According to the latest data released by the General Administration of Customs, the total value of China's trade in goods reached a record high in the first half of 2024, reaching 21.17 trillion yuan, up 6.1% year on year. Among them, both export and import have achieved steady growth, and the trade surplus has continued to expand, showing the strong driving force and broad prospects of China's foreign trade market.
1. The total value of imports and exports reached a new high, and growth accelerated quarter by quarter
1.1 Data Overview
- Total import and export value: 21.17 trillion yuan, up 6.1% year on year.
- Total exports: RMB 12.13 trillion yuan, up 6.9% year on year.
- Total imports: 9.04 trillion yuan, up 5.2% year on year.
- Trade surplus: 3.09 trillion yuan, up 12% year on year.
1.2 Growth rate analysis
In the first half of this year, China's foreign trade growth accelerated quarter by quarter, growing by 7.4% in the second quarter, 2.5 percentage points higher than in the first quarter and 5.7 percentage points higher than in the fourth quarter of last year. This trend shows that China's foreign trade market is gradually picking up, and the positive momentum is being further consolidated.
2. With its export markets diversified, ASEAN became the largest trading partner
2.1 Major trading partners
- Asean: It has become China's largest trading partner, with a total trade value of 3.36 trillion yuan, up 10.5% year on year.
- Eu: Second largest trading partner, with a total trade value of 2.72 trillion yuan, down 0.7% year on year.
- US: The third largest trading partner, with a total trade value of 2.29 trillion yuan, up 2.9% year on year.
- South Korea: The fourth largest trading partner, with a total trade value of 1.13 trillion yuan, up 7.6% year on year.
2.2 Market diversification has achieved remarkable results
In the first half of this year, China's imports and exports to Belt and Road " countries totaled 10.03 trillion yuan, up 7.2% year on year. This shows that the diversification strategy of China's foreign trade market has achieved remarkable results, which is helpful to reduce the risk of dependence on the single market.
3. The import and export structure continued to optimize, and the export of mechanical and electrical products dominated
3.1 Import and export structure
- General trade: import and export reached 13.76 trillion yuan, up 5.2% year on year, accounting for 65% of the total foreign trade.
- Processing trade: import and export reached 3.66 trillion yuan, up 2.1% year on year, accounting for 17.3%.
- Bonded logistics: import and export reached 2.96 trillion yuan, up 16.6% year on year.
3.2 Strong exports of mechanical and electrical products
In the first half of this year, China exported mechanical and electrical products of 7.14 trillion yuan, up 8.2% year on year, accounting for 58.9% of the total export value. Among them, the export of automatic data processing equipment such as its parts, integrated circuits and automobiles increased significantly, showing the positive achievements in the transformation and upgrading of China's manufacturing industry.
4. Emerging markets have performed well, injecting new impetus into foreign trade growth
4.1 Emerging markets have made outstanding contributions
Xinjiang, Guangxi, Hainan, Shanxi, Heilongjiang and other provinces performed well in the export data in the first half of the year, becoming new highlights of foreign trade growth.These regions have benefited from policy support and institutional innovation such as national pilot free trade zones and free trade ports, and effectively stimulated the export vitality of enterprises by taking measures such as simplifying customs clearance procedures and reducing tariffs.
4.2 Private enterprises have become the main force of foreign trade
In the first half of this year, the import and export of private enterprises reached 11.64 trillion yuan, up 11.2% year on year, accounting for 55% of the total foreign trade. Among them, the export of private enterprises was 7.87 trillion yuan, up 10.7% year on year, accounting for 64.9% of the total export value. This shows that private enterprises are playing an increasingly important role in China's foreign trade.
In the first half of 2024, China's foreign trade and exports showed strong resilience and vitality in a complex and volatile international environment. With the continuous expansion of trade scale, the in-depth implementation of market diversification strategy and the continuous optimization of import and export structure, China's foreign trade market is expected to achieve more stable and sustainable development. In the future, China will continue to deepen the reform and opening up, strengthen the international cooperation, promote the trade facilitation process, and make greater contribution to the global economic recovery and growth.
Post time: Aug-21-2024
