Economic Watch: China's foreign trade shows steady growth in first 11 months

2024-December-11 10:18 By: Xinhua

Trucks and engineering vehicles wait to be loaded at Yantai Port in east China's Shandong Province, Dec. 10, 2024. China's total goods imports and exports expanded 4.9 percent year on year in yuan terms in the first 11 months of the year, official data showed Tuesday. The goods trade volume expanded to 39.79 trillion yuan, or 5.6 trillion in U.S. dollar terms, in the January-November period, according to the General Administration of Customs (GAC). The country's exports rose 6.7 percent year on year during the period to 23.04 trillion yuan, while imports climbed 2.4 percent to 16.75 trillion yuan, the GAC data showed. (Photo by Tang Ke/Xinhua)

BEIJING, Dec. 10 (Xinhua) -- China's total goods imports and exports maintained steady growth in the first 11 months of 2024, expanding by 4.9 percent year on year in yuan terms, official data showed Tuesday.

Goods trade value expanded to 39.79 trillion yuan, or 5.6 trillion in U.S. dollar terms, in the January-November period, according to the General Administration of Customs (GAC).

China's exports rose 6.7 percent year on year during this period to 23.04 trillion yuan, while imports climbed 2.4 percent to 16.75 trillion yuan, the GAC data revealed.

In November alone, goods imports and exports saw a year-on-year increase of 1.2 percent to total 3.75 trillion yuan -- maintaining growth for an eighth consecutive month.

Specifically, exports of mechanical and electrical products accounted for nearly 60 percent of the total during the January-November period, with exports of containers, ships and motorcycles increasing by 108.7 percent, 65.3 percent and 24.8 percent, respectively, the data showed.

During the first 11 months, agricultural products reached a broad overseas market, as exports of dried and fresh fruits and nuts, vegetables and edible fungi, and alcohol and beverages increased by 22.2 percent, 11.4 percent and 7.5 percent, respectively.

Among various market entities, private enterprises in this period saw their foreign trade increase by 8.7 percent year on year -- remaining the leading force in terms of China's foreign trade. Meanwhile, imports and exports of foreign-invested firms increased by 1.1 percent.

Market diversification also sustained momentum. In the first 11 months of 2024, China's trade with traditional partners such as the European Union, the United States and the Republic of Korea achieved growth of 1.3 percent, 4.2 percent and 6.3 percent, respectively.

China's trade with countries participating in Belt and Road cooperation during this period saw a year-on-year increase of 6 percent, while that with ASEAN countries rose by 8.6 percent.

In this period, China's foreign trade with Latin America and Africa increased by 7.9 percent and 4.8 percent, respectively.

The State Council recently issued a package of policy measures aimed at promoting the stable growth of foreign trade, while the Ministry of Commerce, the GAC and other departments also launched specific measures to accelerate the integrated development of domestic and foreign trade, further optimize the business environment at ports, and promote the convenience of customs clearance for enterprises, said Lyu Daliang, director of the GAC's Department of Statistics and Analysis.

"With the concerted efforts of both stock and incremental policies in the field, China is expected to end the year with a smooth performance in foreign trade and achieve the goal of stable quality and quantity," Lyu noted. ■

Containers are unloaded at Qingdao Port, east China's Shandong Province, Dec. 10, 2024. China's total goods imports and exports expanded 4.9 percent year on year in yuan terms in the first 11 months of the year, official data showed Tuesday.