Beijing, August 07, 2024, The Europe Today: China’s foreign trade achieved a new high in the first seven months of this year, providing significant momentum to the country’s economic growth, according to official data released on Wednesday.
The General Administration of Customs (GAC) reported a 6.2 percent year-on-year increase in goods trade volume in yuan terms during this period. Exports rose by 6.7 percent, while imports climbed by 5.4 percent.
“China’s economy has been running steadily since the beginning of this year, and foreign trade has maintained a stable and positive momentum,” said Lyu Daliang, director of the GAC’s Department of Statistics and Analysis. He noted that the year-on-year growth of China’s foreign trade has remained above 5 percent for the fourth consecutive month in July.
In U.S. dollar terms, the country’s foreign trade in goods stood at $3.5 trillion from January to July. Exports reached $2.01 trillion, while imports hit $1.49 trillion. The trade surplus expanded by 7.9 percent year-on-year to $518 billion during this period.
The Association of Southeast Asian Nations (ASEAN) remained China’s largest trading partner, with bilateral trade volume reaching 3.92 trillion yuan in the first seven months, up 10.5 percent from a year ago, accounting for 15.8 percent of the country’s total foreign trade. The European Union followed with a trade volume of 3.22 trillion yuan, the United States at 2.72 trillion yuan, and the Republic of Korea at 1.32 trillion yuan.
China’s goods trade with countries participating in the Belt and Road Initiative surged by 7.1 percent to 11.72 trillion yuan in the first seven months.
Mechanical and electrical products continued to dominate China’s exports, accounting for nearly 60 percent of the total. Specifically, exports of automatic data processing equipment and components rose by 11.6 percent year-on-year, integrated circuits increased by 25.8 percent, and automobiles by 20.7 percent.
China aims to enhance the volume and quality of foreign trade, boost imports of high-quality goods, and help foreign trade enterprises lower costs and increase efficiency, according to this year’s government work report.
As China continues to strengthen its trade ties and expand its economic reach, these positive trends in foreign trade are expected to further bolster the nation’s economic stability and growth.
