China has achieved a remarkable milestone in 2024, with its foreign trade soaring to an unprecedented 43.85 trillion yuan (approximately $5.98 trillion). This marks a 5% increase compared to the previous year, as reported by the General Administration of Customs on Monday.
Exports have surpassed the 25 trillion yuan mark for the first time, reaching 25.45 trillion yuan and growing by 7.1%. This achievement marks eight consecutive years of export growth, highlighting China's sustained economic resilience. Imports also saw a rise, totaling 18.39 trillion yuan, up by 2.3% year-on-year.
The structure of China's exports has continued to evolve, with electromechanical products leading the charge. These products saw an 8.7% increase in exports, now accounting for 59.4% of the total export volume. Notably, high-end equipment exports have surged by over 40%, underscoring China's advancing technological capabilities.
Key sectors driving this growth include electric vehicles, 3D printers, and industrial robots, which saw impressive increases of 13.1%, 32.8%, and 45.2% respectively. These figures not only reflect the robust demand for China's advanced manufacturing but also its pivotal role in the global supply chain.
As China continues to optimize its export product structure, the focus on high-tech and high-value products is expected to sustain its trade growth, positioning the nation as a central player in the global economy.
Reference(s):
cgtn.com
