In the first half of 2024, China's total goods imports and exports reached a record 21.17 trillion yuan ($2.91 trillion), reflecting a 6.1% year-on-year increase, according to data from the General Administration of Customs. Exports rose 6.9% to 12.13 trillion yuan, while imports climbed 5.2% to 9.04 trillion yuan. The growth was particularly robust in the second quarter, with a 7.4% increase year-on-year, surpassing the first quarter's growth rate by 2.5 percentage points.
ASEAN nations solidified their position as China’s largest trading partner, with trade growing 10.5% to 3.36 trillion yuan. Trade with Belt and Road Initiative countries surged 7.2% to 10.03 trillion yuan. Notably, exports of mechanical and electrical products, including data processing devices, cell phones, and automobiles, saw significant growth, reaching 7.14 trillion yuan, an 8.2% increase. Automotive exports alone totaled 391.8 billion yuan, up 22.2% year-on-year.
June's export figures showed an 8.6% year-on-year increase in dollar terms, driven by a recovery in global manufacturing and preemptive orders ahead of tariff hikes. Imports, however, fell 2.3% after two months of growth, but are expected to rebound due to increased government bond issuance.
The first six months of 2024 saw exports grow by 3.6% to $1.71 trillion, while imports increased by 2% to $1.27 trillion, resulting in a trade surplus of $435.0 billion. Shipments to Latin America and Southeast Asia, particularly Brazil and Vietnam, led export growth, with shipments to both regions surging more than 10%.
However, trade with other key partners showed mixed results. Exports to the U.S. edged up 1.5%, while imports from the U.S. dropped 4.9%. Trade with the European Union saw a decline, with exports slipping 2.6% and imports falling 5.7%. By product category, exports of ships, integrated circuits, and cars rose 85%, 22%, and 19%, respectively, while steel exports fell 9.3%. Imports of automatic data processing equipment and high-tech products jumped 54% and 11%, respectively, but agricultural imports fell by 10%.
China's sustained growth in trade, despite global challenges, underscores its vital role in the global economy. The country continues to innovate and expand its trade relationships, driving significant economic activity and resilience in the face of external pressures.