Posted on 11 Sep 2024
China's foreign trade value posted a 6% on-year gain to reach Yuan 28.58 trillion ($4.02 trillion) over this year's January-August period, according to the latest release by the country's General Administration of Customs (GACC) on Tuesday. Within the total, exports swelled by 6.9% on year to Yuan 16.45 trillion, and imports grew by 4.7% on year to Yuan 12.13 trillion, the data show.
For August alone, China's foreign trade value came in at Yuan 3.75 trillion, up 4.8% on year or higher by 2.1% on month. In the August total, the value of exports rose 8.4% on year to Yuan 2.2 trillion, while imports remained unchanged on year at Yuan 1.55 trillion, according to GACC data.
The latest release showed that China's top trade partner over January-August was again the ASEAN region, with the trade value totalling Yuan 4.5 trillion, up 10% on year and accounting for 15.7% of the total.
Meanwhile, the EU ranked the second largest with the total value reaching Yuan 3.72 trillion, up 1.1% on year and accounting for 13% of the total. The third was the U.S. with the value rising 4.4% on year to Yuan 3.15 trillion, contributing to 11% of the total.
For "Belt and Road Initiative" countries, their trade value with China settled at Yuan 13.48 trillion during the first eight months, up 7% on year, according to GACC, while the export and import value reached Yuan 7.54 trillion and Yuan 5.94 trillion, up 7.7% and 6.1% respectively on year.
Among Chinese enterprises involved in foreign trade, privately-owned firms saw their total trade value climb 10.5% on year to Yuan 15.74 trillion over January-August, accounting for 55.1% of the total, or 2.3 percentage points higher on year.
As for the products that China exported during the past eight months, those of machinery, electrical goods and electronics dominated in terms of value, adding up to Yuan 9.72 trillion, higher by 8.8% on year and accounting for 59.1% of the total export value, the GACC data showed.
And among China's imports of bulk commodities during January-August, those of iron ore, coal and natural gas posted on-year growth in volume, up 5.2%, 11.8% and 12.3% respectively to 815 million tonnes, 342 million tonnes and 87.1 million tonnes. In contrast, crude oil imports slipped by 3.1% on year to 367 million tonnes.
Source:Mysteel Global
