China’s foreign trade has seen a significant boost in the first 11 months of 2024, reaching 39.79 trillion yuan ($5.49 trillion), which marks a 4.9% increase compared to the same period last year, according to customs statistics released on Tuesday.
Exports led the surge, totaling 23.04 trillion yuan, up by 6.7%, while imports also showed positive growth at 16.75 trillion yuan, increasing by 2.4% year on year.
The growth was particularly notable in general trade and processing trade. General trade value hit 25.5 trillion yuan, a rise of 3.7%, making up 64.1% of the total foreign trade. Processing trade reached 7.22 trillion yuan, growing by 3.6% and accounting for 18.1% of the total.
China’s top trading partners during this period were the Association of Southeast Asian Nations (ASEAN), the European Union (EU), the United States, and South Korea. Bilateral trade with these regions grew by 8.6%, 1.3%, 4.2%, and 6.3% respectively.
In response to this upward trend, China introduced several policy measures in November aimed at promoting stable foreign trade growth. The Ministry of Commerce, along with the General Administration of Customs and other departments, implemented initiatives to enhance the integration of domestic and foreign trade, improve the business environment at ports, and streamline customs procedures for enterprises.
These developments signal a positive outlook for China’s engagement in global trade, reflecting efforts to foster economic growth and strengthen international partnerships.
Reference(s):
cgtn.com
