China's foreign goods trade increased by 4.9% year-on-year to reach CNY39.79 trillion in the first 11 months this year, demonstrating stable growth and ongoing structural improvements. According to the General Administration of Customs (GAC), exports rose 6.7% year-on-year to CNY23.04 trillion, while imports edged up 2.4% year-on-year to reach CNY16.75 trillion. Thanks to a package of supportive policies rolled out since September, the country's foreign trade volume registered a 1.2% increase year-on-year in November alone in yuan-denominated terms, totaling CNY3.75 trillion, with the monthly foreign trade volume maintaining growth for eight consecutive months. In particular, the country's exports surged by 5.8% year-on-year, according to the GAC.
He Weiwen, Senior Fellow of the Center for China and Globalization, told the Global Times that “it is expected that China's exports will extend steady growth over the next few months thanks to global demand expansion, the Chinese government's support policies, and increased competitiveness of Chinese products”. According to the GAC, machinery and electronic products accounted for nearly 60% of the country's total exports between January and November, with exports of automatic data processing equipment and components, integrated circuits, and cars all posting double-digit growth.
In the first 11 months, ASEAN held its position as China's largest trading partner, with bilateral trade reaching CNY6.29 trillion, up 8.6% from a year earlier, representing 15.8% of the country's total foreign trade. It was followed by the EU with trade standing at CNY5.09 trillion, accounting for 12.8%, and the U.S. at CNY4.44 trillion, up 4.2%, and accounting for 11.2%. China’s export to the U.S. expanded 5.1% year-on-year to CNY3.38 trillion in the January-November period, while imports from the U.S. were CNY1.06 trillion during the same period, up 1.4% year-on-year, GAC data showed. According to a Wall Street Journal report in November, U.S. companies are now “stocking up” Chinese imports to stay ahead of Trump’s potential tariff hikes.
China's trade with countries and regions participating in the Belt and Road Initiative (BRI) totaled CNY18.74 trillion, an increase of 6% year-on-year. China's imports declined 4.7% year-on-year in November in yuan-denominated terms. Zhou Maohua, Economist at China Everbright Bank, told the Global Times that this is mainly due to the overall weak demand domestically and low international commodity prices.
