Structure more important than growth rate of trade
The national foreign trade data for the first half of the year, released on Friday, show the total value of China’s import and export of goods was 21.17 trillion yuan ($2.91 trillion), an increase of 6.1 percent year-on-year, continuing and consolidating the previous upward trend.
For the first time ever, China’s half-year import and export scale exceeded 21 trillion yuan, setting a new record. In terms of growth rate, the second-quarter imports and exports grew by 7.4 percent year-onyear, an increase of 2.5 and 5.7 percentage points from the first quarter of 2024 and the fourth quarter of 2023 respectively, indicating a further consolidation of the positive trend in foreign trade.
In the first half of the year, general trade imports and exports accounted for as much as 65 percent of China’s foreign trade, becoming the main force driving foreign trade growth, which reflects the significant results of China’s foreign trade transformation and upgrading, with high-quality trade modes represented by general trade becoming mainstream.
Especially, new energy vehicles, lithium batteries and photovoltaic products have been popular overseas, injecting strong vitality into China’s foreign trade. According to data from the China Association of Automobile Manufacturers, in the first half of the year, NEV sales increased by 32 percent year-on-year, and exports increased by 13.2 percent year-on-year, further achieving breakthroughs. This stems from Chinese companies always taking innovation as their core competitive advantage.
With higher trade volumes and better quality, China offers more opportunities globally. Besides providing affordable products, China has a vast consumer market for foreign products. In the first half of this year, China’s imports grew by 5.2 percent year-on-year. Government policies are making it easier for foreign goods to enter China, expanding the space for foreign businesses.
International financial institutions such as the World Bank and International Monetary Fund have all raised their 2024 growth forecasts for China, highlighting its role as a global growth engine.
China’s strong trade performance not only supports its economy but also aids the recovery of the global economy.