China's foreign trade sector has demonstrated remarkable resilience in the first four months of 2024, with total goods trade increasing by 5.7 percent year-on-year in yuan terms, according to official statistics released on Thursday.
The General Administration of Customs (GAC) reported that China's total goods trade surged to 13.81 trillion yuan ($2.16 trillion) during this period. Exports rose to 7.81 trillion yuan, marking a 4.9 percent increase, while imports climbed to 6 trillion yuan, reflecting a robust 6.8 percent growth.
\"The total volume of foreign trade has maintained rapid growth, with evident structural optimization,\" said Xu Hongcai, deputy director of the Economic Policy Commission at the China Association of Policy Science, in an interview with CMG on Thursday.
The GAC data highlighted that general trade imports and exports have increased, with processing trade imports and exports growth turning from negative to positive. This shift indicates an accelerated transformation in China's foreign trade development model.
In the first four months of this year, general trade imports and exports reached 8.98 trillion yuan, up 5.3 percent, accounting for 65.1 percent of the total foreign trade.
Regional trade structures have also seen notable changes, with exports to ASEAN and Belt and Road Initiative (BRI) partner countries experiencing rapid expansion. This surge in exports has significantly boosted China's trade surplus, with the surplus with ASEAN countries rising by 456.01 billion yuan, an 18.1 percent increase.
High-value electromechanical products have been a key driver of this growth, comprising nearly 60 percent of the total exports. Among these, exports of automatic data processing equipment and components, integrated circuits, and automobiles have seen substantial growth, underscoring China's advancements in technology and manufacturing sectors.
Reference(s):
cgtn.com
