China’s Foreign Trade Sees Steady Growth in First 10 Months

According to the latest data from China’s General Administration of Customs, the total value of China’s goods trade in the first ten months of 2024 reached 36.02 trillion RMB, marking a 5.2% year-on-year growth, indicating stable performance. Exports rose by 6.7% to 20.8 trillion RMB, driven by high-end, smart, and eco-friendly products. Notably, ship, automobile, and motorcycle exports grew by 74.9%, 20%, and 24.6%, respectively.

Imports also expanded, reaching 15.22 trillion RMB, an increase of 3.2%. Significant import growth was seen in energy products, machinery, and consumer goods like clothing, fruits, and wine. China’s continued efforts to enhance its business environment have benefited foreign-invested enterprises, with their trade volume increasing by 1.3% year-on-year, and export growth accelerating to 7.4% in October.

Trade with Belt and Road Initiative (BRI) countries rose by 6.2%, reaching 16.94 trillion RMB. Specifically, trade with ASEAN, China’s largest trading partner, increased by 8.8%. Trade with other major partners also showed positive growth: 4.4% with the U.S., 1.2% with the EU, and 6.7% with South Korea. Trade with other members of the Regional Comprehensive Economic Partnership (RCEP) and BRICS countries grew by 4.3% and 4.5%, respectively.

Moreover, the number of Chinese enterprises trading with Latin America increased by 6.9%, boosting trade with the region by 9.1%, outpacing the overall national growth rate by 3.9 percentage points.

These figures reflect China’s strong trade performance and its expanding economic partnerships globally, driven by strategic initiatives like the BRI and increasing demand for high-quality, sustainable products.