China’s Foreign Trade to Maintain Pace in First Half of 2024

According to statements by Yu Jianhua, head of China’s General Administration of Customs (GAC), published by Xinhua News Agency, China’s foreign trade is estimated to continue its growth in the first six months of 2024.

Imports and exports have been steadily improving in the early months of the year, totaling 6610 billion yuan (about $930 billion) between January and February, a record for this period of the year. The growth is 8.7% year-on-year; if we analyze the data, 3750 billion yuan are attributed to exports with a growth of 10.3%, and 2860 billion yuan to imports with a growth of 6.7%.

Trade with One Belt One Road partner countries is above average. In particular, Yu Jianhua said, e-commerce, government procurement, and “other new foreign trade patterns” are having an impact.