Global Trade Recovery: Significant Growth in Imports and Exports Across Multiple Countries in the First Half of the Year!

In the first half of 2024, trade data from multiple countries worldwide showed strong performance. Countries including China, South Korea, Vietnam, Malaysia, India, Thailand, Cambodia, Pakistan, the United States, Brazil, Slovenia, and Mexico all achieved significant growth in goods.import and exportThe following is a detailed analysis of these countries trade performance in the first half of the year.

China: Goods trade exports increased by 6.9% year-on-year

In the first half of 2024, Chinas total goods trade imports and exports reached 21.17 trillion yuan, a year-on-year increase of 6.1%. Exports amounted to 12.13 trillion yuan, up 6.9%; imports totaled 9.04 trillion yuan, up 5.2%; and the trade surplus reached 3.09 trillion yuan, expanding by 12%. This growth was primarily driven by Chinas strong manufacturing base and the rebound in global demand.

South Korea: Exports grew for the ninth consecutive month in June

Data from South Koreas Ministry of Trade, Industry and Energy showed that the countrys exports in June grew by 5.1% year-on-year to $57 billion, marking the ninth consecutive month of growth. Imports in June fell by 7.5% year-on-year to $49 billion, resulting in an $8 billion trade surplus. This marks the 13th consecutive month of trade surplus for South Korea, demonstrating its strong export capabilities and competitiveness.

Vietnam: Exports increased by 14.5% year-on-year in the first half of the year

Vietnams exports in the first half of the year increased by 14.5% year-on-year, while imports rose by 17%, resulting in a trade surplus of $11.63 billion. Vietnams rapid export growth is primarily attributed to its robust manufacturing base and expanding international market demand. The widening trade surplus ensures balanced international payments, reflecting the stability and sustainability of its economy.

Malaysia: Exports rose by 7.3% year-on-year in May

In May 2024, Malaysias exports reached 128.2 billion ringgit, up 7.3% year-on-year. Its export markets are concentrated in Singapore, the United States, and China, with key export products including electronics, electrical goods, petroleum products, and chemicals. Imports totaled 118.1 billion ringgit, up 13.8% year-on-year, with major import sources including China, Singapore, and the United States. Total trade volume reached 246.3 billion ringgit, up 10.3% year-on-year, hitting a 20-month high.

India: Goods exports grew by 9.1% year-on-year in May

Data from Indias Ministry of Commerce and Industry showed that in May 2024, Indias goods exports totaled $38.132 billion, up 9.1% year-on-year. The goods trade deficit reached $23.782 billion, widening by 5.6% year-on-year. In services trade, exports amounted to $30.16 billion, up 11.7% year-on-year. Indias export growth reflects the vitality of its economy and the rebound in international market demand.

Thailand: Exports reached their highest level in 14 months in May

Data from Thailands Office of Trade Policy and Strategy showed that in May 2024, Thailands exports reached $26.219 billion, up 7.2% year-on-year, marking the highest export level in 14 months. Meanwhile, imports totaled 947.007 billion baht, down 1.7% month-on-month. Thailands trade data reflects its competitiveness in international markets and the diversity of its export products.

Cambodia: Exports increased by 12.6% year-on-year in the first half of the year

Data from Cambodias General Department of Customs and Excise showed that in the first half of the year, Cambodias exports reached $12.296 billion, up 12.6% year-on-year, while imports totaled $13.796 billion, up 12.8% year-on-year. Total international trade volume reached $26 billion, up 12.7% year-on-year. Cambodias trade growth highlights its important role in the regional economy.

Pakistan: Goods exports surged by 27.08% year-on-year in May

Data from Pakistans Trade Development Authority showed that in May 2024, Pakistans goods exports reached $2.792 billion, up 27.08% year-on-year. Significant growth was seen in exports from the textile and leather industries, as well as the agricultural and food sectors. Pakistans export growth demonstrates its competitiveness in these areas and the demand in international markets.

United States: Goods exports rose by 3.7% year-on-year in May

According to data from the U.S. Census Bureau under the Department of Commerce, the total U.S. merchandise trade in May 2024 reached $455.988 billion, a year-on-year increase of 4.1%. Specifically, merchandise exports totaled $173.124 billion (up 3.7%), while merchandise imports amounted to $282.864 billion (up 4.3%). These trade figures underscore the United States pivotal role in global markets.

Brazil: Exports hit a record high in the first half of the year

Data from GuruFocus reveals that Brazils exports in the first half of this year hit a record high of $167.4 billion, with a trade surplus of $42.3 billion. In June alone, Brazil exported $29.044 billion worth of goods while importing $22.333 billion. Brazils export growth primarily stems from its abundant natural resources and robust agricultural exports.

Slovenia: Exports to non-EU countries grew by 10.7% year-on-year in May

Statistics Slovenia reports that Slovenias exports to non-EU countries in May 2024 reached €2.45 billion, marking a 10.7% year-on-year increase. This demonstrates Slovenias competitiveness in non-EU markets and strong international demand for its products.

Mexico: Exports increased by 5.4% in May, reaching a record high

Mexicos national statistics show that the countrys product exports in May 2024 grew 5.4% year-on-year to a record $55.67 billion, while imports reached $53.67 billion (up 1.4%). Mexico achieved a trade surplus of $1.99 billion, with cumulative exports growing 4.4% and imports increasing 3.4% in the first five months of this year.

Conclusion

Trade data from various countries in the first half of 2024 indicates a gradual recovery in the global economy and rebounding international market demand. Nations including China, South Korea, Vietnam, Malaysia, India, Thailand, Cambodia, Pakistan, the United States, Brazil, Slovenia, and Mexico have all shown significant growth in imports and exports. This trend not only reflects economic recovery and development across countries but also highlights the vitality and diversity of global trade.