According to the latest data from the General Administration of Customs (GACC), China's foreign trade increased by 6% on an annual basis in the first eight months of 2024, reaching 4.02 trillion USD.
Exports increased by 6.9% and imports by 4.7% in the January-August period
During this period, exports increased by 6.9% on an annual basis to 2.27 trillion USD, while imports increased by 4.7% to 1.75 trillion USD.
ASEAN region accounts for 15.7% of total foreign trade value
The ASEAN region continued to be China's largest trading partner, with its trade volume increasing by 10% on an annual basis to 625.1 billion USD. The region accounts for 15.7% of China's total foreign trade value. The EU ranked second with a trade value of 515.8 billion USD, up 1.1%, while the US ranked third with a 4.4% increase compared to the previous year, reaching 4 billion USD.
Countries involved in the One Belt, One Road project increase their share in trade
Countries involved in the One Belt, One Road project, whose main objective is to build a transportation infrastructure, trade, and investment link between major economies along the Asia-Europe route, saw a 7% y-o-y increase in trade with China, totaling USD 1.87 trillion. Exports to these countries rose by 7.7% to USD 1.04 trillion, while imports rose by 6.1% to USD 823.5 trillion.
Privately owned enterprises accounted for 55.1% of total trade
Foreign trade of privately owned Chinese enterprises increased by 10.5% to 2.18 trillion USD, accounting for 55.1% of the country's total trade in January-August.
Iron ore at the forefront of imports
Machinery, electrical products, and electronics led China's exports, contributing 1.34 trillion USD with an 8.8% annual increase and accounting for 59.1% of the total export value. On the import side, iron ore increased by 5.2% to 815 million tons, coal by 11.8% to 342 million tons, and natural gas by 12.3% to 87.1 million tons, while crude oil imports decreased by 3.1% to 367 million tons.
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