China's Ministry of Commerce said Friday that trade volume between mainland China and Taiwan plunged 29.7% year on year to US$73.63 billion in the first three quarters of this year.

In the first nine months, the mainland's exports to Taiwan declined 31.6% from a year earlier to US$3.92 billion, while its imports from Taiwan fell 29.2% year on year to US$ 59.71 billion, said the ministry in a statement published on its website.

During the same period, the Chinese government approved 1,764 projects funded by Taiwanese businesses, 4.3% more than in the same period of last year.

In the first nine months, the mainland received US$1.29 billion of direct investment from Taiwan, 11.2% less than in the corresponding period of last year.

As of the end of September, the mainland had approved a total of 79,270 projects funded by Taiwanese companies, attracting a total of US$48.95 billion in foreign direct investment from the island, which is now mainland China's second-largest FDI source after Hong Kong.