China’s foreign trade sees steady growth in first 11 months: Data
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CHINA’S total goods imports and exports maintained steady growth in the first 11 months of 2024, expanding by 4.9 percent year on year in yuan terms, official data showed yesterday.
Goods trade value expanded to 39.79 trillion yuan (US$5.6 trillion) in the January-November period, per the General Administration of Customs.
Exports rose 6.7 percent year on year during this period to 23.04 trillion yuan, while imports climbed 2.4 percent to 16.75 trillion yuan.
In November alone, goods imports and exports saw a yearly increase of 1.2 percent to total 3.75 trillion yuan — maintaining growth for an eighth consecutive month.
Specifically, exports of mechanical and electrical products accounted for nearly 60 percent of the total during the January-November period, with exports of containers, ships and motorcycles increasing by 108.7 percent, 65.3 percent and 24.8 percent, respectively, the data showed.
During the first 11 months, agricultural products reached a broad overseas market, as exports of dried and fresh fruits and nuts, vegetables and edible fungi, and alcohol and beverages increased by 22.2 percent, 11.4 percent and 7.5 percent, respectively.
Among various market entities, private enterprises in this period saw their foreign trade increase by 8.7 percent on year — remaining the leading force in terms of foreign trade. Meanwhile, imports and exports of foreign-invested firms edged up 1.1 percent.
Market diversification also sustained momentum. In the first 11 months of 2024, China’s trade with traditional partners such as the European Union, the United States and South Korea achieved growth of 1.3 percent, 4.2 percent and 6.3 percent, respectively.
Trade with countries participating in Belt and Road cooperation during this period saw an increase of 6 percent, while that with ASEAN countries jumped 8.6 percent.
During the period, China’s foreign trade with Latin America and Africa rose 7.9 percent and 4.8 percent, respectively.
The State Council, the cabinet, recently issued a package of policy measures aimed at promoting stable growth of foreign trade, while the Ministry of Commerce, the GAC and other departments also launched specific steps to accelerate the integrated development of domestic and foreign trade, further optimize the business environment at ports, and promote the convenience of customs clearance for firms, Lu Daliang, director of GAC’s Department of Statistics and Analysis, said.
“With the concerted efforts of both stock and incremental policies in the field, China is expected to end the year with a smooth performance in foreign trade and achieve the goal of stable quality and quantity,” Lu noted.
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