In a remarkable display of economic strength, China’s imports and exports of goods totaled 21.17 trillion yuan (approximately $2.9 trillion) in the first half of 2024, marking a 6.1 percent year-on-year increase. This milestone represents the first time that China’s foreign trade has surpassed the 21 trillion yuan mark during this period, setting a new record for the nation’s international commerce.
The robust performance in the first half of the year underscores the resilience and vitality of China’s economy amid global uncertainties. The country’s foreign trade has demonstrated strong growth momentum, manifested in several key aspects:
Monthly Trade Volume Remains High
Since the beginning of 2024, China has maintained consistently high monthly trade volumes. Starting in March, the monthly trade volume has remained above 3.5 trillion yuan. In May alone, trade volumes peaked at 4.06 trillion yuan, significantly exceeding the monthly averages of 2021, 2022, and 2023. This sustained high level of trade activity reflects the steady demand for Chinese goods and the country’s integration into global supply chains.
Record-Breaking Export Scale
The first half of the year saw China’s import and export scale not only surpass previous records but also exhibit growth on a quarterly basis. The 7.4 percent rise in the second quarter outpaced the growth rates of both the first quarter of this year and the fourth quarter of last year by 2.5 and 5.7 percentage points, respectively. This acceleration highlights a strengthening momentum in foreign trade, further consolidating China’s position in the global market.
The impressive growth figures indicate that China’s foreign trade is not only expanding in quantity but also improving in quality. The diversified trade portfolio and enhanced trade efficiency contribute to the country’s economic development and offer insights into global economic trends.
Reference(s):
China's H1 foreign trade data shows improved quality & quantity
cgtn.com
