.17 trillion yuan in July, up 18.8 percent year on year,boosting China’s overall foreign trade growth by 5.6 percentage points.
“The policy dividends released by the RCEP have helped us expand the overseas market. We’ll learn more about the requirements on imports from China set by Thailand, Singapore, Vietnam and other RCEP members, so as to introduce our products to these countries,” said Zhang Hao, who heads a high-tech company in south China’s Inner Mongolia autonomous region.
Recently, a batch of sea-buckthorn drinks weighing 115 tons and worth 1.62 million yuan produced by Zhang’s company received a certificate of origin under the RCEP. These products will enjoy a tariff cut of over 30,000 yuan when exported to Japan.
The company has exported 2,556 tons of sea-buckthorn drinks and capsules this year, with a total value of 35.16 million yuan.
“The tariff for our formic acid exports to Japan has been reduced to zero from 4.3 percent, while that for hexafluoropropylene from 3.1 percent to 0.3 percent,” said Zhang Guoqing, director of the sales division of Luxi Chemical Corp, a chemicals company based in east China’s Shandong province.
According to him, the tariff cut has significantly improved the company’s competitiveness in Japan, and the company’s exports to Japan surged 30 percent year on year in the first half of this year.
From January to June, certificates of origin were issued to 59,000 batch of exports with a total value of 18.39 billion yuan by Shangdong customs, as well as the province’s council for the promotion of international trade.
Experts from the GAC noted that China’s foreign trade is still facing instabilities and uncertainties, and to maintain steady growth of the sector remains a challenging task. However, China’s foreign trade has showed strong resilience in the first seven months of this year, laying a solid foundation for the whole-year performance.
As the country implements a series of measures to stabilize economy, further smoothens foreign trade logistics and facilitates work resumption, China’s foreign trade will be likely to keep maintaining stable growth.

Business

Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

Published

1 month ago

September 2, 2025

Our Reporter

By: Fabian Apechihin

The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.

A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.

The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.

According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.

While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.

“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.

Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.

Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?

Business

US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

Published

2 months ago

August 20, 2025

Our Reporter

By: Fabian Apechihin

The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.

The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.

Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.

According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.

Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.

“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.

He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.

“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.

Do you want me to make this rewrite more concise for a newspaper front-page brief or keep it detailed like a full energy market report?

Business

NDYPC Hails Otuaro’s Reforms in Presidential Amnesty Programme

Published

2 months ago

August 10, 2025

Our Reporter

• Lauds transparency, fairness in beneficiary selection and grassroots empowerment

• Says reforms align with Tinubu’s Renewed Hope Agenda, restore trust in Niger Delta

The Niger Delta Youths for Positive Change (NDYPC) has commended the Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, for what it described as bold, people-focused reforms that are restoring trust and delivering tangible benefits to the Niger Delta.

In a statement signed and issued by Comrade Elliott Yibakeni, after the conclusion of leadership training sessions with ex-agitator leaders in Abuja, the group said the PAP, once in urgent need of renewal, is now undergoing a transformation that reflects transparency, fairness, and accountability.

“At a time when public trust in institutions was waning, Dr. Otuaro has emerged as a symbol of credibility and transformation,” the statement read. “His visionary leadership is restoring integrity, empowering communities, and driving a sustainable development agenda that resonates with the aspirations of the Niger Delta.”

According to NDYPC, under Otuaro’s leadership, beneficiary selection has become fair and merit-based, ending years of favoritism and political interference. The group added that access to education, skills training, and empowerment opportunities, both locally and abroad, is now guided by equity and open competition.

The group highlighted several internal reforms, including improved staff welfare, strengthened professional capacity, and strict adherence to best practices in public procurement. These, it said, have made the PAP more efficient, responsive, and transparent.

NDYPC also praised Otuaro’s inclusive governance style, noting his sustained engagement with traditional rulers, women leaders, civil society organizations, and local communities. This approach, the group said, has strengthened peace-building efforts and deepened trust between the PAP and the people it serves.

In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the PAP has maintained consistent payment of stipends to ex-agitators and extended direct support to vulnerable populations. NDYPC also applauded new healthcare interventions for ex-agitators facing health challenges.

The statement further commended the programme’s investments in scholarships, vocational training, and economic empowerment initiatives aimed at preparing Niger Delta youths for leadership, innovation, and sustainable livelihoods.

“Every decision reflects a deep commitment to public trust, responsible stewardship, and long-term development,” NDYPC stated. “Under Dr. Otuaro’s watch, the Niger Delta is rising stronger, united, and filled with renewed hope.”