China’s Robust Trade Performance in Early 2024

Sustained Growth and Diversified Partnerships Propel Export Expansion in China

In the first two months of 2024, the total value of China's goods trade import and export reached approximately 1.01 trillion US dollars, representing an 8.7% year-on-year increase. Among them, exports amounted to around 570 billion US dollars, marking a 10.3% year-on-year increase, returning to double-digit growth. This also demonstrates the continued positive trend in China's goods trade since last year, with five consecutive months of year-on-year growth, reaching a historical high in the scale of imports and exports, and the growth rate accelerating by 7.1% points compared to the fourth quarter of last year, achieving a good start.

Despite the sustained weakness in external demand, China's export growth has not come easily. On the one hand, there are factors such as the low base of last year, and on the other hand, China's economic momentum is gradually recovering. Since 2024, against the backdrop of increasing complexity, severity, and uncertainty in the external environment, China's exports have achieved double-digit growth based on innovative capabilities and product quality, further consolidating its competitive advantage. Taking advantage of products such as automobiles, household appliances, and ships as examples, exports in the first two months increased by approximately 89.4 billion US dollars, 137.2 billion US dollars, and 1.02 trillion US dollars, respectively.

Specifically, general trade, as the main form of China's foreign trade, has increased in proportion: in the first two months, the import and export of general trade reached approximately 1.34 trillion US dollars, an increase of 10% year-on-year, accounting for 65.7% of China's total foreign trade value, an increase of 0.8% from the same period last year. The vitality of private enterprises, the largest foreign trade operators in China, is abundant. In the first two months, the import and export volume of private enterprises reached approximately 1.12 trillion US dollars, an increase of 17.7% year-on-year, accounting for 54.6% of China's total import and export volume, an increase of 4.2% from the same period last year. Many private enterprises have achieved significant market expansion effects by actively seizing opportunities, with exports to Belt and Road countries increasing by 17.4%.

China's imports and exports to ASEAN, the United States, and South Korea have increased. In the first two months, ASEAN was China's largest trading partner, with the total trade value reaching approximately 157.3 billion US dollars, an increase of 8.1% year-on-year, accounting for 15% of China's total foreign trade value. During the same period, China's imports and exports to the second largest trading partner, the European Union, decreased by 1.3% year-on-year, while those to the United States and South Korea increased by 3.7% and 2.9% respectively.

In addition, diversified economic and trade cooperation is becoming increasingly close. In the first two months, China's total imports and exports to Belt and Road countries reached approximately 491.7 billion US dollars, an increase of 9% year-on-year; imports and exports to the five Central Asian countries, Latin America, and Africa increased significantly faster than the overall level, with year-on-year increases of 26%, 17.3%, and 17.3% respectively.

These statistics underscore the vital role and crucial position of China's Import and Export in the national economy. They serve as pillars for China's economic growth, providing robust support and impetus for stable economic development. Within China's evolving Import and Export growth and the growing need for regional trade alliances, Mail Boxes Etc.’s service plays a pivotal role in catering to the escalating demands for efficient freight services such as meticulous cargo tracking, robust supply chain management, and adaptable logistics solutions tailored to diverse product categories and specific target markets.

(Photo: Unsplash)

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