China's total merchandise trade hit CNY28.58 trillion in the first eight months of this year, up 6% year-on-year, remaining on a steady growth trajectory, according to the General Administration of Customs (GAC). Exports totaled CNY16.45 trillion, up 6.9%, while imports reached CNY12.13 trillion, increasing by 4.7%, resulting in a trade surplus of CNY4.32 trillion, expanding by 13.6% from one year earlier. In August alone, China's total foreign trade stood at CNY3.75 trillion, up 4.8% year-on-year. Exports reached CNY2.20 trillion, up 8.4%, while imports were unchanged at CNY1.55 trillion. In U.S. dollar terms, China's exports in August rose by 8.7%, beating broad market expectations. Imports grew by 0.5%. The figure of 8.7% for the August export increase was higher than expected, surpassing current global economic trends and China's expected domestic GDP growth rate of 5%.
Despite having to deal with increasingly complex and challenging global conditions in recent years, China's foreign trade enterprises have displayed strong competitiveness, Zhou Maohua, Economist at China Everbright Bank, told the Global Times. The main factor supporting China's foreign trade is the ongoing expansion of global demand. China's trade structure continues to optimize, with strong performances in emerging markets such as the Association of Southeast Asian Nations (ASEAN), Belt and Road Initiative (BRI) partner countries, and Latin America, Zhou said. In the first eight months, ASEAN remained China's largest trading partner, with bilateral trade hitting CNY4.5 trillion, up 10% year-on-year. The EU was China's second-largest trading partner, with bilateral trade totaling CNY3.72 trillion, up 1.1% year-on-year. The U.S. ranked as the third-largest trade partner, with total trade coming in at CNY3.15 trillion, up 4.4%.
Imports have remained steady, but the high base has weighed down the year-on-year growth rate, Yang Chang, Chief Analyst at Zhongtai Securities Research Institute, told the Global Times. “Overall, the robust performance of China's exports will continue to buoy economic growth in the second half of 2024, offering strong support for meeting this year's economic growth targets,” Zhou said.
