According to customs statistics, in the first 11 months of 2024, the total value of my country’s import and export of goods trade (hereinafter referred to as “import and export”) was 39.79 trillion yuan, a year-on-year increase of 4.9%. Among them, exports were 23.04 trillion yuan, an increase of 6.7%; imports were 16.75 trillion yuan, an increase of 2.4%. In terms of US dollars, in the first 11 months, my country’s total import and export value was 5.6 trillion US dollars, an increase of 3.6%. Among them, exports were 3.24 trillion US dollars, an increase of 5.4%; imports were 2.36 trillion US dollars, an increase of 1.2%.
Main characteristics of my country’s imports and exports in the first 11 months of 2024:
1. Growth in imports and exports of general trade, processing trade, etc.
In the first 11 months, my country’s general trade imports and exports amounted to 25.5 trillion yuan, up 3.7%, accounting for 64.1% of the total value of China’s foreign trade. Among them, exports amounted to 15.04 trillion yuan, up 7.9%; imports amounted to 10.46 trillion yuan, down 1.8%. During the same period, processing trade imports and exports amounted to 7.22 trillion yuan, up 3.6%, accounting for 18.1%. Among them, exports amounted to 4.58 trillion yuan, up 1.8%; imports amounted to 2.64 trillion yuan, up 6.9%.
In addition, my country’s imports and exports through bonded logistics amounted to 5.64 trillion yuan, up 13%, of which exports amounted to 2.2 trillion yuan, up 10.9%; imports amounted to 3.44 trillion yuan, up 14.4%.
2. Growth in imports and exports to ASEAN, the EU, the United States, and South Korea
In the first 11 months, ASEAN was my largest trading partner. The total trade volume between China and ASEAN was 6.29 trillion yuan, an increase of 8.6%, accounting for 15.8% of my total foreign trade volume. Among them, exports to ASEAN were 3.74 trillion yuan, an increase of 12.7%; imports from ASEAN were 2.55 trillion yuan, an increase of 3%. The EU was my second largest trading partner. The total trade volume between China and the EU was 5.09 trillion yuan, an increase of 1.3%, accounting for 12.8%. Among them, exports to the EU were 3.34 trillion yuan, an increase of 3.8%; imports from the EU were 1.75 trillion yuan, a decrease of 3.3%. The United States was my third largest trading partner. The total trade volume between China and the United States was 4.44 trillion yuan, an increase of 4.2%, accounting for 11.2%. Among them, exports to the United States were 3.38 trillion yuan, an increase of 5.1%; imports from the United States were 1.06 trillion yuan, an increase of 1.4%. South Korea was my fourth largest trading partner. The total trade volume between China and South Korea was 2.11 trillion yuan, an increase of 6.3%, accounting for 5.3%. Among them, exports to South Korea were 942.77 billion yuan, down 1.1%; imports from South Korea were 1.17 trillion yuan, up 13%.
During the same period, my country’s total imports and exports with countries participating in the Belt and Road Initiative amounted to 18.74 trillion yuan, up 6%. Among them, exports amounted to 10.52 trillion yuan, up 8.2%; imports amounted to 8.22 trillion yuan, up 3.4%.
3. Import and export growth of private and foreign-invested enterprises
In the first 11 months, private enterprises’ imports and exports totaled 21.99 trillion yuan, up 8.7%, accounting for 55.3% of China’s total foreign trade, up 2 percentage points from the same period last year. Among them, exports totaled 14.86 trillion yuan, up 9.2%, accounting for 64.5% of China’s total exports; imports totaled 7.13 trillion yuan, up 7.9%, accounting for 42.6% of China’s total imports. During the same period, foreign-invested enterprises’ imports and exports totaled 11.67 trillion yuan, up 1.1%, accounting for 29.3% of China’s total foreign trade. Among them, exports totaled 6.36 trillion yuan, up 2.1%; imports totaled 5.31 trillion yuan, down 0.1%. State-owned enterprises’ imports and exports totaled 6.04 trillion yuan, down 0.7%, accounting for 15.2% of China’s total foreign trade. Among them, exports totaled 1.79 trillion yuan, up 3.9%; imports totaled 4.25 trillion yuan, down 2.5%.
4. Mechanical and electrical products accounted for nearly 60% of exports, among which automatic data processing equipment and its parts, integrated circuits and automobile exports grew by double digits
In the first 11 months, my country exported 13.7 trillion yuan of mechanical and electrical products, up 8.4%, accounting for 59.5% of the total value of China’s exports. Among them, automatic data processing equipment and its parts were 1.33 trillion yuan, up 11.4%; integrated circuits were 1.03 trillion yuan, up 20.3%; mobile phones were 874.45 billion yuan, down 0.9%; automobiles were 762.97 billion yuan, up 16.9%. During the same period, exports of labor-intensive products were 3.84 trillion yuan, up 3.2%, accounting for 16.7%. Among them, clothing and clothing accessories were 1.03 trillion yuan, up 0.9%; textiles were 915.96 billion yuan, up 6%; plastic products were 681.09 billion yuan, up 6.9%. Exports of agricultural products were 657.34 billion yuan, up 4.6%.
5. Increased imports of iron ore, coal and natural gas
In the first 11 months, my country imported 1.124 billion tons of iron ore, up 4.3%, with an average import price of 768 yuan per ton (the same below), down 3.9%; 506 million tons of crude oil, down 1.9%, at 4,208.8 yuan per ton, up 0.3%; 490 million tons of coal, up 14.8%, at 688.4 yuan per ton, down 12.5%; 120 million tons of natural gas, up 12%, at 3,506.2 yuan per ton, down 5.8%; 97.09 million tons of soybeans, up 9.4%, at 3,591.7 yuan per ton, down 15.1%; 44.94 million tons of refined oil, up 4.5%, at 4,322.9 yuan per ton, up 4.5%. In addition, 26.333 million tons of primary-shaped plastics were imported, a decrease of 2.4%, or 10,800 yuan per ton, a decrease of 0.1%; 5.127 million tons of unwrought copper and copper products were imported, an increase of 1.7%, or 67,700 yuan per ton, an increase of 11.1%.
During the same period, imports of electromechanical products amounted to 6.35 trillion yuan, up 7.5%. Among them, integrated circuits amounted to 501.47 billion, up 14.8%, with a value of 2.48 trillion yuan, up 11.9%; automobiles amounted to 637,000, down 11.3%, with a value of 256.43 billion yuan, down 14.9%.