At a recent press conference, the State Council Information Office announced the situation of China in the first three quarters of 2024.import and exportWang Lingjun, Deputy Director - General of the General Administration of Customs, introduced that in the first three quarters of this year, Chinas goods imports and exports reached 32.33 trillion yuan, a year - on - year increase of 5.3%. Among them, exports reached 18.62 trillion yuan, an increase of 6.2%; imports were 13.71 trillion yuan, an increase of 4.1%.

The total value of imports and exports reached a record high

Data shows that in the first three quarters of 2024, Chinas total value of imports and exports exceeded 32 trillion yuan for the first time, and each quarter remained above 10 trillion yuan. Specifically, it was 10.15 trillion yuan in the first quarter, 11 trillion yuan in the second quarter, and 11.17 trillion yuan in the third quarter. This achievement is the first in the same period in history, demonstrating Chinas strong resilience and stable growth trend.foreign tradeAmong various business entities, private enterprises performed particularly prominently. In the first three quarters, the total import and export volume of private enterprises reached 17.78 trillion yuan, a year - on - year increase of 9.4%, accounting for 55% of the total value of foreign trade, an increase of 2.1 percentage points compared with the same period last year. The imports and exports of foreign - invested enterprises were 9.53 trillion yuan, an increase of 1.1%, achieving growth for two consecutive quarters; the imports and exports of state - owned enterprises were 4.9 trillion yuan, an increase of 0.1%.

Private enterprises lead the growth and dominate the foreign trade structure

Chinas foreign trade market shows a diversified development trend, with trade growth with more than 160 countries and regions around the world. The total import and export volume to countries along the Belt and Road Initiative was 15.21 trillion yuan, an increase of 6.3%, accounting for 47.1% of the total value of foreign trade. The imports and exports to other RCEP member states were 9.63 trillion yuan, an increase of 4.5%, of which the imports and exports to ASEAN were 5.09 trillion yuan, an increase of 9.4%. At the same time, the imports and exports to the EU and the United States were 4.18 trillion yuan and 3.59 trillion yuan respectively, an increase of 0.9% and 4.2% respectively.

The diversification of the market is steadily advancing

The structure of export products was further optimized. The export of mechanical and electrical products reached 11.03 trillion yuan, an increase of 8%, accounting for 59.3% of the total export value. Among them, the export of high - end equipment increased by 43.4%, the exports of integrated circuits and automobiles increased by 22% and 22.5% respectively, and the export of household appliances increased by 15.5%. The export of traditional labor - intensive products was 3.13 trillion yuan, an increase of 2.8%.

The structure of export products is optimized, and high - end equipment has a significant growth

In terms of imports, the types of products were more abundant, and the import volume of bulk commodities increased by 5% year - on - year. The import volume of energy products such as crude oil, natural gas and coal reached 901 million tons, an increase of 4.8%; the import volume of metal ores such as iron and aluminum was 1.138 billion tons, an increase of 4.9%. In addition, the import values of integrated circuits and auto parts increased by 13.5% and 4.6% respectively, and the import of consumer goods exceeded 1.3 trillion yuan.

Import products are diversified, and bulk commodities have a stable growth

Wang Lingjun said that overall, Chinas foreign trade operation was generally stable in the first three quarters, with both exports and imports achieving growth. However, the current internal and external environment is more complex. Global trade protectionism has intensified, the growth momentum of major markets has weakened, the debt burden is heavy, and uncertainties and unstable factors have increased, bringing some challenges to Chinas foreign trade development. But at the same time, Chinas economic fundamentals are sound, the market is vast, and it has strong resilience and potential. Through the continuous efforts of existing policies and incremental policies, there is a solid foundation and strong support for the stable growth of imports and exports in the fourth quarter.

Facing challenges, but with a solid foundation

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