China’s industrial sector continued its steady growth trajectory in July, fueled by robust new growth drivers and strong export performance.
According to data released by the National Bureau of Statistics (NBS), the country’s value-added industrial output, a key economic indicator, expanded by 5.1 percent year-on-year in July. This figure represents a monthly increase of 0.35 percent from June.
The industrial output calculation encompasses enterprises with an annual main business turnover of at least 20 million yuan (approximately $ 2.8 million).
NBS spokesperson Liu Aihua highlighted the positive performance across various sectors, stating that 80 percent of industries and nearly 60 percent of products experienced year-on-year growth.
The equipment manufacturing sector played a significant role in this growth, contributing 2.4 percentage points to the overall industrial output expansion. Liu Aihua emphasized the strengthening of new growth drivers within the manufacturing sector.
Data from the NBS also revealed that combined profits of major industrial enterprises increased by 3.5 percent year-on-year during the first six months of the year, reaching 3.51 trillion yuan.
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.
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