China's foreign trade has experienced 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 a report released by the General Administration of Customs on Monday.
Total foreign trade reached 32.33 trillion yuan in the first nine months, marking a year-on-year increase of 5.3%. Exports climbed to 18.62 trillion yuan, up 6.2%, while imports expanded to 13.71 trillion yuan, an increase of 4.1%.
Private enterprises played a significant role in this growth, with combined exports and imports totaling 17.78 trillion yuan, a jump of 9.4% compared to the previous year. This sector now accounts for 55% 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, there was a 5% increase in bulk commodities, including a 4.8% 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 was highlighted by Qu Qiang, a fellow at the Belt and Road Research Center at Minzu University of China. In an interview with CGTN, Qu noted that exports to traditional markets like Europe, the U.S., and Japan grew by 4.2%, while exports to emerging markets such as ASEAN and Latin America surged by 12.3% and 13.7%, respectively.
\"The fundamental aspects of our national economy, coupled with a vast, resilient market full of potential, have not changed,\" Qu stated, expressing optimism that China's trade momentum will sustain well into the future.
According to customs statistics, China's trade with over 160 countries and regions has expanded, reflecting steady progress in market diversification and the strengthening of economic ties globally.
Reference(s):
China reports 5.3% growth in foreign trade over first three quarters
cgtn.com
