Last week, the General Administration of Customs of China released a set of data: In October 2024, China's exports increased by 12.7% year-on-year, achieving nine consecutive months of growth, setting a new high in more than two years. The release of this data by the The data released by the Chinese government has attracted the attention of many global media. Economic Insights from Data, the momentum of global economic recovery is also strengthening, with huge potential in the consumer market, which makes China's economic prospects particularly promising.
October Export Growth Hits New High
China's import data showed a year-on-year decrease of 2.3% in October, while the trade surplus increased from $81.7 billion in September to $95.7 billion in October. China's export data significantly exceeded the analysts' previous estimates of around 5.5% growth, surpassing the 2.4% growth in September, marking the largest increase since July 2022.
Behind this data is the recovery of global demand for "Made in China," especially in the fields of high-tech products such as mechanical and electrical, automobiles, and integrated circuits, where the growth is particularly significant. Looking at product categories, mechanical and electrical products account for nearly 60% of exports, with exports of automatic data processing equipment and its components, integrated circuits, and automobiles maintaining double-digit growth. In terms of major export destinations, China's exports to its main trading partners grew rapidly in October. Among them, the export growth rate to the United States was 8.1%, accelerating by 5.9 percentage points from September; the export growth rates to the European Union and Japan were 12.7% and 6.8%, respectively, accelerating by 11.4 and 13.9 percentage points from September; the export growth rate to ASEAN was 15.8%, accelerating by 10.3 percentage points from September.
Maintain good cooperative relations with traditional trade partners.
Official data released by China shows that in the first ten months, China's total trade value with its largest trade partner, ASEAN, was 5.67 trillion yuan, an increase of 8.8%, accounting for 15.7% of the total foreign trade value. The trade surplus with ASEAN was 1.05 trillion yuan, expanding by 38.2%. The total trade value with the second-largest trade partner, the European Union, was 4.64 trillion yuan, an increase of 1.2%, accounting for 12.9%. The trade surplus with the EU was 1.44 trillion yuan, expanding by 11.6%. As China's third-largest trade partner, the total trade value between China and the United States was 4.01 trillion yuan; China's trade surplus with the United States was 2.07 trillion yuan, expanding by 5.8%.
Additionally, exports to countries along the "Belt and Road" initiative have remained stable. This growth not only enhances China's influence in the global economic system but also demonstrates the positive role China plays through economic development and trade cooperation.
China's foreign trade performance for the whole year is expected to be impressive, as indicated by the CIIE.
The 7th China International Import Expo (CIIE) was held from November 5th to 10th at the National Exhibition and Convention Center in Shanghai. The 7th CIIE welcomed approximately 3,500 global exhibitors, including 297 Fortune Global 500 and industry-leading companies, as well as nearly 800 purchasing groups from various countries, setting a new record for the number of participants. For instance, the U.S. government led a delegation to the meeting for the first time, including 17 exhibitors from Idaho, Georgia, national agricultural associations, and agricultural exporters. Over 200 U.S. companies participated in the exhibition, with the majority from high-end technology sectors such as semiconductors, medical devices, and new energy vehicles. This is also the largest and highest-level U.S. delegation in the history of the CIIE. Zheng Yi, President of the American Chamber of Commerce in Shanghai, believes that at a time when the world economic recovery lacks momentum, the U.S. "strongest CIIE delegation" coming to China highlights the "sense of space" and "richness" of Sino-American economic and trade relations and witnesses the accelerated exchange between the two super large economies.
At the CIIE, in the Chinese pavilion, a multitude of high-precision and cutting-edge products made their debut, with China showcasing its advanced technologies in the fields of artificial intelligence, robotics, and space exploration to the world. This includes the C919 aircraft developed by China and humanoid robots capable of walking on two legs. China's products have attracted global attention.
The end of the year is the traditional peak season for consumption in various countries, and it is expected that China's foreign trade export performance will remain impressive in the last two months of this year.
This article is sourced from the Associated Press
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