Posted on 15 Oct 2024
China's foreign trade value grew 5.3% on year over January-September to Yuan 32.33 trillion ($4.5 trillion), capping Yuan 32 trillion for the first time ever during the same period, the latest data released by the country's General Administration of Customs (GACC) on Monday showed. The foreign trade value has now exceeded Yuan 10 trillion every quarter for the past three quarters, Mysteel Global notes.
Both China's export and import value grew during January-September, with the former rising by 6.2% on year to Yuan 18.62 trillion, and the latter up 4.1% on year at Yuan 13.71 trillion, the GACC data showed.
For September alone, the country's foreign trade value saw an uptick of 0.7% on year to Yuan 3.75 trillion, though the total was lower by a slight 0.1% from August, according to GACC. Within the September total, exports rose 1.6% on year to Yuan 2.17 trillion, or down 1.6% on month, while imports dipped 0.5% on year to Yuan 1.58 trillion, but were 2% higher on month.
During the nine months to the end of September, the ASEAN region remained China's top trade partner with the bilateral value trade reaching Yuan 5.09 trillion, up 9.4% on year and accounting for 15.7% of the total value. ASEAN was followed by the European Union and the U.S., with their value standing at Yuan 4.18 trillion and Yuan 3.59 trillion respectively, up 0.9% and 4.2% on year.
As for the "Belt and Road Initiative" countries, their trade value with China climbed by 6.3% on year to Yuan 15.21 trillion in the past nine months, according to GACC.
Among Chinese enterprises involved in foreign trade, privately-owned firms saw their total trade value rise by 9.4% on year to Yuan 17.78 trillion during January-September, contributing to 55% of the country's total.
For foreign-invested enterprises in China and state-owned enterprises, their trade value came in at Yuan 9.53 trillion and Yuan 4.95 trillion over the same period, up 1.1% and 0.1% on year respectively, the Customs data found.
In terms of products, machinery, electrical and electronics products dominated the export market with a total value amounting to Yuan 11.03 trillion in the first nine months, up 8% on year or contributing to 59.3% of the country's total export value, according to the release.
China's industrial production has been steadily increasing this year, GACC said, noting that the country's imports of bulk commodities over January-September had increased by 5% on year, among which imports of crude oil, natural gas and coal added up to 901 million tonnes, higher by 4.8% on year.
Source:Mysteel Global
