China's Foreign Trade Rises 3.5% in First Eight Months
China's foreign trade reached 29.57 trillion yuan ($4.12 trillion) from January to August 2024, marking a 3.5% year-on-year increase, according to customs data released Monday. The growth highlights resilience in Asia's largest economy despite global headwinds.
ASEAN Solidifies Position as Top Partner
The Association of Southeast Asian Nations (ASEAN) remained China's largest trading partner, with bilateral trade surging 9.7% to 4.93 trillion yuan. The European Union followed at 3.88 trillion yuan (up 4.3%), while trade with the US declined 13.5% to 2.73 trillion yuan.
Belt and Road Trade Accounts for Over Half of Total
Trade with Belt and Road partner countries grew 5.4% to 15.3 trillion yuan, representing more than half of China's total foreign trade. This underscores Beijing's deepening economic integration with emerging markets.
High-Tech Exports Drive Growth
Mechanical and electrical product exports jumped 9.2% to 10.6 trillion yuan, comprising 60.2% of total exports. Integrated circuits led the charge with 23.3% growth, followed by automobiles (11.9%) and data processing equipment (0.6%).
