On December 10, the General Administration of Customs (GAC) of China released data showing that, in the first 11 months of this year, China’s total import and export value of goods reached 39.79 trillion yuan, an increase of 4.9% compared to the same period last year. This consisted of 23.04 trillion yuan in exports and 16.75 trillion yuan in imports, which saw growth rates of 6.7% and 2.4%, respectively. Overall, foreign trade remained stable.
In November alone, the total import and export value was 3.75 trillion yuan, marking a 1.2% year-on-year increase. Exports grew by 5.8%, while imports declined by 4.7%. Despite the impact of factors like geopolitical conflicts, rising uncertainty, and increasing instability, the growth rate slowed compared to the previous month. However, monthly imports and exports have maintained continuous growth for eight consecutive months.
Export Performance
In the first 11 months, products with high technological content and added value, such as electromechanical products, accounted for nearly 60% of total exports. Exports of containers, ships, and motorcycles saw impressive growth, with increases of 108.7%, 65.3%, and 24.8%, respectively.
China’s specialty agricultural products are gaining a strong presence in overseas markets. The exports of dried and fresh fruits and nuts, vegetables and edible fungi, and alcoholic beverages and drinks grew by 22.2%, 11.4%, and 7.5%, respectively.
Import Performance
Imports of energy products and mineral products increased by 6.3% and 4.3%, respectively. Meanwhile, imports of aircraft parts and electronic components grew by 13.7% and 10.5%, respectively.
Trade Entities
As of the first 11 months, China had 682,000 active foreign trade enterprises. Private enterprises continued to be the largest group, with their imports and exports growing by 8.7% year-on-year. Foreign-invested enterprises saw a slight increase of 1.1% in imports and exports.
International Markets
In terms of international markets, China’s trade with traditional partners, such as the EU, the US, and South Korea, grew by 1.3%, 4.2%, and 6.3%, respectively.
At the same time, trade with countries involved in the Belt and Road Initiative (BRI) saw an overall increase of 6%. Trade with ASEAN countries grew by 8.6%, while trade with Latin America and Africa rose by 7.9% and 4.8%, respectively. The high-quality development of the Belt and Road Initiative has facilitated smoother trade relations between China and emerging markets.
Policy Support for Stable Foreign Trade
Lü Daliang, Director of the GAC’s Statistical Analysis Department, stated that the Chinese government recently introduced several new policies to promote stable growth in foreign trade. These include measures aimed at accelerating the integration of domestic and international trade, optimizing the business environment at customs ports, and enhancing the convenience of customs clearance for enterprises.
“By aligning both existing and new policies, foreign trade is expected to achieve a stable conclusion by the end of the year, with a goal of maintaining quality growth and stability,” Lü said.
The Ministry of Commerce had previously released the “Several Policy Measures to Promote Stable Growth in Foreign Trade” on November 21.