As 2024 draws to a close, China's import and export trade has demonstrated a steady development trend overall. In the first 11 months of this year, the total value of goods imported and exported grew by 4.9% compared to the same period last year, a slight deceleration from the previous ten months' growth rate by 0.3 percentage points. The annual performance saw a dynamic shift from double-digit growth rates at the beginning of the year to the first negative growth in March, followed by a quick rebound to a 7.7% increase in April, with monthly imports and exports maintaining an upward trajectory for eight consecutive months.

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Amidst Overall Steady Growth, Multiple Highlights and New Drivers Emerge in China's Import and Export Trade:

Export Sector Gains New Competitive Edge: In the first eleven months, the export of high-value-added and technology-intensive mechanical and electrical products increased by 8.4%, accounting for nearly 60% of total exports. Notably, exports of items such as containers, ships, and motorcycles surged by 108.7%, 65.3%, and 24.8%, respectively. Moreover, specialty agricultural products like dried and fresh fruits and nuts, vegetables and mushrooms, as well as alcoholic beverages have performed exceptionally well in overseas markets, with export values increasing by 22.2%, 11.4%, and 7.5%, respectively.

Private enterprises are playing an increasingly important role in the import and export trade: During the first eleven months of this year, the total import and export volume of private enterprises grew by 8.7%, reinforcing their position as the largest foreign trade entity in China. Especially noteworthy is that over 150,000 private enterprises involved in the import and export of high-tech products achieved a growth of 12.9% in import and export value, outpacing the average growth rate of similar products by 7.6 percentage points.

The diversification of trade partners is also bringing new opportunities to the import and export trade: In the first eleven months, trade with countries along the "Belt and Road" initiative increased by 6%, while trade with ASEAN countries grew by 8.6%. Additionally, trade relations with emerging markets in Latin America and Africa have become more active, with respective increases of 7.9% and 4.8%, offering broader market opportunities for foreign trade enterprises.

To support the development of import and export trade, the government has implemented a series of policy measures. The State Council, Ministry of Commerce, and General Administration of Customs have introduced specific policies aimed at accelerating the integration of domestic and foreign trade, optimizing the port business environment, and enhancing customs clearance convenience for businesses.

With these policies in place and positive factors contributing to the development of China's foreign trade continuously on the rise, it is anticipated that the import and export trade will achieve a stable year-end finish, meeting the goals of improved quality and stability. "We are confident that the synergy between existing policies and new measures will yield satisfactory results for the entire year's import and export trade," remarked relevant experts.