China's foreign trade grew by 0.7 percent year-on-year to 23.12 trillion yuan ($3.42 trillion) in the first three quarters of this year, data released by the General Administration of Customs showed on Tuesday.

In the meantime, the country's exports increased by 1.8 percent on a yearly basis to 12.71 trillion yuan and imports declined by 0.6 percent to 10.41 trillion yuan.

China's foreign trade surged by 7.5 percent year-on-year to 8.88 trillion yuan in the third quarter of 2020, with exports soaring 10.2 percent to 5 trillion yuan and imports rising 4.3 percent to 3.88 trillion yuan. The total volume of exports, imports and the two combined have all reached a historical high during this three month-period.

China's trade with the Association of Southeast Asian Nations, its largest trading partner, stood at 3.38 trillion yuan from January to September, up 7.7 percent year-on-year and accounting for 14.6 of its total foreign trade volume.

Meanwhile, China's trade with the European Union, the United States and Japan reached 3.23 trillion, 2.82 trillion and 1.61 trillion yuan, up 2.9, 2 and 1.4 percent respectively.

China's trade with countries and regions related to the Belt and Road Initiative amounted to 6.75 trillion yuan in the first three quarters, an increase of 1.5 percent on a yearly basis.