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China’s total imports and exports reached 32,33 trillion yuan (US$4,57 trillion) in the first three quarters of 2024, setting a record high with an increase of 5,3 percent year-on-year, China’s General Administration of Customs (GAC) said on Monday, noting that foreign trade maintained steady growth and the trade structure continued to optimize.
In the same period, China’s total exports amounted to 18.62 trillion yuan, growing by 6,2 percent year-on-year, while imports reached 13,71 trillion yuan, an increase of 4,1 percent, according to officials at a GAC press conference on Monday.
“Overall, China’s foreign trade operations remained stable in the first three quarters, with exports and imports both showing growth,” Wang Lingjun, deputy head of the GAC, told the press conference.
Wang said that while the domestic and international environments are becoming more complex and China’s foreign trade development faces some challenges, the fundamentals of China’s economy, along with its vast market, strong resilience, and great potential, remain unchanged. “As current policies and new measures continue to take effect, positive factors for foreign trade development have accumulated. There is a strong foundation for steady growth in imports and exports in the fourth quarter,” Wang said.
In terms of trade with top trading partners, notably, China’s trade with the Belt and Road Initiative partners hit 15.21 trillion yuan, an increase of 6,3 percent year-on-year in the first three quarters, accounting for 47,1 percent of China’s total foreign trade during this period, according to the GAC. — Global Times
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