China's Foreign Trade Reaches New Heights in 2024
Record-Breaking Trade Figures Reflect Economic Resilience and Strategic Global Partnerships
BEIJING, Jan. 13 (Xinhua) -- China's foreign trade achieved a record high in 2024, solidifying its position as the world's leading goods trader.
The General Administration of Customs (GAC) announced that the total value of China's goods imports and exports reached 43.85 trillion yuan (approximately 6.1 trillion U.S. dollars), marking a 5% increase year on year.
Exports saw a growth of 7.1%, amounting to 25.45 trillion yuan, while imports rose by 2.3%, totaling 18.39 trillion yuan.
GAC Deputy Head Wang Lingjun stated that China's foreign trade growth was notably rapid among major global economies, attributing the success to timely policy interventions and a favorable business environment.
China's foreign trade in December alone surpassed 4 trillion yuan, up 6.8% year on year.
The fourth quarter saw a jump to 11.51 trillion yuan, with growth accelerating by 0.4 percentage points compared to the third quarter.
Strengthening its status as the world's top goods trader, China's exports and imports represented 14.5% and 10.5% of global totals in the first three quarters of 2024, respectively.
This achievement was facilitated by measures that enhanced port business conditions and cross-border trade facilitation, with initiatives launched in 20 cities to improve customs processes.
Deputy Head Wang cited the significant improvement in the structure of China's imports and exports, characterized by advancements in high-tech exports and a thriving cross-border e-commerce sector.
The latter saw a value rise to 2.63 trillion yuan, showcasing robust momentum in digital trade forms.
Noteworthy was the significant role of green trade, as China expanded exports of environmentally friendly goods, including wind and solar technologies, electric vehicles, and electric locomotives.
These efforts supported global sustainability initiatives and underscored China's influence in the green economy.
In terms of imports, high-tech components and consumer goods showed strong growth, though some slowdown occurred due to decreasing commodity prices, such as crude oil and iron ore.
Additionally, political tensions and export controls from other nations hindered potential import gains.
China's diplomatic and economic strategies bore fruit as the nation broadened its 'circle of friends' in trade.
It gained new trading partners in 2024 and fostered deeper engagements with countries involved in the Belt and Road Initiative, which accounted for over half of its foreign trade.
Trade with ASEAN and other BRICS nations continued to flourish, reflecting China's regional integration efforts.
While traditional markets like the EU and the U.S. remained vital, China's expanding network of trade partners highlights the adaptability and breadth of its economic policy.
The growth aligned with predictions from major international economic organizations, underscoring China's significant role in the global trading landscape for 2025 and beyond.
The General Administration of Customs (GAC) announced that the total value of China's goods imports and exports reached 43.85 trillion yuan (approximately 6.1 trillion U.S. dollars), marking a 5% increase year on year.
Exports saw a growth of 7.1%, amounting to 25.45 trillion yuan, while imports rose by 2.3%, totaling 18.39 trillion yuan.
GAC Deputy Head Wang Lingjun stated that China's foreign trade growth was notably rapid among major global economies, attributing the success to timely policy interventions and a favorable business environment.
China's foreign trade in December alone surpassed 4 trillion yuan, up 6.8% year on year.
The fourth quarter saw a jump to 11.51 trillion yuan, with growth accelerating by 0.4 percentage points compared to the third quarter.
Strengthening its status as the world's top goods trader, China's exports and imports represented 14.5% and 10.5% of global totals in the first three quarters of 2024, respectively.
This achievement was facilitated by measures that enhanced port business conditions and cross-border trade facilitation, with initiatives launched in 20 cities to improve customs processes.
Deputy Head Wang cited the significant improvement in the structure of China's imports and exports, characterized by advancements in high-tech exports and a thriving cross-border e-commerce sector.
The latter saw a value rise to 2.63 trillion yuan, showcasing robust momentum in digital trade forms.
Noteworthy was the significant role of green trade, as China expanded exports of environmentally friendly goods, including wind and solar technologies, electric vehicles, and electric locomotives.
These efforts supported global sustainability initiatives and underscored China's influence in the green economy.
In terms of imports, high-tech components and consumer goods showed strong growth, though some slowdown occurred due to decreasing commodity prices, such as crude oil and iron ore.
Additionally, political tensions and export controls from other nations hindered potential import gains.
China's diplomatic and economic strategies bore fruit as the nation broadened its 'circle of friends' in trade.
It gained new trading partners in 2024 and fostered deeper engagements with countries involved in the Belt and Road Initiative, which accounted for over half of its foreign trade.
Trade with ASEAN and other BRICS nations continued to flourish, reflecting China's regional integration efforts.
While traditional markets like the EU and the U.S. remained vital, China's expanding network of trade partners highlights the adaptability and breadth of its economic policy.
The growth aligned with predictions from major international economic organizations, underscoring China's significant role in the global trading landscape for 2025 and beyond.
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