The import and export volume between China and other RCEP members increased by 4.5% year-on-year in the first five months of this year. Members | China | year-on-year
CCTV News: The reporter learned from the 2023 RCEP Economic and Trade Cooperation High Level Forum that in the first five months of this year, China's total import and export volume with other members of the Regional Comprehensive Economic Partnership Agreement increased by 4.5% year-on-year.
In the first five months of this year, the total import and export volume between China and other RCEP members was 5.11 trillion yuan, a year-on-year increase of 4.5%.
In 2022, the total import and export volume between China and other RCEP members reached 12.95 trillion yuan, an increase of 7.5% compared to the previous year, accounting for 30.8% of China's total foreign trade import and export volume; China's non-financial direct investment in other RCEP members reached $17.96 billion, an increase of 18.9%, while the actual utilization of investment in other RCEP members reached $23.53 billion, an increase of 23.1%.
Since the implementation of RCEP in signatory countries on January 1, 2022, RCEP has significantly reduced the cost of goods trade among member countries, effectively promoting deep integration of regional industrial and supply chain value chains, significantly boosting confidence in regional economic recovery, and injecting new momentum into regional and even global trade and investment growth.
On June 2nd this year, RCEP officially came into effect for the Philippines, marking the full entry into force of RCEP for 10 ASEAN countries and 15 signatory countries including Australia, China, Japan, South Korea, and New Zealand.