China’s foreign trade in goods experienced a year-on-year increase of 4.9 percent, reaching a total of 39.79 trillion yuan ($5.49 trillion) in the first eleven months of this year, as reported by Global Times. Exports surged by 6.7 percent year-on-year, totaling 23.04 trillion yuan, while imports saw a modest rise of 2.4 percent, amounting to 16.75 trillion yuan during the same period, according to the General Administration of Customs (GAC).
Fueled by the government’s suite of pro-growth policies, the country’s foreign trade volume recorded a 1.2-percent year-on-year increase in November alone, reaching 3.75 trillion yuan in yuan-denominated terms. Notably, this marked the eighth consecutive month of growth for monthly foreign trade volume, as per GAC data.
In the first eleven months of the year, trade conducted by private enterprises constituted 55.3 percent of the nation’s total trade, representing a 2-percentage-point increase compared to the same timeframe last year, according to GAC statistics.
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Strong growth in foreign trade in October
October witnessed particularly strong growth in foreign trade, with total goods imports and exports rising by 4.6 percent year-on-year in yuan terms, a significant jump from the 0.7 percent year-on-year growth observed in September, as reported by GAC.
For the first ten months of this year, the foreign trade of goods in yuan terms reached 36.02 trillion yuan (approximately $5 trillion), reflecting a 5.2 percent year-on-year increase. Exports increased by 6.7 percent to 20.8 trillion yuan, while imports rose by 3.2 percent to 15.22 trillion yuan, according to a statement from GAC. When calculated in U.S. dollars, the total value of China’s imports and exports for this timeframe was $5.07 trillion, marking a 3.7 percent year-on-year increase. Exports totaled $2.93 trillion, up 5.1 percent year-on-year, and imports reached $2.14 trillion, which represented a 1.7 percent rise. The trade surplus during this period stood at $785.27 billion, an increase of 15.8 percent.
During the same period, exports of labor-intensive products from China reached 3.48 trillion yuan, marking a 3.2 percent year-on-year increase and accounting for 16.7 percent of the nation’s total foreign trade volume. Specifically, clothing and accessories exports were valued at 932.75 billion yuan, reflecting a 0.7 percent year-on-year rise, while textile exports amounted to 829.52 billion yuan, a 5.8 percent year-on-year increase.
ASEAN as China’s largest trading partner
In the first ten months, the Association of Southeast Asian Nations (ASEAN) became China’s largest trading partner. The total trade volume between China and ASEAN during this period reached 5.67 trillion yuan, representing an 8.8 percent year-on-year increase and accounting for 15.7 percent of China’s overall foreign trade volume. Exports to ASEAN were valued at 3.36 trillion yuan, reflecting a 12.5 percent year-on-year increase, while imports from ASEAN totaled 2.31 trillion yuan, a rise of 3.8 percent year-on-year. The trade surplus with ASEAN was 1.05 trillion yuan, showcasing a substantial 38.2 percent year-on-year increase.
Trade relations with the EU and U.S.
The European Union (EU) ranked as China’s second-largest trading partner, with total trade volume reaching 4.64 trillion yuan during the same period, a 1.2 percent year-on-year increase, accounting for 12.9 percent of the total foreign trade volume. Exports to the EU were valued at 3.04 trillion yuan, up 3.5 percent year-on-year, while imports from the EU totaled 1.6 trillion yuan, reflecting a 2.9 percent year-on-year decline. The trade surplus with the EU rose to 1.44 trillion yuan, marking an 11.6 percent year-on-year increase.
The United States was the third-largest trading partner, with a total trade volume of 4.01 trillion yuan, which represented a 4.4 percent year-on-year increase, accounting for 11.1 percent of the total foreign trade volume. Exports to the U.S. were valued at 3.04 trillion yuan, reflecting a 4.9 percent year-on-year rise, while imports reached 969.48 billion yuan, increasing by 2.9 percent year-on-year. The trade surplus with the United States amounted to 2.07 trillion yuan, representing a 5.8 percent increase.
Trade with South Korea and Belt and Road Initiative
South Korea emerged as China’s fourth-largest trading partner during this ten-month period, with a total trade value of 1.91 trillion yuan, a 6.7 percent year-on-year increase, which accounted for 5.3 percent of the total trade. Exports to South Korea were valued at 855.67 billion yuan, down by 0.8 percent year-on-year, while imports totaled 1.05 trillion yuan, reflecting a significant increase of 13.8 percent year-on-year. The trade deficit with South Korea widened to 198.74 billion yuan, representing a 2.1 times increase.
Additionally, China’s total imports and exports with countries involved in the Belt and Road Initiative reached 16.94 trillion yuan, marking a 6.2 percent year-on-year increase. Exports to these nations amounted to 9.48 trillion yuan, reflecting an 8 percent year-on-year rise, while imports from these countries were valued at 7.46 trillion yuan, up by 3.9 percent year-on-year.
Lyu Daliang, the director of GAC’s Department of Statistics and Analysis, noted that the country is well-equipped to meet its annual foreign trade targets, which emphasize enhanced quality and stable volume.
