China reports 5.3% growth in foreign trade over first three quarters

China's foreign trade surged robustly in the first three quarters of 2024, surpassing the 32 trillion yuan ($4.44 trillion) mark for the first time during this period, according to a report released Monday by the General Administration of Customs.

China's foreign trade reached a total of 32.33 trillion yuan in the first three quarters of 2024, up 5.3 percent yearly. Exports climbed to 18.62 trillion yuan, up 6.2 percent, while imports expanded to 13.71 trillion yuan, an increase of 4.1 percent.

Private enterprises contributed significantly, exporting and importing goods worth 17.78 trillion yuan, a jump of 9.4 percent year on year. This sector now accounts for 55 percent of total foreign trade, up 2.1 percentage points from last year.

Officials attribute the sustained growth to robust domestic industrial production and a rebound in global demand, which has bolstered Chinese exports.

On the import front, there was a five percent increase in bulk commodities, including a 4.8 percent rise in energy products such as crude oil, natural gas, and coal, totaling 9.01 billion tonnes.

The diversification of China's foreign trade dynamics is highlighted by the data, Qu Qiang, a fellow at the Belt and Road Research Center in Minzu University of China, told CGTN.

In the first nine months, exports to traditional markets like Europe, the U.S., and Japan grew by 4.2 percent, while exports to emerging markets such as ASEAN and Latin America surged by 12.3 percent and 13.7 percent, respectively.

China's trade with over 160 countries and regions has expanded, reflecting steady progress in market diversification, according to customs statistics.

Qu expects China's trade momentum to sustain well into the future. "The fundamental aspects of our national economy, coupled with a vast, resilient market full of potential, have not changed," Qu stated.