China’s total goods imports and exports expanded 6.2 percent year-on-year in the first seven months of 2024, reaching 24.83 trillion yuan ($3.46 trillion), according to recent official data.
The country’s exports rose 6.7 percent year-on-year to 14.26 trillion yuan during the period, while imports climbed 5.4 percent to 10.57 trillion yuan, the Chinese General Administration of Customs reported.
In terms of individual economies, the Association of Southeast Asian Nations (ASEAN) remained China’s largest trading partner during the first seven months, with bilateral trade increasing by 10.5 percent year-on-year to hit 3.92 trillion yuan, accounting for 15.8 percent of China’s total foreign trade volume.
The European Union (EU) and the United States (U.S.) were China’s second and third largest trading partners, respectively. China’s trade with the EU grew 0.4 percent in the January-July period, while its trade with the US increased 4.1 percent during the same time frame.
China’s exports of electromechanical products in the first seven months totaled 8.41 trillion yuan, up 8.3 percent and accounting for 59 percent of the country’s total exports, according to customs data.
In May 2024, China’s exports saw a significant monthly increase of 7.6 percent while imports rose slower by 1.8 percent from the 8.4 percent surge last month, highlighting the fragility of domestic consumption. China’s trade surplus grew to $82.62 billion in April.
Year-on-year, China’s exports saw a 1.5 percent increase while imports saw an 8.4 percent increase. During the first five months of 2024, U.S. dollar-denominated exports rose by 2.7 percent year-on-year, while imports saw a 2.9 percent increase.
For more news on logistics, click here.
