China’s total goods imports and exports maintained steady growth in the first 11 months of 2024, expanding by 4.9 per cent year on year in yuan terms, according to official data released by the General Administration of Customs (GAC) on Tuesday.
The country’s goods trade value reached 39.79 trillion yuan (approximately 5.6 trillion USD) during the January-November period, with exports rising 6.7 per cent year on year to 23.04 trillion yuan and imports climbing 2.4 per cent to 16.75 trillion yuan.
In November alone, goods imports and exports saw a year-on-year increase of 1.2 per cent, maintaining growth for an eighth consecutive month.
The data also showed that exports of mechanical and electrical products accounted for nearly 60 per cent of the total during the January-November period, with notable increases in exports of containers, ships, and motorcycles.
Agricultural products also reached a broad overseas market, with exports of dried and fresh fruits and nuts, vegetables and edible fungi, and alcohol and beverages increasing significantly.
Private enterprises saw their foreign trade increase by 8.7 per cent year on year, remaining the leading force in China’s foreign trade. Market diversification also sustained momentum, with China’s trade with traditional partners and countries participating in Belt and Road cooperation achieving notable growth.
According to Lyu Daliang, director of the GAC’s Department of Statistics and Analysis, China is expected to end the year with a smooth performance in foreign trade and achieve the goal of stable quality and quantity, thanks to the concerted efforts of both stock and incremental policies in the field.
