China sees imports and exports expand yearly

By Wang Keju | chinadaily.com.cn | Updated: 2024-07-12 11:09

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China's total goods imports and exports expanded 6.1 percent year-on-year in the first half of this year to 21.17 trillion yuan ($2.91 trillion), hitting a recording high, data from the General Administration of Customs showed on Friday.

The country's exports rose 6.9 percent year-on-year to 12.13 trillion yuan during the period, while imports climbed 5.2 percent to 9.04 trillion yuan, according to the administration.

China's import and export growth has gained momentum with each passing quarter, as the second quarter witnessed a year-on-year increase of 7.4 percent, the administration said.

This growth rate surpasses the first quarter by 2.5 percentage points and the fourth quarter of the previous year by 5.7 percentage points, indicating a further consolidation of the positive trend in foreign trade, administration added.

In H1, the Association of Southeast Asian Nations remained China's largest trade partner. China's trade with ASEAN economies climbed 10.5 percent year-on-year to 3.36 trillion yuan, accounting for 15.9 percent of the country's total trade value, the administration said.

In the first six months, China's trade with the European Union fell 0.7 percent from a year earlier, while the country's trade with the United States rose 2.9 percent year-on-year, the data showed.

During the same period, China's trade with countries and regions involved in the Belt and Road Initiative amounted to 10.03 trillion yuan, which witnessed a year-on-year increase of 7.2 percent, according to the data.

China saw a steady export growth of mechanical and electrical products such as data processing devices, cell phones, and automobiles during this period, which rose 8.2 percent to 7.14 trillion yuan and accounting for 58.9 percent of the country's total exports. In particular, exports of automobiles totaled 391.8 billion yuan, up 22.2 percent year-on-year.