Posted on 11 Dec 2024
In this year's first 11 months, China's foreign trade value ticked up by 4.9% on year to Yuan 39.79 trillion ($5.6 trillion), among which the value of the country's exports rose 6.7% on year to Yuan 23.04 trillion, while imports grew 2.4% to Yuan 16.75 trillion over the same period, according to the latest data released by China's General Administration of Customs (GACC) on Tuesday.
For November alone, China's foreign trade value totalled Yuan 3.75 trillion, rising by 1.2% on year and up 1.4% on month, the GACC data showed. Within the total, the value of exports stood at Yuan 2.22 trillion, higher by 5.8% on year and also higher by 1.5% from October, while that of imports reached Yuan 1.53 trillion, down 4.7% on year but up 1.2% on month.
Over January-November, the ASEAN region remained China's top trade partner, with the trade value gaining 8.6% on year to Yuan 6.29 trillion, or accounting for 15.8% of the total. The European Union ranked second, with the value reaching Yuan 5.09 trillion, up 1.3% on year and accounting for 12.8% of the total.
Meanwhile, China saw its foreign trade value with "Belt and Road Initiative" countries amount to Yuan 18.74 trillion during January-November, rising by 6% on year, according to GACC, while the export and import value reached Yuan 10.52 trillion and Yuan 8.22 trillion, up 8.2% and 3.4% respectively on year.
Among all Chinese enterprises involved in exports and imports during the past 11 months, privately-owned firms saw their total trade value swell by 8.7% on year to Yuan 21.99 trillion, contributing to 55.3% of the country's total trade value. This was also higher by 2 percentage points from the same period last year.
For foreign-invested enterprises in China and state-owned enterprises, their trade value stood at Yuan 11.67 trillion and Yuan 6.04 trillion over the same period, up 1.1% and down 0.7% on year respectively, the Customs data indicated.
In terms of products, machinery, electrical and electronics products still dominated export sales, with the combined value amounting to Yuan 13.7 trillion in the last 11 months, up 8.4% on year and accounting for 59.5% of the total, according to GACC.
Among China's imports of bulk commodities during January-November, those of iron ore, coal and natural gas rose by 4.3%, 14.8% and 12% respectively on year to 1.12 billion tonnes, 490 million tonnes and 120 million tonnes. In contrast, crude oil imports slipped by 1.9% on year to 506 million tonnes, Mysteel Global learned from the GACC data.
Source:Mysteel Global
