According to a report released by the General Administration of Customs on Monday, China's foreign trade increased significantly in the first three quarters of 2024, surpassing the 32 trillion yuan (US$4.44 trillion) mark for the first time in that period.
China's foreign trade reached a total value of 32.33 trillion yuan in the first three quarters of 2024, an annual increase of 5.3 %. Exports climbed to 18.62 trillion yuan, up 6.2 percent, while imports expanded to 13.71 trillion yuan, up 4.1 percent.
Private enterprises made a significant contribution, exporting and importing goods worth 17.78 trillion yuan, a year-on-year jump of 9.4 percent. The sector now accounts for 55 percent of total foreign trade, up 2.1 percentage points from last year.
Officials attribute the sustained growth to strong domestic industrial production and a rebound in global demand, which has boosted Chinese exports.
On the import front, there was a five per cent increase in bulk commodities, including a 4.8% increase in energy products such as crude oil, natural gas and coal, totalling 9.01 billion tonnes.
The data highlight the diversification of China's foreign trade dynamics, he told CGTN Qu Qiang, a fellow at the Belt and Road Research Center at Minzu University of China.
In the first nine months, exports to traditional markets such as Europe, the US and Japan grew by 4.2 %, while exports to emerging markets such as ASEAN and Latin America grew by 12.3 % and 13.7 % respectively.
According to customs statistics, China's trade with more than 160 countries and regions has expanded, reflecting steady progress in market diversification.
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