China’s foreign trade surged to a new record in the first half of 2024, with total imports and exports reaching 21.17 trillion yuan ($2.9 trillion), marking a 6.1% increase year-on-year, according to the General Administration of Customs. This impressive performance underscores the resilience and continued growth of the world’s second-largest economy.
Exports led the way with a robust 6.9% rise, while imports also showed strong momentum, climbing 5.2% compared to the same period last year. The positive trend was even more pronounced in the second quarter, where total imports and exports grew by 7.4% year-on-year. This growth rate outpaced the 4.9% increase seen in the first quarter and the 1.7% rise in the fourth quarter of the previous year.
The latest data indicates a consolidation of the positive trajectory in China’s foreign trade, reflecting not only the recovery of global demand but also the effectiveness of China’s trade policies and economic strategies. The continuous expansion of trade activities suggests increased opportunities for global businesses and investors engaged with the Chinese market.
Analysts attribute this growth to several factors, including the diversification of trade partners, innovation in manufacturing and services, and China’s commitment to opening up its markets. The sustained growth in imports signals stronger domestic demand, benefiting international exporters targeting Chinese consumers.
For business professionals and investors worldwide, China’s trade performance is a critical indicator of global economic health. The upward trend presents potential for investment opportunities and collaborations across various sectors. Academics and researchers may find the data valuable for analyzing economic patterns and forecasting future developments in international trade.
As China continues to play a pivotal role in global trade, the international community will be watching closely to see how this momentum influences economic relations and market dynamics in the latter half of the year and beyond.
Reference(s):
China's foreign trade up 6.1% in H1 2024, setting record high
cgtn.com
