Beijing, China — Amidst a complex global economic landscape marked by sluggish growth and increased trade barriers, China’s foreign trade has continued to demonstrate remarkable resilience and achieved notable growth, underscoring the country’s robust production capacity and adaptability to market dynamics.
According to the latest data released by the General Administration of Customs (GAC) on July 30, China’s total trade in goods amounted to 21.17 trillion yuan in the first half of 2024, marking a 6.1% year-on-year increase. This achievement not only sets a new record for the same period but also underscores the country’s ability to navigate external challenges and maintain its position as a key driver of global trade.
The export sector, in particular, has been a significant contributor to this growth, with total exports reaching 12.13 trillion yuan, up 6.9% from the previous year. This growth momentum has been fueled by a combination of factors, including the steady recovery of external demand, especially in developed economies, and the country’s ongoing efforts to promote new trade formats and models.
Innovation and Diversification Driving Growth
One of the key drivers behind China’s export success has been the diversification and upgrading of its export basket. High-tech and high value-added products, such as automobiles, integrated circuits, and lithium batteries, have seen remarkable growth rates, with exports of these products up 7.3 times, 1.8 times, and 15.2 times, respectively, since 2012. This trend reflects China’s commitment to innovation and industrial upgrading, positioning it as a leading supplier of advanced technology products in the global market.
Moreover, China’s exports of electromechanical products, which account for nearly 60% of total exports, grew by 8.2% year-on-year in the first half of 2024, driven by strong demand for items like automatic data processing equipment, integrated circuits, and automobiles. This underscores the competitiveness of China’s manufacturing sector and its ability to capitalize on emerging market trends.
Resilience Amidst Global Challenges
Despite the persistent challenges posed by trade barriers, geopolitical tensions, and currency fluctuations, China’s foreign trade has demonstrated remarkable resilience. For instance, despite the headwinds, China’s exports of automobiles increased by 22.2% year-on-year in the first half of 2024, highlighting the sector’s growth potential and global competitiveness.
Furthermore, China’s trade relationships with both developed and developing economies have continued to strengthen. The country maintained its position as the largest trading partner for over 150 countries and regions, with trade with ASEAN, its largest trading partner, growing by 10.5% in the first half of 2024. This underscores the depth and breadth of China’s global trade network and its ability to forge mutually beneficial partnerships.
Policies Supporting Sustainable Growth
China’s foreign trade success is also attributable to a series of supportive policies aimed at fostering sustainable growth. The GAC has been at the forefront of these efforts, implementing reforms that have significantly streamlined customs procedures and enhanced regulatory efficiency. From paperless customs clearance to integrated national customs clearance, these reforms have contributed to a more transparent and efficient trading environment.
Moreover, the Chinese government has continued to promote new trade formats, such as cross-border e-commerce, overseas warehouses, and market procurement, by providing policy support and infrastructure development. As of now, there are over 120,000 cross-border e-commerce enterprises and more than 1,000 cross-border e-commerce industrial parks in China, underscoring the rapid growth of this sector.
Outlook for the Remainder of 2024
Looking ahead, while the external environment remains challenging, China’s foreign trade is expected to maintain a steady and positive growth trajectory. The country’s robust production capacity, complete industrial chain, and supportive policy environment will continue to drive trade expansion. Additionally, the further deepening of regional economic cooperation initiatives, such as the Belt and Road Initiative, will provide new growth opportunities for China’s foreign trade.
In conclusion, China’s foreign trade has demonstrated remarkable resilience and growth potential amidst global challenges. With a commitment to innovation, diversification, and policy support, the country is poised to continue its role as a key driver of global trade and economic development.
Post time: Jul-31-2024