A series of good signals "knock on the door" of China's economy

On October 14, data released by the General Administration of Customs of China showed that the total value of goods imported and exported in the first three quarters of this year was 32,330 billion yuan (about 4,561 billion USD), the first time it exceeded 32,000 billion yuan in the same period in history.

China's import and export turnover reaches historic milestone. Image of Beijing street. (Photo: Linh Chi)

In the first three quarters of 2024, China's imports reached 13.71 trillion yuan, up 4.1% year-on-year, and exports reached 18.62 trillion yuan, up 6.2%.

At the press conference, Mr. Wang Lingjun, Deputy Director General of the General Administration of Customs, said that the fundamentals of the Chinese economy and the favorable conditions of a large market, the accumulation of positive factors for the development of foreign trade have increased, creating a foundation and support for stable growth of imports and exports in the fourth quarter of 2024.

Domestically, the export product structure continues to be optimized. In the first three quarters of 2024, the world's second-largest economy exported 11.03 trillion yuan of electromechanical products, up 8% year-on-year, accounting for nearly 60% of export turnover.

Of which, exports of high-end equipment, integrated circuits, automobiles and household appliances increased by 43.4%, 22%, 22.5% and 15.5% respectively.

Business entities are still performing well. In the first three quarters of 2024, the import and export of private enterprises reached 17.78 trillion yuan, up 9.4% year-on-year and contributing 93.8% to the growth of foreign trade; the import and export of foreign-invested enterprises increased by 1.1%, up for two consecutive quarters.

Driven by steady growth in industrial production and consumer markets, China's merchandise imports in the first three quarters of 2024 increased by 5% year-on-year.

Of which, energy products such as crude oil, natural gas and coal were 901 million tons, up 4.8%; other metals such as iron ore and aluminum were 1.138 billion tons, up 4.9%. During the same period, imports of consumer goods exceeded 1.3 trillion yuan.

From an international perspective, market diversification is being steadily promoted.

In the first three quarters of the year, China's trade with more than 160 countries and regions around the world grew. Of which, imports and exports to traditional partners such as the European Union (EU) and the United States increased by 0.9% and 4.2% respectively over the same period last year.

Source: https://baoquocte.vn/loat-tin-hieu-vui-go-cua-kinh-te-trung-quoc-290132.html