China's foreign trade experienced a significant boost in the first three quarters of 2024, surpassing the 32 trillion yuan ($4.44 trillion) mark for the first time during this period, as reported by the General Administration of Customs.
Total foreign trade reached 32.33 trillion yuan, marking a 5.3% year-on-year increase. Exports climbed by 6.2% to 18.62 trillion yuan, while imports grew by 4.1% to 13.71 trillion yuan.
Private enterprises played a crucial role in this growth, handling 17.78 trillion yuan in exports and imports, a 9.4% increase from the previous year. This sector now constitutes 55% of China's total foreign trade, up by 2.1 percentage points.
Officials attribute the sustained growth to robust domestic industrial production and a rebound in global demand, which has boosted Chinese exports.
On the import side, there was a notable 5% increase in bulk commodities, including a 4.8% rise in energy products such as crude oil, natural gas, and coal, totaling 9.01 billion tonnes.
Qu Qiang, a fellow at the Belt and Road Research Center in Minzu University of China, highlighted the diversification of China's foreign trade dynamics. He noted that exports to traditional markets like Europe, the U.S., and Japan grew by 4.2%, while those to emerging markets such as ASEAN and Latin America surged by 12.3% and 13.7%, respectively.
China's trade with over 160 countries and regions has expanded, reflecting steady progress in market diversification, according to customs statistics.
Qu expects China's trade momentum to continue, stating, \"The fundamental aspects of our national economy, coupled with a vast, resilient market full of potential, have not changed.\"
Reference(s):
China reports 5.3% growth in foreign trade over first three quarters
cgtn.com
