Janurary 14, 2025

According to data released by the General Administration of Customs of China on January 13, the total value of China's import and export of goods trade in 2024 was 43.85 trillion yuan ($5.98 trillion), a year-on-year increase of 5 percent, the scale of which hit a record high. Among them, foreign trade gained momentum in the fourth quarter, especially in December, when the import and export scale exceeded 4 trillion yuan for the first time, with a growth rate of 6.8 percent. The whole year's foreign trade concluded successfully. These figures have received widespread attention from the outside world, with many Western media outlets describing them as "surprising" and "beating expectations." To a certain extent, this foreign trade "report card" can be regarded as a summary of the ratings of China by trading entities around the world, showing the international community's true attitude toward dealing with and doing business with China.

Many people have noticed that the performance of China's foreign trade in 2024 is not merely a numerical growth in the statistical sense. It has achieved "three simultaneous increases" in total volume, increment and quality. In addition, in terms of structure, more new products with high-tech attributes are accelerating to go overseas. The exports of electric vehicles, 3D printers and industrial robots have grown by 13.1 percent, 32.8 percent, and 45.2 percent respectively. From a domestic perspective, China's foreign trade has traditionally focused on the eastern coast which plays a leading role. However, now the import and export of the eastern, central, western and northeastern regions have all achieved growth. Externally, while trade with emerging markets, such as the Belt and Road partner countries and ASEAN countries, has increased significantly, China has also maintained its trade momentum with the traditional markets of Europe and the US. What is commendable is that these achievements have been made on the foundation of a massive existing stock of 40 trillion yuan in our country. All of this demonstrates China's determination and ability to promote high-level opening-up to the outside world.

At the micro level, the continuously increasing endogenous momentum of China's foreign trade is even more evident. In 2024, Chinese foreign trade practitioners actively expanded through traditional channels, cross-border e-commerce, and other avenues. Various market entities adapted flexibly, with a record-breaking nearly 700,000 entities involved in import and export activities. Upgraded small commodities from Yiwu reached global markets, Shenzhen's "new trio" gained worldwide popularity, exports of snow sports equipment from Northeast China to Europe multiplied, and fresh salmon from Xinjiang was directly supplied abroad. As more Chinese enterprises engage in global trade, it highlights the broader scope and deeper integration of China's opening-up to the world.

Read more:

https://www.globaltimes.cn/page/202501/1326828.shtml