Xinhua | November 7, 2024
China's foreign trade picked up pace last month in the latest signal of stronger momentum in the broader economy as the country has intensified moves to shore up growth.
Total goods imports and exports expanded 4.6 percent year on year in yuan terms in October, quickening from the 0.7 percent increase in September, according to data released by the General Administration of Customs (GAC) on Thursday.
In the first 10 months, the country's foreign goods trade rose 5.2 percent from a year ago to 36.02 trillion yuan (about 5 trillion U.S. dollars), with exports up 6.7 percent and imports up 3.2 percent.
Trade surplus expanded 17.6 percent year on year to 5.58 trillion yuan during the January-October period.
China is capable of achieving the full-year foreign trade goal of improved quality and stable volume, said Lyu Daliang, director of the GAC's Department of Statistics and Analysis.
ASEAN remained China's largest trading partner, with the value of trade between the two sides amounting to 5.67 trillion yuan in the first 10 months, up 8.8 percent from a year ago and accounting for 15.7 percent of China's total foreign trade. The European Union followed it with the trade value at 4.64 trillion yuan, the United States at 4.01 trillion yuan, and the Republic of Korea at 1.91 trillion yuan.
China's trade with countries participating in the Belt and Road Initiative climbed 6.2 percent compared to a year earlier to 16.94 trillion yuan in the first 10 months. Its trade with other RCEP and BRICS countries was up 4.3 percent and 4.5 percent, respectively.
In the period, about 178,000 Chinese companies were engaged in trade with Latin America, up 6.9 percent year on year, and the China-Latin America trade grew 9.1 percent.
Mechanical and electrical products dominated China's exports during the period, accounting for nearly 60 percent of the total.
Specifically, exports of automatic data processing equipment and components rose 10.9 percent year on year in the first 10 months, integrated circuits up 21.4 percent and automobiles up 20 percent.
China's imports of iron ore, coal and natural gas increased by volume during the period, while its crude oil imports dropped slightly.
China's foreign trade has posted a forecast-beating performance this year. In particular, the further trade improvement in October, along with vibrant manufacturing activity and warming home sales, added to evidence that the economy is gaining more traction thanks to pro-growth measures.
The country has introduced a series of policies to beef up the economy.
Especially, since late September, the central government has unveiled what experts consider a package of milestone macroeconomic measures, which focused on enhancing counter-cyclical adjustments, expanding effective domestic demand, supporting business operations, promoting property market recovery and invigorating capital markets.