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China's trade grows more quickly in 3Q despite tensions with US

The total value of Chinese trade grew more quickly in the third quarter despite rising global trade tensions, data from the General Administration of Customs showed.

In the three months ended Sept. 30, the total value of exports and imports rose 13.8% to 8.17 trillion yuan from a year earlier. The year-over-year growth rate was higher than the 6.4% increase in the second quarter and the 9.4% rise in the first quarter.

For the first nine months of 2018, China's total trade rose 9.9% year over year to 22.28 trillion yuan. Exports grew 6.5% to 11.86 trillion yuan while imports rose more quickly by 14.1% to 10.42 trillion yuan. The trade surplus was narrowed by 28.3% to 1.44 trillion yuan from a year earlier.

The U.S. remained China's second largest trading partner although the two countries imposed more tariffs on each other. For the first three quarters of this year, China's trade with the U.S. was up 6.5% to 3.06 trillion yuan from a year earlier. Exports to the U.S. rose 7.4% year over year while imports were up 3.8% during the period.

As of Oct. 11, US$1 was equivalent to 6.89 Chinese yuan.