In a recent press conference held by the State Council Information Office on October 14, Wang Lingjun, Deputy Director of the General Administration of Customs, shared some impressive statistics on China’s trade. He reported that in the first three quarters of this year, the total value of goods imported and exported exceeded 32.33 trillion yuan, marking a year-on-year growth of 5.3%. Specifically, exports accounted for 18.62 trillion yuan, with a growth of 6.2%, while imports reached 13.71 trillion yuan, increasing by 4.1%.
When asked about the performance across different quarters, Wang highlighted that this year saw unprecedented figures, with each quarter surpassing 10 trillion yuan for the first time in history. The quarterly breakdown was 10.15 trillion, 11 trillion, and 11.17 trillion yuan, respectively.
Wang emphasized that various types of trading entities remained active, with private enterprises experiencing significant growth. In the first three quarters, their imports and exports hit 17.78 trillion yuan, up by 9.4% and accounting for 55% of total foreign trade, which is an increase of 2.1 percentage points. Meanwhile, foreign-invested enterprises also performed well, with a total of 9.53 trillion yuan in imports and exports, reflecting a 1.1% increase for two consecutive quarters.
The diversification of markets has been steadily advancing, with trade with countries participating in the Belt and Road Initiative reaching 15.21 trillion yuan, growing by 6.3% and representing 47.1% of total trade. In addition, trade with other members of the Regional Comprehensive Economic Partnership (RCEP) rose to 9.63 trillion yuan, a 4.5% increase, with exports to ASEAN nations alone reaching 5.09 trillion yuan, up by 9.4%.
Wang noted that the structure of exports has also improved. In the first three quarters, the export of mechanical and electrical products reached 11.03 trillion yuan, an 8% rise, making up 59.3% of total exports. This segment has seen robust growth in high-end equipment exports, with increases of 43.4% in high-tech items, and notable gains in integrated circuits, automobiles, and home appliances.
When discussing the factors contributing to the stable growth in imports and exports, Wang pointed to both supply and demand. On the demand side, international reports forecast an increase in global trade volumes, boosted by a recovering global economy, which created favorable conditions for Chinese exports. For instance, exports to traditional markets in Europe, America, and Japan grew by 4.2%, and emerging markets like ASEAN and Latin America saw even higher growth rates of 12.3% and 13.7%, respectively. Domestically, industrial production drove up imports of coal, natural gas, and iron ore by 11.9%, 13%, and 4.9%, respectively.
On the supply side, China is rapidly developing new productive forces, signifying advancements in high-end, smart, and green manufacturing. Wang shared examples of notable Chinese exports, including the world’s largest crude oil production platform, valued at over 10 billion yuan, and a range of innovative smart home appliances that have gained popularity abroad.
Despite a slowdown in export growth in September, which saw a 1.6% increase to 2.17 trillion yuan, Wang reassured observers that this was a normal fluctuation due to short-term factors such as extreme weather and supply chain disruptions. He indicated that 69% of surveyed exporters anticipate stability or growth in the fourth quarter.
The data revealed a consistent increase in imports since July, peaking in September with a 2% month-on-month growth. Notably, coal, natural gas, and integrated circuit imports surged by 13%, 19%, and 17%, respectively, indicating a strong recovery in domestic demand.
Looking ahead, Wang acknowledged that the external environment is becoming increasingly complicated and challenging, with the International Monetary Fund projecting lower global economic growth. However, he reiterated that China’s fundamental economic landscape remains strong, highlighting significant market potential and resilience. He expressed confidence in achieving the full-year targets for trade quality and stability, bolstered by coordinated policies aimed at supporting service industries and business health.
Ultimately, Wang emphasized that with continued policy collaboration, China’s economy will maintain a steady upward trajectory, assuring stakeholders that there are conditions in place to meet trade goals for the year.
