China's foreign trade increased by 4.9% in the first 11 months, with quality and quantity stable

Created on 2024.12.12

In the first 11 months of this year, the total value of China's import and export of goods was 39.79 trillion yuan, a year-on-year increase of 4.9%.

With concerted efforts from multiple parties to build momentum, China's foreign trade is expected to conclude the year on a stable note. According to customs data, in the first 11 months of this year, China's total import and export value of goods reached 39.79 trillion yuan (RMB, same below), a year-on-year increase of 4.9%. Among them, exports amounted to 23.04 trillion yuan and imports totaled 16.75 trillion yuan, up 6.7% and 2.4% year-on-year, respectively. Foreign trade operations remained stable overall, with monthly imports and exports maintaining growth for eight consecutive months. Looking at November alone, China's total import and export value was 3,750.63 billion yuan, a year-on-year increase of 1.2%. Among them, exports rose by 5.8%, imports fell by 4.7%, and the trade surplus stood at 692.8 billion yuan. ASEAN remains China's largest trading partner, followed by the EU, the United States, and South Korea, ranking second, third, and fourth, respectively.

Specifically, in terms of exports, during the first 11 months, electromechanical products with high technical content and added value accounted for nearly 60% of total exports. Among them, exports of containers, ships, and motorcycles increased by 108.7%, 65.3%, and 24.8%, respectively. The import volume of minerals and energy continued to grow last month, while imports of electronic components and electromechanical products maintained a relatively fast growth rate, indicating that China's demand is still recovering and the effects of counter-cyclical policies are gradually emerging.

The export of high-tech products has performed well. Since the beginning of this year, China's high-tech product exports have performed well. Specifically, in the first 11 months, the export of electromechanical products was 13.7 trillion yuan, an increase of 8.4% year-on-year, accounting for 59.5% of the total export value; among them, the export of automatic data processing equipment and its parts, integrated circuits, automobiles and other products increased by 11.4%, 20.3% and 16.9% year-on-year respectively.

Analysts said that the strong resilience of external demand, the recovery of overseas demand for electronic products, the "rush to tariffs" of foreign trade merchants to stock up in advance, and the effectiveness of the policy of stabilizing foreign trade, etc., have supported exports. China's exports are expected to continue to grow steadily in the coming months.

In terms of imports, the import volume of energy products and mineral products increased by 6.3% and 4.3% respectively; the import value of aircraft parts and electronic components increased by 13.7% and 10.5% respectively. Guo Hanbing, a postdoctoral researcher at the Institute of Finance and Economics of the Chinese Academy of Social Sciences, told Ta Kung Pao that container exports achieved a surge of 108.7%. This significant growth, on the one hand, demonstrates the important position and strength of "Made in China" in the key links of the global trade chain; on the other hand, it is also due to the fact that some companies have anticipated the uncertainty of the future market and therefore adopted a strategy of early deployment.

Looking ahead, against the backdrop of tariff impacts and the enhancement of China's foreign trade competitiveness, China's export growth rate is expected to maintain steady growth in the coming months. On the import side, the series of incremental policies recently introduced have significantly boosted market expectations. Coupled with the continued release of the effects of existing policies, the recovery momentum of consumption, real estate, and investment is expected to be further strengthened, and China's import demand is anticipated to improve in the future.

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