China's foreign trade increased by 4.9% in the first 11 months, with quality and quantity stable

2024.12.12

In the first 11 months of this year, the total value of China's import and export of goods was 39.79 trillion yuan, a year-on-year increase of 4.9%.

With efforts from multiple parties to accumulate momentum, China's foreign trade is expected to end smoothly. Customs data showed that in the first 11 months of this year, the total value of China's import and export of goods was 39.79 trillion yuan (RMB, the same below), a year-on-year increase of 4.9%; among them, exports were 23.04 trillion yuan and imports were 16.75 trillion yuan, up 6.7% and 2.4% year-on-year respectively. The overall operation of foreign trade was stable, and monthly imports and exports maintained growth for eight consecutive months. Looking at the month alone, China's total import and export value in November was 3750.63 billion yuan, a year-on-year increase of 1.2%; among them, exports increased by 5.8%, imports decreased by 4.7%, and the trade surplus was 692.8 billion yuan. ASEAN remains the largest trading partner, with the EU, the United States and South Korea ranking second, third and fourth respectively.

Specifically, in terms of exports, in the first 11 months, electromechanical products with high technical content and added value accounted for nearly 60% of exports. Among them, the exports of containers, ships, and motorcycles increased by 108.7%, 65.3%, and 24.8% respectively. The import volume of minerals, energy, etc. continued to grow last month, and the import of electronic components, electromechanical products, etc. maintained a relatively fast growth rate, indicating that China's demand is still recovering and the effects of counter-cyclical policies are gradually emerging.

The export of high-tech products has performed well. Since the beginning of this year, China's high-tech product exports have performed well. Specifically, in the first 11 months, the export of electromechanical products was 13.7 trillion yuan, an increase of 8.4% year-on-year, accounting for 59.5% of the total export value; among them, the export of automatic data processing equipment and its parts, integrated circuits, automobiles and other products increased by 11.4%, 20.3% and 16.9% year-on-year respectively.

Analysts said that the strong resilience of external demand, the recovery of overseas demand for electronic products, the "rush to tariffs" of foreign trade merchants to stock up in advance, and the effectiveness of the policy of stabilizing foreign trade, etc., have supported exports. China's exports are expected to continue to grow steadily in the coming months.

In terms of imports, the import volume of energy products and mineral products increased by 6.3% and 4.3% respectively; the import value of aircraft parts and electronic components increased by 13.7% and 10.5% respectively. Guo Hanbing, a postdoctoral researcher at the Institute of Finance of the Chinese Academy of Social Sciences, told Ta Kung Pao that container exports achieved a surge of 108.7%. This significant growth, on the one hand, demonstrates the important position and strength of "Made in China" in the key links of the global trade chain; on the other hand, it is also due to the fact that some companies have predicted the uncertainty of the future market, so they have adopted the strategy of early layout.

Looking forward, against the background of tariff effects and the improvement of China's foreign trade competitiveness, China's export growth rate is expected to maintain steady growth in the coming months. In terms of imports, the series of incremental policies recently introduced have significantly boosted market expectations. Combined with the continued release of the effects of stock policies, the recovery momentum of consumption, real estate and investment is expected to be further enhanced, and China's import demand is expected to improve in the future.

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