Chinas foreign trade hits record high: Import and export value surges year-on-year in the first half of 2024!

In our countryforeign tradeSteady improvement

On July 12, the General Administration of Customs released the latest data showing that in the first half of 2024, Chinas total goods tradeimport and exportvalue reached 21.17 trillion yuan, a year-on-year increase of 6.1%, hitting a record high. This data indicates that despite the complex and changing global economic environment, Chinas foreign trade has maintained steady growth. Specifically, total imports were 9.04 trillion yuan, up 5.2%; total exports were 12.13 trillion yuan, up 6.9%. The performance of electromechanical products was particularly outstanding, with their export value reaching 7.14 trillion yuan, accounting for 58.9% of Chinas total exports.

Highlights of electromechanical product exports

As the mainstay of Chinas exports, electromechanical products continued to show strong growth momentum. In the first half of the year, China exported 7.14 trillion yuan worth of electromechanical products, up 8.2%, accounting for 58.9% of total exports. Within this sector, automatic data processing equipment and components, integrated circuits, and automobiles performed particularly well.

Automatic data processing equipment and components

Exports of automatic data processing equipment and components reached 683.77 billion yuan, up 10.3%. These products include computers, servers, and their components, mainly sold to markets in Europe, America, and Southeast Asia. With the acceleration of global digital transformation, especially the widespread adoption of cloud computing and big data applications, demand for such products has increased significantly.

Integrated circuits

Exports of integrated circuits reached 542.74 billion yuan, up 25.6%. Integrated circuits are the core components of modern electronic devices and are widely used in smartphones, computers, home appliances, automobiles, and other fields. As the worlds largest producer and exporter of integrated circuits, China continues to benefit from the growing global demand for tech products.

Automobile

Automobile exports reached 391.76 billion yuan, up 22.2%. With the rapid development of Chinas automobile industry, particularlyNew energythe rise of [new energy] vehicles, Chinas automobile exports have continued to grow. Chinese-branded vehicles, with their high cost-performance ratio and reliable quality, are increasingly popular in international markets.

Strong performance in imported electromechanical products

On the import side, in the first half of the year, China imported 3.25 trillion yuan worth of electromechanical products, up 10.1%. Among these, integrated circuits and automobiles were the main imported products.

Integrated circuits

China imported 258.89 billion integrated circuits, up 14.1%, with a value of 1.27 trillion yuan, up 14.4%. Although China has made significant progress in integrated circuit production, demand for high-end chips remains strong. This reflects that China still has room for improvement in high-end manufacturing.

Automobile

In the first half of the year, China imported 332,000 automobiles, down 4.1%, with a value of 132.35 billion yuan, down 11.8%. Although the volume and value of imported automobiles declined, the quality and technological level of imported models continue to improve, meeting domestic demand for high-end and specialized vehicles.

Rapid growth in imports and exports by private enterprises

Data shows that private enterprises (mainly SMEs), foreign-funded enterprises, and state-owned enterprises all achieved growth in imports and exports. Among them, private enterprises performed particularly well.

Private enterprises

In the first half of the year, private enterprises achieved a total import-export value of 11.64 trillion yuan, up 11.2%, accounting for 55% of total foreign trade, an increase of 2.5 percentage points year-on-year. Exports by private enterprises were 7.87 trillion yuan, up 10.7%, accounting for 64.9% of total exports; imports were 3.77 trillion yuan, up 12.3%, accounting for 41.8% of total imports. The rapid growth of private enterprises highlights their important role and vitality in foreign trade.

Foreign-funded enterprises

Foreign-funded enterprises achieved a total import-export value of 6.17 trillion yuan, up 0.2%, accounting for 29.1% of total foreign trade. Among these, exports were 3.31 trillion yuan, down slightly by 0.1%; imports were 2.86 trillion yuan, up 0.5%. Although growth was relatively slow, foreign-funded enterprises still hold a significant share in Chinas foreign trade.

State-owned enterprises

State-owned enterprises achieved a total import-export value of 3.31 trillion yuan, up 1.2%, accounting for 15.6% of total foreign trade. Among these, exports were 931.28 billion yuan, up 1.9%; imports were 2.37 trillion yuan, up 1%. State-owned enterprises continue to play an important role in key industries and large-scale projects.