Photo: VCG

China's foreign trade volume per minute has reached 60 million yuan ($9.17 million), and the country's foreign trade volume and international market share hit record highs, the Ministry of Commerce (MOFCOM) said on Friday.

The total import and export volume is expected to reach about 32 trillion yuan in 2020, an increase of 30 percent over 2015, the National Business Daily reported, citing MOFCOM data.

According to WTO data, China's market share in the international market will further increase and exceed a historical high of 13.8 percent in 2015, the ministry said. 

Chinese exports surged 21.1 percent in November, higher than expected and continuing a strong recovery trend since the summer, as importers in Western countries stock up for the year-end holiday season. 

Total foreign trade amounted to $460.72 billion in US dollar terms in November, an increase of 13.6 percent year-on-year, with exports surging 21.1 percent and imports up 4.5 percent, data from China's customs authority showed. 

Chinese analysts point to better-than-expected economic recovery by China's major trading partners and its status as the world's factory for holiday and medical goods amid a lingering second wave of COVID-19 pandemic as factors behind the trade growth.