An aerial drone photo shows a view at a railway station of CRIntermodal in Wuhan, central China's Hubei Province, Nov. 16, 2024. The China-Europe freight train (Wuhan) service has 55 international logistics channels reaching 40 countries and regions and 117 cities. It has become an important transportation channel of import and export for domestic foreign trade enterprises. (Xinhua/Xing Guangli)
China's foreign goods trade increased by 4.9% year-on-year to reach 39.79 trillion yuan ($5.49 trillion) in the first 11 months this year, demonstrating stable growth and ongoing structural improvements, official data showed on Tuesday.
According to the General Administration of Customs (GAC), exports rose 6.7 percent year-on-year to reach 23.04 trillion yuan, while imports edged up 2.4 percent year-on-year to reach 16.75 trillion yuan.
Thanks to a package of supportive policies rolled out since September, the country's foreign trade volume registered a 1.2 percent increase year-on-year in November alone in yuan-denominated terms totaling 3.75 trillion yuan, with the monthly foreign trade volume maintaining growth for eight consecutive months. In particular, the country's exports surged by 5.8 percent year-on-year, according to the GAC.
Exports were a highlight in China's foreign trade in November, underscoring the resilience and international competitiveness of Chinese products, He Weiwen, senior fellow of the Center for China and Globalization, told the Global Times on Tuesday.
"It is expected that China's exports will extend steady growth over the next few months thanks to global demand expansion, the Chinese government's support policies, and increased competitiveness of Chinese products," He said.
In recent years, China's exports of high-tech and high-added-value products have continued to gain impetus. According to the GAC, machinery and electronic products accounted for nearly 60 percent of the country's total exports between January and November, with exports of automatic data processing equipment and components, integrated circuits, and cars all posting double-digit growth.
In the first 11 months, foreign trade between China and its major trade partners maintained stable growth. ASEAN held its position as China's largest trading partner, with bilateral trade reaching 6.29 trillion yuan, up 8.6 percent from a year earlier, representing 15.8 percent of the country's total foreign trade. It was followed by the EU with trade standing at 5.09 trillion yuan, accounting for 12.8 percent and the US at 4.44 trillion yuan, accounting for 11.2 percent.
China's trade with countries and regions participating in the Belt and Road Initiative totaled 18.74 trillion yuan, an increase of 6 percent year-on-year.
Recently, a State Council executive meeting reviewed and approved policy measures focused on driving the steady growth of foreign trade. The GAC also announced measures to optimize the business environment at its ports and streamline customs clearance processes for foreign trade companies.
"Thanks to the support from existing supportive policies and incremental policies in the foreign trade sector, China's annual foreign trade goals of stable growth and quality improvements are on track to be met," He said.
China's imports declined 4.7 percent year-on-year in November in yuan-denominated terms. Zhou Maohua, an economist at China Everbright Bank, told the Global Times on Tuesday that it is mainly due to the overall weak demand domestically and low international commodity prices.
"However, the increase in imports of minerals and energy products, as well as the relatively fast growth in the imports of electronic components and machinery products reflect the recovery trend of domestic demand, underscoring the effects of strengthened counter-cyclical adjustments," Zhou said.
Zhou said that a package of incremental policies rolled out since September has notably boosted market expectations, which along with existing supportive policies, helps strengthen the recovery momentum of consumption, property and investment, and accordingly increase enterprises' willingness to expand production and investment. As a result, import demand is expected to improve.
