China’s import and export numbers have reached a historic milestone in the first half of this year, surpassing 20 trillion yuan for the first time in the same period. Customs statistics reveal that the total import and export value of China’s goods trade was 20.1 trillion yuan, an increase of 2.1% compared to the previous year. Export numbers were particularly impressive, reaching 11.46 trillion yuan, representing a year-on-year increase of 3.7%.
Lu Daliang, spokesperson for the General Administration of Customs and director of the Statistics and Analysis Department, highlighted the resilience of China’s foreign trade, particularly in the face of a complex and severe external environment. Despite challenges and pressure, China’s import and export sector remained stable and continued to improve in terms of quality.
The vitality of China’s foreign trade has strengthened as well. The number of foreign trade enterprises in China, with import and export performance, increased by 6.9% year-on-year, reaching 540,000. Private enterprises, in particular, played a significant role in the steady growth of foreign trade, accounting for 52.7% of the total value of imports and exports. The growth rate of their imports and exports was 6.8 percentage points higher than the overall rate, driving an overall growth of 4.4 percentage points.
Further analysis reveals that China’s foreign trade structure has also experienced positive changes. General trade imports and exports, characterized by longer industrial chains and higher added value, saw a faster growth rate and accounted for 65.5% of the total value of imports and exports. The development in the central and western regions, as well as the three northeastern provinces, also accelerated, with imports and exports growing higher than the overall rate.
To stimulate development and optimize the environment for various business entities, measures to stabilize and support foreign trade have been implemented. Cross-border e-commerce has shown significant potential, with imports and exports reaching 1.1 trillion yuan, a year-on-year increase of 16%. Private enterprises have maintained their status as the main force in foreign trade, with their import and export value reaching 10.59 trillion yuan, increasing by 8.9% and driving the overall growth by 4.4 percentage points.
China’s foreign trade “circle of friends” has also expanded, with imports and exports to ASEAN, Latin America, Africa, and Central Asia witnessing significant growth. Import and export between China and countries along the “Belt and Road” reached 6.89 trillion yuan, a year-on-year increase of 9.8%.
Overall, China’s foreign trade has exhibited strong resilience amidst global economic sluggishness and uncertainties. With successful efforts to stabilize and improve the quality of import and export, China’s foreign trade is headed in the right direction, demonstrating consistent growth and expansion.