One of the key components of every nation’s economic resilience is the expansion of its foreign trade. For China, foreign trade growth has been inextricably tied to its economic stability and resilience. Recent data from the General Administration of Customs shows that the Chinese mainland’s foreign trade has continued to improve in the first three quarters of 2024.
This growth indicates China’s strong economic momentum, driven by its market-oriented foreign trade policies, ongoing reform and opening-up, and the growing global demand for Chinese goods. These factors have boosted China’s economic performance and enhanced its presence in global trade.
From January to September this year, the Chinese mainland’s imports and exports totaled 32.33 trillion yuan (about $4.57 trillion), up 5.3 percent year on year despite external challenges such as attempts at decoupling by some Western countries and the global economic slowdown. Factors behind this growth include the global popularity of Chinese products, their high quality and competitiveness, and China’s efforts to address trade imbalances with other countries. As the domestic economy continues to improve and demand in export markets picks up speed, both imports and exports have seen notable rises, countering protectionist moves and decoupling rhetoric.
The growth figures show that China’s foreign trade recovery remains strong, with imports increasing by 4.1 percent year on year to 13.71 trillion yuan and exports by 6.2 percent to 18.62 trillion yuan in the first three quarters. China is constantly seeking new markets for both traditional and advanced goods and services, including advanced manufacturing, electronics, and cutting-edge products. As the world’s second-largest economy, China also promotes domestic economic activities and paves the way for the growth of private enterprises. As a result, foreign trade figures are expected to continue accelerating steadily in the coming months.
During this period, mechanical and electrical products remained the dominant force in China’s exports, accounting for nearly 60 percent of the total. Despite Western protectionism, the “new three”—electric vehicles (EVs), lithium batteries, and photovoltaic products—reached 757.83 billion yuan in exports, accounting for 4.1 percent of total export value. Their contribution is expected to continue growing in the international market as China seeks to expand its market share, and the global push toward green development gains momentum. Meanwhile, China’s trade with over 160 countries and regions has also achieved growth in the first three quarters.
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China's foreign trade growth indicates a positive economic momentum
cgtn.com
