According to the latest data from the General Administration of Customs, China's foreign trade increased by 6% annually in the first eight months of 2024, reaching 4.02 trillion USD.
Exports up 6.9%, imports increased by 4.7% in January-August period
In 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 accounted for 15.7% of total foreign trade value
The ASEAN region remained China's largest trading partner, with trade volume increasing by 10% on an annual basis to 625.1 billion USD. The region accounted for 15.7% of China's total foreign trade value. The EU ranked second with a trade value of USD 515.8 billion, an increase of 1.1%, while the US ranked third with USD 4 billion, an increase of 4.4% compared to the previous year.
Countries involved in the One Belt, One Road project increased 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% annual increase in trade with China, totaling USD 1.87 trillion. Exports to these countries increased by 7.7% to USD 1.04 trillion, while imports increased 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 dominates imports
Machinery, electrical products and electronics led China's exports, contributing USD 1.34 trillion, increasing by 8.8% annually 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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