China’s foreign trade soars in 1st 7m

China’s foreign trade surged to a new high in the first seven months of 2024, injecting vitality into the country’s economic growth, official data revealed Wednesday.

The goods trade volume expanded by 6.2 per cent year-on-year in yuan terms during this period. Exports climbed 6.7 per cent, while imports rose 5.4 per cent, according to the General Administration of Customs (GAC).

Lyu Daliang, director of the GAC’s Department of Statistics and Analysis, attributed the robust performance to China’s steady economic growth. This marks the fourth consecutive month with foreign trade growth exceeding five per cent.

In US dollar terms, China’s total goods trade volume reached a substantial $3.5 trillion from January to July. Exports amounted to $2.01 trillion, while imports totaled $1.49 trillion, resulting in a trade surplus of $518 billion, up 7.9 percent year-on-year.

ASEAN remained China’s top trading partner, with bilateral trade reaching 3.92 trillion yuan, a 10.5 per cent increase year-on-year, accounting for 15.8 per cent of China’s total foreign trade.

China’s trade with countries participating in the Belt and Road Initiative flourished, surging by 7.1 per cent to 11.72 trillion yuan during the first seven months.

Mechanical and electrical products continued to dominate China’s exports, comprising nearly 60 per cent of the total.

Exports of automatic data processing equipment and components soared by 11.6 per cent year-on-year, while integrated circuits and automobiles witnessed increases of 25.8 per cent and 20.7 per cent, respectively.

In line with this year’s government work report, China aims to elevate both the volume and quality of its foreign trade, enhance imports of high-quality goods, and support foreign trade enterprises in reducing costs and improving efficiency.

Attribution: Xinhua