China's foreign trade increases by 5.3% in the first three quarters
China's foreign trade experienced significant growth in the first three quarters of 2024, exceeding the milestone of 32 trillion yuan ($4.44 trillion) for the first time in this timeframe.
TroibNews 
China's foreign trade experienced significant growth in the first three quarters of 2024, surpassing the 32 trillion yuan milestone for the first time during this period, as reported by the General Administration of Customs on Monday.
Total foreign trade for this time frame reached 32.33 trillion yuan, marking an increase of 5.3 percent compared to the previous year. Exports rose to 18.62 trillion yuan, reflecting a 6.2 percent gain, while imports grew to 13.71 trillion yuan, up by 4.1 percent.
Private enterprises played a crucial role, with exports and imports totaling 17.78 trillion yuan, representing a 9.4 percent year-on-year increase. This sector now comprises 55 percent of overall foreign trade, an increase of 2.1 percentage points from last year.
Officials have attributed the consistent growth to strong domestic industrial production and a rebound in global demand, which has positively impacted Chinese exports.
On the import side, the volume of bulk commodities saw a five percent increase, which included a 4.8 percent rise in energy products, such as crude oil, natural gas, and coal, amounting to 9.01 billion tonnes.
The diversification of China's foreign trade patterns is emphasized by the data, according to Qu Qiang, a fellow at the Belt and Road Research Center at Minzu University of China, who spoke to CN.
During the first nine months, exports to traditional markets, including Europe, the U.S., and Japan, grew by 4.2 percent, whereas exports to emerging markets like ASEAN and Latin America experienced notable increases of 12.3 percent and 13.7 percent, respectively.
Customs statistics indicate that China's trade relations with over 160 countries and regions have expanded, showcasing steady progress in market diversification.
Looking ahead, Qu is optimistic about the continuation of China's trade momentum. "The fundamental aspects of our national economy, coupled with a vast, resilient market full of potential, have not changed," Qu stated.
Mark B Thomas for TROIB News
Total foreign trade for this time frame reached 32.33 trillion yuan, marking an increase of 5.3 percent compared to the previous year. Exports rose to 18.62 trillion yuan, reflecting a 6.2 percent gain, while imports grew to 13.71 trillion yuan, up by 4.1 percent.
Private enterprises played a crucial role, with exports and imports totaling 17.78 trillion yuan, representing a 9.4 percent year-on-year increase. This sector now comprises 55 percent of overall foreign trade, an increase of 2.1 percentage points from last year.
Officials have attributed the consistent growth to strong domestic industrial production and a rebound in global demand, which has positively impacted Chinese exports.
On the import side, the volume of bulk commodities saw a five percent increase, which included a 4.8 percent rise in energy products, such as crude oil, natural gas, and coal, amounting to 9.01 billion tonnes.
The diversification of China's foreign trade patterns is emphasized by the data, according to Qu Qiang, a fellow at the Belt and Road Research Center at Minzu University of China, who spoke to CN.
During the first nine months, exports to traditional markets, including Europe, the U.S., and Japan, grew by 4.2 percent, whereas exports to emerging markets like ASEAN and Latin America experienced notable increases of 12.3 percent and 13.7 percent, respectively.
Customs statistics indicate that China's trade relations with over 160 countries and regions have expanded, showcasing steady progress in market diversification.
Looking ahead, Qu is optimistic about the continuation of China's trade momentum. "The fundamental aspects of our national economy, coupled with a vast, resilient market full of potential, have not changed," Qu stated.
Mark B Thomas for TROIB News
