China's foreign trade is expected to end smoothly throughout the year

2024.12.13

According to the latest official data, the total value of China's import and export of goods in the first 11 months was 39.79 trillion yuan (RMB, the same below), a year-on-year increase of 4.9%. Among them, exports increased by 6.7% year-on-year, and imports increased by 2.4% year-on-year. In the current situation where the global economic recovery is slowing down as a whole, and trade protectionism, unilateralism and geopolitical conflicts are intertwined, it is not easy for China's foreign trade to achieve such results.

While the total volume is steadily increasing, the structure of foreign trade is also being optimized. For example, in terms of exports, electromechanical products with high technical content and added value accounted for nearly 60% of exports in the first 11 months. The overseas market for specialty agricultural products is vast. In the first 11 months, China's exports of dried and fresh fruits and nuts, vegetables and edible fungi, and wine and beverages increased by 22.2%, 11.4% and 7.5% respectively.

With the coordinated efforts of stock and incremental policies in the foreign trade field, foreign trade is expected to end smoothly throughout the year and achieve the goal of quality improvement and quantity stability.

The year-on-year growth rate of foreign trade in November declined, partly due to the high base of the same period last year, and also due to factors such as the increasingly complex and severe external environment. In order to consolidate the growth of foreign trade and stabilize the expectations and confidence of foreign trade enterprises, macroeconomic policies need to be further strengthened.

A number of policies to stabilize foreign trade have been introduced recently. In November, the Ministry of Commerce of China issued the "Several Policy Measures on Promoting Stable Growth of Foreign Trade", and launched a series of support measures in terms of increasing financial support and cultivating new momentum for foreign trade. The General Administration of Customs has also introduced 16 measures to further optimize the port business environment and promote customs clearance convenience for enterprises, helping foreign trade enterprises to stabilize orders and expand markets.

The meeting of the Political Bureau of the CPC Central Committee held on the 9th clearly proposed to expand high-level opening up to the outside world, stabilize foreign trade and foreign investment. Analysts believe that more measures to stabilize foreign trade are expected to be introduced next year.

In Zhou Mi's view, China should accelerate the negotiation of free trade agreements to stabilize foreign trade in the future, help enterprises find more new trading partners, and achieve market diversification.

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