China’s foreign trade has shown robust growth in the first 11 months of 2024, reaching a total value of 39.79 trillion yuan ($5.49 trillion), a year-on-year increase of 4.9%, according to customs statistics released on Tuesday.
The surge was largely driven by a significant rise in exports, which totaled 23.04 trillion yuan, marking a 6.7% growth compared to the previous year. Imports also saw a positive trend, reaching 16.75 trillion yuan with a 2.4% increase.
Leading the Charge: General and Processing Trade
General trade and processing trade played pivotal roles in this economic upswing. General trade value stood at 25.5 trillion yuan, up by 3.7%, accounting for 64.1% of the total foreign trade. Processing trade, on the other hand, recorded a value of 7.22 trillion yuan, growing by 3.6% and contributing to 18.1% of the total.
Strengthening Global Partnerships
China’s main trading partners—ASEAN, the European Union, the United States, and South Korea—have all shown increased bilateral trade. Trade with ASEAN grew by 8.6%, reaching new heights in regional cooperation. The EU saw a 1.3% increase, while trade with the US and South Korea rose by 4.2% and 6.3%, respectively, underscoring China’s expanding global economic ties.
Policy Measures Boosting Trade
November witnessed the introduction of several policy measures aimed at promoting stable growth in foreign trade. The Ministry of Commerce, the General Administration of Customs, and other departments rolled out specific initiatives to accelerate the integration of domestic and foreign trade. These measures are expected to further optimize the business environment at ports and facilitate smoother customs clearance for enterprises.
Looking Ahead
The sustained growth in China’s foreign trade signals a resilient economy despite global challenges. With strategic partnerships and supportive policies in place, China is poised to continue its trajectory of economic growth, offering valuable opportunities for global investors, businesses, and trade partners.
Reference(s):
cgtn.com
