China's foreign trade surpassed the 32 trillion yuan ($4.44 trillion) mark for the first time in the first three quarters of 2024, marking a significant milestone in the nation's economic trajectory. According to a report released Monday by the General Administration of Customs, total foreign trade reached 32.33 trillion yuan, a 5.3 percent increase year on year.
Exports climbed to 18.62 trillion yuan, up 6.2 percent, while imports expanded to 13.71 trillion yuan, reflecting a 4.1 percent rise compared to the previous year. Private enterprises played a pivotal role in this growth, with import and export values amounting to 17.78 trillion yuan\u2014a substantial 9.4 percent increase. This sector now accounts for 55 percent of China's total foreign trade, up 2.1 percentage points from last year.
Officials attribute the sustained growth to robust domestic industrial production and a rebound in global demand, which have bolstered Chinese exports. On the import front, bulk commodities saw a five percent increase, including a 4.8 percent rise in energy products such as crude oil, natural gas, and coal, totaling 9.01 billion tonnes.
\"The diversification of China's foreign trade dynamics is highlighted by the data,\" said Qu Qiang, a fellow at the Belt and Road Research Center in Minzu University of China, in an interview with CGTN. In the first nine months, exports to traditional markets like Europe, the U.S., and Japan grew by 4.2 percent, while exports to emerging markets such as ASEAN and Latin America surged by 12.3 percent and 13.7 percent, respectively.
China's trade with over 160 countries and regions has expanded, reflecting steady progress in market diversification, according to customs statistics. 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
