Beijing, China – October 16, 2024 – China’s total imports and exports of goods grew 5.3% year-on-year in yuan terms during the first three quarters of 2024, reaching a record high of 32.33 trillion yuan ($4.57 trillion), according to the General Administration of Customs (GAC).
Exports rose 6.2% to 18.62 trillion yuan, while imports increased by 4.1% to 13.71 trillion yuan. Wang Lingjun, deputy head of the GAC, highlighted the continued improvement in the structure of China’s export products, with mechanical and electrical goods accounting for nearly 60% of total exports.
Significant growth was observed in high-end equipment exports (up 43.4%), integrated circuits (22%), automobiles (22.5%), and home appliances (15.5%).
Wang noted that while the domestic and international trade environment has become increasingly complex, the dual drivers of supply and demand have facilitated stable growth. Notably, this marks the first time in history that China’s import and export scale has exceeded 10 trillion yuan for three consecutive quarters.
Private enterprises played a crucial role, achieving imports and exports of 17.78 trillion yuan, a 9.4% year-on-year increase, contributing 93.8% to the overall growth. Foreign-invested enterprises also saw a 1.1% increase in trade.
China’s import volume for bulk commodities rose by 5% year-on-year, driven by stable industrial production and consumer market growth. Key imports included 901 million metric tons of energy products (up 4.8%) and 1.14 billion tons of metal ores (up 4.9%).
On the international front, trade diversification continues, with growth recorded in trade with over 160 countries and regions. Trade with Belt and Road Initiative countries reached 15.21 trillion yuan, a 6.3% increase, while trade with BRICS nations grew by 5.1%. Trade with ASEAN countries rose by 9.4%.
Wang emphasized China’s enduring economic strengths and the positive impact of both existing and new policies on foreign trade development, indicating a solid foundation for continued trade growth in the fourth quarter.