China's Foreign Trade of Goods Witnesses a 4.9% Growth in the First 11 Months of 2024

According to China Customs statistics, in the first 11 months of 2024, the total value of China's foreign trade of goods (hereinafter the same) was 39.79 trillion yuan, with a year-on-year (hereinafter the same) growth of 4.9%. Among it, exports amounted to 23.04 trillion yuan, up by 6.7%, while imports were 16.75 trillion yuan, growing by 2.4%. Calculated in US dollars, in the first 11 months, China's total value of imports and exports was 5.6 trillion US dollars, with a growth of 3.6%. Specifically, exports were 3.24 trillion US dollars, increasing by 5.4%, and imports were 2.36 trillion US dollars, rising by 1.2%.

In the first 11 months, China's general trade imports and exports reached 25.5 trillion yuan, growing by 3.7% and accounting for 64.1% of China's total foreign trade value. Among them, exports were 15.04 trillion yuan, up by 7.9%, while imports were 10.46 trillion yuan, declining by 1.8%. During the same period, the imports and exports of processing trade were 7.22 trillion yuan, with a growth of 3.6%, accounting for 18.1%. Specifically, exports were 4.58 trillion yuan, growing by 1.8%, and imports were 2.64 trillion yuan, increasing by 6.9%.

In addition, China's imports and exports through bonded logistics were 5.64 trillion yuan, growing by 13%. Among them, exports were 2.2 trillion yuan, rising by 10.9%, and imports were 3.44 trillion yuan, increasing by 14.4%.

In the first 11 months, ASEAN was China's largest trading partner. The total value of trade between China and ASEAN was 6.29 trillion yuan, growing by 8.6% and accounting for 15.8% of China's total foreign trade value. Among it, exports to ASEAN were 3.74 trillion yuan, increasing by 12.7%, while imports from ASEAN were 2.55 trillion yuan, growing by 3%. The EU was China's second-largest trading partner. The total value of trade between China and the EU was 5.09 trillion yuan, growing by 1.3% and accounting for 12.8%. Among it, exports to the EU were 3.34 trillion yuan, increasing by 3.8%, while imports from the EU were 1.75 trillion yuan, declining by 3.3%. The US was China's third-largest trading partner. The total value of trade between China and the US was 4.44 trillion yuan, growing by 4.2% and accounting for 11.2%. Among it, exports to the US were 3.38 trillion yuan, increasing by 5.1%, while imports from the US were 1.06 trillion yuan, growing by 1.4%. South Korea was China's fourth-largest trading partner. The total value of trade between China and South Korea was 2.11 trillion yuan, growing by 6.3% and accounting for 5.3%. Among it, exports to South Korea were 942.77 billion yuan, declining by 1.1%, while imports from South Korea were 1.17 trillion yuan, increasing by 13%.

During the same period, China's combined imports and exports with countries along the Belt and Road Initiative totaled 18.74 trillion yuan, growing by 6%. Among them, exports were 10.52 trillion yuan, increasing by 8.2%, and imports were 8.22 trillion yuan, growing by 3.4%.

In the first 11 months, China's exports of mechanical and electrical products were 13.7 trillion yuan, growing by 8.4% and accounting for 59.5% of China's total export value. Among them, automatic data processing equipment and its parts were 1.33 trillion yuan, growing by 11.4%; integrated circuits were 1.03 trillion yuan, growing by 20.3%; mobile phones were 874.45 billion yuan, declining by 0.9%; automobiles were 762.97 billion yuan, growing by 16.9%. During the same period, exports of labor-intensive products were 3.84 trillion yuan, growing by 3.2% and accounting for 16.7%. Among them, clothing and clothing accessories were 1.03 trillion yuan, growing by 0.9%; textiles were 915.96 billion yuan, growing by 6%; plastic products were 681.09 billion yuan, growing by 6.9%. Exports of agricultural products were 657.34 billion yuan, growing by 4.6%.

In the first 11 months, China imported 1124 million tons of iron ore, an increase of 4.3%. The average import price (hereinafter the same) was 768 yuan per ton, down by 3.9%. Crude oil imports were 506 million tons, a decrease of 1.9%, with the price per ton at 4,208.8 yuan, up by 0.3%. Coal imports were 490 million tons, an increase of 14.8%, with the price per ton at 688.4 yuan, down by 12.5%. Natural gas imports were 120 million tons, an increase of 12%, with the price per ton at 3506.2 yuan, down by 5.8%. Soybean imports were 97.09 million tons, an increase of 9.4%, with the price per ton at 3,591.7 yuan, down by 15.1%. Finished oil products imports were 4,494 million tons, an increase of 4.5%, with the price per ton at 4,322.9 yuan, up by 4.5%. In addition, imports of primary-shaped plastics were 26.333 million tons, a decrease of 2.4%, with the price per ton at 10,800 yuan, down by 0.1%. Imports of unwrought copper and copper products were 512.7 million tons, an increase of 1.7%, with the price per ton at 67,700 yuan, up by 11.1%.

During the same period, imports of mechanical and electrical products were 6.35 trillion yuan, growing by 7.5%. Among them, the number of integrated circuits imported was 501.47 billion pieces, an increase of 14.8%, with a value of 2.48 trillion yuan, growing by 11.9%. The number of automobiles imported was 637,000, a decrease of 11.3%, with a value of 256.43 billion yuan, declining by 14.9%.