According to customs statistics, in the first three quarters of this year, China’s goods trade saw a total import and export value of 32.33 trillion yuan, marking a year-on-year growth of 5.3%. Exports amounted to 18.62 trillion yuan, reflecting a growth rate of 6.2%, while imports reached 13.71 trillion yuan, with an increase of 4.1%.
This year, the import and export figure for the first three quarters has notably surpassed 32 trillion yuan for the first time in history. Each quarter recorded exports and imports of over 10 trillion yuan, with specific figures of 10.15 trillion, 11 trillion, and 11.17 trillion yuan, respectively—another historical first.
The stability of China’s import and export growth can be attributed to both supply and demand factors. On the demand side, there has been a rebound in external demand, creating favorable conditions for Chinese exports. In the first three quarters, exports to traditional markets like Europe, the U.S., and Japan increased by 4.2%, while exports to emerging markets such as ASEAN and Latin America rose by 12.3% and 13.7%, respectively.
Domestically, industrial production has seen stable growth this year, contributing to a steady consumer market. Notably, the volume of major commodity imports increased by 5%. This includes energy products such as crude oil, natural gas, and coal, which totaled 9.01 million tons, representing a 4.8% increase. Additionally, imports of metal ores like iron and aluminum reached 11.38 million tons, growing by 4.9%. During the same period, the import value of integrated circuits and automotive parts saw increases of 13.5% and 4.6%, respectively, while consumer goods imports exceeded 1.3 trillion yuan.
In terms of enterprise breakdown, private enterprises accounted for 17.78 trillion yuan in import and export value, up 9.4% and constituting 55% of the total foreign trade, an increase of 2.1 percentage points. Foreign-invested enterprises recorded 9.53 trillion yuan in trade, with a modest growth of 1.1%, marking consecutive quarters of growth. Meanwhile, state-owned enterprises reported a slight increase of 0.1%, totaling 4.95 trillion yuan in import and export value.
Customs data also indicates a positive shift in the structure of export products, with high-end equipment exports rising by over 40%. The export of electromechanical products reached 11.03 trillion yuan, increasing by 8% and accounting for 59.3% of total exports. Within this category, high-end equipment exports grew by 43.4%, while integrated circuits, automobiles, and home appliances saw growth rates of 22%, 22.5%, and 15.5%, respectively. Additionally, traditional labor-intensive products recorded exports of 3.13 trillion yuan, a growth of 2.8%.
In the western region of China, imports and exports amounted to 2.92 trillion yuan, reflecting a year-on-year growth of 8.9%, which surpasses the national average growth rate by 3.6 percentage points. The western region’s share in the national total trade has also increased to 9%. Exports of electromechanical products from this region reached 1.18 trillion yuan, growing by 13.3%, outpacing the national average for similar products. The number of foreign trade enterprises engaged in import and export activities has increased by 14.6%, reaching 36,000.
Furthermore, customs statistics reveal a steady advancement in market diversification, with trade growth established with more than 160 countries and regions globally. The import and export volume with countries participating in the Belt and Road Initiative reached 15.21 trillion yuan, growing by 6.3% and accounting for 47.1% of total trade. Trade with other RCEP member countries totaled 9.63 trillion yuan, up 4.5%, including 5.09 trillion yuan in trade with ASEAN, reflecting a growth of 9.4%. Concurrently, trade with the European Union and the United States amounted to 4.18 trillion yuan and 3.59 trillion yuan, respectively, with growth rates of 0.9% and 4.2%.
