In the first eight months of 2024, Chinas goods trade increased by 6%, reaching 28.58 trillion yuan.

In the first eight months of 2024, Chinas goods trade continued to maintain a growth trend. According to the latest statistical data from the General Administration of Customs, the total value of goodsimport and exportreached 28.58 trillion yuan, an increase of 6% year - on - year. Among them, the export value was 16.45 trillion yuan, an increase of 6.9%; the import value was 12.13 trillion yuan, an increase of 4.7%; and the trade surplus was 4.32 trillion yuan, an expansion of 13.6%. Calculated in US dollars, the total value of imports and exports in the first eight months reached $4.02 trillion, an increase of 3.7% year - on - year.

The main characteristics of imports and exports are as follows:

I. Growth in general trade imports and exports

In the first eight months, Chinas total value of general trade imports and exports was 18.46 trillion yuan, an increase of 4.6% year - on - year, accounting for 64.6% of the total value. Among them, exports were 10.82 trillion yuan, an increase of 8%; imports were 7.64 trillion yuan, an increase of 0.1%. At the same time, the total value of processing trade imports and exports was 5.04 trillion yuan, an increase of 4.1%, accounting for 17.6% of the total value of foreign trade. Among them, exports were 3.17 trillion yuan, an increase of 1.1%; imports were 1.87 trillion yuan, an increase of 9.9%. The total value of imports and exports in the form of bonded logistics was 4.03 trillion yuan, an increase of 16.2%, with exports of 1.55 trillion yuan, an increase of 13.3%; and imports of 2.48 trillion yuan, an increase of 18.1%.foreign trade64.6% of the total value. Exports amounted to 10.82 trillion yuan, an increase of 8%; imports totaled 7.64 trillion yuan, up 0.1%. Meanwhile, the total import and export volume of processing trade reached 5.04 trillion yuan, a 4.1% increase, accounting for 17.6% of the total foreign trade value. Exports stood at 3.17 trillion yuan, up 1.1%, while imports reached 1.87 trillion yuan, a 9.9% increase. The total import and export value under bonded logistics was 4.03 trillion yuan, a 16.2% rise, with exports at 1.55 trillion yuan (up 13.3%) and imports at 2.48 trillion yuan (up 18.1%).

II. Growth in Imports and Exports with Major Trading Partners

ASEAN continued to maintain its position as Chinas largest trading partner. The total value of bilateral trade in the first eight months was 4.5 trillion yuan, an increase of 10%, accounting for 15.7% of the total value of foreign trade. Among them, exports to ASEAN were 2.69 trillion yuan, an increase of 13.1%; imports from ASEAN were 1.81 trillion yuan, an increase of 5.7%. The EU was Chinas second-largest trading partner, with the total value of bilateral trade reaching 3.72 trillion yuan, an increase of 1.1%. Exports to the EU were 2.44 trillion yuan, an increase of 2.9%; imports from the EU were 1.28 trillion yuan, a decrease of 2.1%. The United States, as the third-largest trading partner, had a total bilateral trade value of 3.15 trillion yuan, an increase of 4.4%. Exports to the United States were 2.38 trillion yuan, an increase of 5%; imports from the United States were 778.93 billion yuan, an increase of 2.3%. South Korea ranked fourth, with a total trade value of 1.51 trillion yuan, an increase of 8%. Among them, exports to South Korea were 687.6 billion yuan, a slight decrease of 0.1%; imports from South Korea were 826.54 billion yuan, an increase of 15.8%.

The trade volume with countries along the Belt and Road was 13.48 trillion yuan, a year-on-year increase of 7%. Among them, exports were 7.54 trillion yuan, an increase of 7.7%; imports were 5.94 trillion yuan, an increase of 6.1%.

III. Contribution of Enterprise Types to Foreign Trade

The total import and export volume of private enterprises was 15.74 trillion yuan, an increase of 10.5%, accounting for 55.1% of the total value of foreign trade, an increase of 2.3 percentage points compared with the same period last year. The total import and export volume of foreign-invested enterprises was 8.4 trillion yuan, an increase of 1.5%. The total import and export volume of state-owned enterprises was 4.37 trillion yuan, a decrease of 0.1%.

IV. Mechanical and Electrical Products Account for Nearly 60% of Exports

In the first eight months, the total value of Chinas exports of mechanical and electrical products was 9.72 trillion yuan, an increase of 8.8%, accounting for 59.1% of the total value of exports. Among them, exports of automatic data processing equipment and its components were 942.38 billion yuan, an increase of 11.6%; exports of integrated circuits were 736.04 billion yuan, an increase of 24.8%; exports of automobiles were 540.84 billion yuan, an increase of 22.2%; exports of mobile phones were 514.37 billion yuan, an increase of 0.5%. At the same time, the total value of exports of labor-intensive products was 2.8 trillion yuan, an increase of 4.2%, accounting for 17% of the total value of exports.

V. Changes in Imports of Major Commodities

Among the major imported commodities, the import volume of iron ore was 815 million tons, an increase of 5.2%; the import volume of crude oil was 367 million tons, a decrease of 3.1%; the import volume of coal was 342 million tons, an increase of 11.8%; the import volume of natural gas was 87.128 million tons, an increase of 12.3%; the import volume of soybeans was 70.478 million tons, an increase of 2.8%.

In addition, the total value of imports of mechanical and electrical products was 4.49 trillion yuan, an increase of 10.4%. Among them, the import volume of integrated circuits was 358 billion, an increase of 14.8%, with a value of 1.74 trillion yuan, an increase of 14%; the import volume of automobiles was 478,000 units, a decrease of 1.8%, with a value of 193.61 billion yuan, a decrease of 6.6%.

Overall, in the first eight months of 2024, Chinas goods trade maintained a relatively stable growth trend. Both exports and imports showed positive growth rates, the trade structure was continuously optimized, and the total import and export volume with major trading partners increased steadily.