China’s foreign trade continues to gain momentum in 2024, with the total value of goods traded reaching 17.5 trillion yuan ($2.46 trillion) in the first five months of the year, marking a 6.3 percent increase compared to the same period last year, according to official data released.
Exports contributed significantly to this growth, amounting to 9.95 trillion yuan, up 6.1 percent year-on-year, while imports totaled 7.55 trillion yuan, showing a 6.4 percent increase. The positive trajectory reflects the resilience and ongoing recovery of China’s economy amid global uncertainties.
“Since the beginning of this year, China’s economy has continued to rebound, with the positive momentum in foreign trade consolidating,” said Lyu Daliang, director of the Department of Statistics and Analysis of the General Administration of Customs. He highlighted that May’s trade increase of 8.6 percent further accelerated monthly growth.
In May alone, China’s import and export volume hit 3.71 trillion yuan, reflecting an 8.6 percent year-on-year increase. Exports surged to 2.15 trillion yuan, up by 11.2 percent, while imports grew to 1.56 trillion yuan, a 5.2 percent increase.
Bruce Pang, chief economist of JLL Greater China, noted that China’s exports continued their strong growth in May, driven by competitive goods, favorable exchange rates of the Chinese yuan, and early shipments ahead of potential tariff hikes. He commented, “High export growth is expected in the coming months, with a strong U.S. dollar keeping the yuan weak, prompting exporters to ship early or reroute through third countries.”
Customs data indicated that exports of ships, electric cars, and home appliances grew rapidly in the first five months, up 100.1 percent, 26.3 percent, and 17.8 percent respectively. These figures underscore the robust demand for China’s manufactured goods and the country’s expanding role in global trade.
The sustained growth in foreign trade not only bolsters China’s economy but also provides valuable insights for global investors and market analysts monitoring Asian economic trends. As China’s trade links strengthen, the positive impact resonates across supply chains and international markets.
Reference(s):
cgtn.com
