China’s foreign trade has witnessed robust growth in the first three quarters of 2024, surpassing the 32 trillion yuan ($4.44 trillion) mark for the first time during this period, according to the General Administration of Customs.
The total foreign trade volume reached 32.33 trillion yuan, reflecting a 5.3 percent increase year-on-year. Exports rose to 18.62 trillion yuan, up 6.2 percent, while imports expanded to 13.71 trillion yuan, marking a 4.1 percent increase.
Private enterprises played a significant role in this growth, contributing 17.78 trillion yuan worth of imports and exports, a 9.4 percent jump from the previous year. This sector now accounts for 55 percent of China’s total foreign trade, an increase of 2.1 percentage points compared to last year.
Officials attribute the sustained growth to robust domestic industrial production and a rebound in global demand, bolstering Chinese exports.
On the import side, there was a notable increase in bulk commodities, with a 5 percent rise overall. Energy products such as crude oil, natural gas, and coal saw a 4.8 percent increase, totaling 9.01 billion tonnes.
Qu Qiang, a fellow at the Belt and Road Research Center at Minzu University of China, highlighted the diversification of China’s foreign trade dynamics. “Our trade with over 160 countries and regions has expanded, reflecting steady progress in market diversification,” he told CGTN.
In the first nine months, exports to traditional markets like Europe, the United States, and Japan grew by 4.2 percent. Meanwhile, exports to emerging markets such as the Association of Southeast Asian Nations (ASEAN) and Latin America surged by 12.3 percent and 13.7 percent, respectively.
Qu expects China’s trade momentum to sustain well into the future. “The fundamental aspects of our national economy, coupled with a vast, resilient market full of potential, have not changed,” Qu stated.
Reference(s):
China reports 5.3% growth in foreign trade over first three quarters
cgtn.com
