China’s foreign trade achieved remarkable growth, with exports outperforming market predictions throughout August. The trade growth data released by the General Administration of Customs (GAC) reveals that the country’s total imports and exports reached 28.58 trillion yuan ($4.02 trillion) over the first eight months of 2024, reflecting a 6% year-on-year rise.
Exports surged to 16.45 trillion yuan, registering a 6.9% uptick, while imports climbed by 4.7% to 12.13 trillion yuan. The resulting trade surplus expanded by 13.6%, reaching 4.32 trillion yuan over the period.
August alone saw foreign trade reach 3.75 trillion yuan, increasing by 4.8% compared to the same period last year. Exports for the month totaled 2.20 trillion yuan, growing by 8.4%, while imports held steady at 1.55 trillion yuan. Expressed in US dollars, exports rose by 8.7%, outpacing broad market expectations, with imports edging up by 0.5%.
Global Demand
China’s foreign trade continues to display resilience despite global uncertainties. Economist Zhou Maohua of China Everbright Bank credits this strength to robust global demand and an optimized trade structure. Emerging markets, notably ASEAN, Belt and Road Initiative (BRI) nations, and Latin American economies, are key contributors to this momentum.
Trade with ASEAN, China’s largest trading partner, saw a 10% growth, reaching 4.5 trillion yuan, accounting for 15.7% of total foreign trade. The EU and US also maintain significant trade volumes, with the EU registering 3.72 trillion yuan, reflecting a 1.1% rise, and the US at 3.15 trillion yuan, up 4.4% from the previous year.
Private Enterprises as Key Drivers
Private firms are central to China’s foreign trade landscape, accounting for 55.1% of total trade. These enterprises achieved 15.74 trillion yuan in imports and exports, showing a robust 10.5% growth. This trend highlights their expanding role and the evolution of new trade models, boosting the sector’s overall vitality.
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