China’s foreign trade market has demonstrated remarkable resilience amidst global economic challenges. As of the first 11 months of 2024, China’s total goods trade total import and export value reached 39.79 trillion yuan, marking a 4.9% increase year-on-year. Exports accounted for 23.04 trillion yuan, up by 6.7%, while imports totaled 16.75 trillion yuan, increasing by 2.4%. In US dollar terms, the total import and export value was 5.6 trillion, a 3.6% growth.
The foreign trade pattern for 2024 is becoming clearer, with China’s trade scale setting a new historical high for the same period. The country’s export growth has been accelerating, and the trade structure continues to optimize. China’s share in the international market has been increasing, contributing the most to global exports.China’s foreign trade has been characterized by steady growth and quality improvement. The country’s trade with emerging markets such as ASEAN, Vietnam, and Mexico has become more frequent, providing new growth points for foreign trade.
Traditional export commodities have maintained steady growth, while high-tech and high-end equipment manufacturing exports have seen significant growth rates, indicating an ongoing optimization of China’s export structure and continuous enhancement of product innovation capabilities and technological levels.The Chinese government has introduced a series of policies to support the transformation and upgrading of the foreign trade industry, including simplifying customs procedures, improving customs efficiency, providing tax incentives, and establishing pilot free trade zones. These measures, along with the country’s large market and strong production capabilities, have positioned China as a significant player in the global trade landscape.
According to the arrangement of the Ministry of Commerce, my country will implement four measures this year, including: strengthening trade promotion, connecting suppliers and buyers, and stabilizing export trade; reasonably expanding imports, strengthening cooperation with trading partners, giving play to China’s super-large market advantages, and expanding imports of high-quality products from various countries, thereby stabilizing the global trade supply chain; deepening trade innovation, promoting the continuous, rapid and healthy development of new formats such as cross-border e-commerce and overseas warehouses; stabilizing the foreign trade industry foundation, continuously optimizing the foreign trade industry structure, and supporting the gradual transfer of processing trade to the central, western and northeastern regions while strengthening general trade, and upgrading development.
This year’s government work report also proposed that greater efforts will be made to attract and utilize foreign investment. Expand market access and increase the opening of the modern service industry. Provide good services for foreign-funded enterprises and promote the implementation of foreign-funded landmark projects.
At the same time, the port also understands market changes and actively matches customer needs. Taking Yantian International Container Terminal Co., Ltd. as an example, it has recently continued to optimize the export heavy cabinet entry measures, adding new routes against the trend, including 3 Asian routes and 1 Australian route, and multimodal transport business is also developing further.
In conclusion, China’s foreign trade market is expected to maintain its robust growth, supported by policy optimization, increasing international market demand, and the continuous development of new trade dynamics such as cross-border e-commerce.
Post time: Jan-06-2025