China’s foreign trade reached a new record high in the first half (H1) of 2024, providing additional momentum for the country’s economic recovery, official data showed on Friday.
The goods trade volume expanded 6.1% year-on-year to 21.17 trillion yuan (about $2.97 trillion) in the January-June period, with exports rising 6.9% and imports climbing 5.2%, according to the General Administration of Customs (GAC).
Analysts believe the positive trend in foreign trade has been further solidified, with the imports and exports in total gaining 7.4% in the second quarter compared to a year earlier – notably higher than the 4.9% increase in the first quarter and the 1.7% rise in the fourth quarter of last year.
“In general, China’s trade in goods in H1 of the year showed strong resilience and vitality, with exports maintaining a steady and progressive trend,” said Chen Hongna, an associate researcher at the Development Research Center of the State Council.
ASEAN remained China’s largest trading partner, with bilateral trade volume reaching 3.36 trillion yuan, up 10.5% from a year ago and accounting for 15.9% of the country’s total foreign trade. It was followed by the European Union, the United States, and the Republic of Korea.
China’s trade with countries participating in the Belt and Road Initiative also maintained vibrant growth, with the trade volume up 7.2% to 10.03 trillion yuan in the first six months.
Mechanical and electrical products continued to dominate China’s exports during the period, accounting for nearly 60% of the total. Exports of automatic data processing equipment, integrated circuits, and automobiles all saw double-digit increases.
Looking ahead, analysts anticipate that China’s foreign trade will maintain its positive momentum in the coming months, with emerging economies expected to fill the gap as demand from developed countries likely declines.
“Despite external uncertainties, foreign trade will exhibit better quality and stable quantity this year, with new trade drivers taking shape at a rapid pace,” Chen said.
