Q3 Trade Surpasses 32 Trillion Yuan, 5.3% Growth

According to reports from journalists on October 14th, the State Council Information Office held a press conference to introduce the import and export situation for the first three quarters of 2024. According to customs statistics, in the first three quarters, China's imports and exports amounted to 32.33 trillion yuan, a year-on-year increase of 5.3%, of which exports were 18.62 trillion yuan, an increase of 6.2%; imports were 13.71 trillion yuan, an increase of 4.1%.

"For the first time in history during the same period, the total imports and exports exceeded 32 trillion yuan in the first three quarters, with 10.15 trillion, 11 trillion, and 11.17 trillion yuan respectively for each quarter, all exceeding 10 trillion yuan, which is also a first in history," said Wang Lingjun, Deputy Director of the General Administration of Customs, at the meeting.

Looking at the export situation, in the first three quarters, China's mechanical and electrical product exports were 11.03 trillion yuan, an increase of 8%, accounting for 59.3% of the total export value. Among them, high-end equipment exports increased by 43.4%, and the exports of integrated circuits, automobiles, and household appliances increased by 22%, 22.5%, and 15.5% respectively. In addition, traditional labor-intensive product exports were 3.13 trillion yuan, an increase of 2.8%.

Looking at the import situation, in the first three quarters, China's import volume of bulk commodities increased by 5%. Among them, energy products such as crude oil, natural gas, and coal were 901 million tons, an increase of 4.8%; metal ores such as iron and aluminum were 1,138 million tons, an increase of 4.9%. During the same period, the import value of integrated circuits and auto parts increased by 13.5% and 4.6% respectively. Consumer goods imports exceeded 1.3 trillion yuan.

The latest report from the International Monetary Fund shows that the global economic growth rate is lower than the average level of the first 20 years of this century.

Wang Lingjun said that the current major economies lack continuous growth momentum, and in September, the Federal Reserve and the European Central Bank both lowered their respective economic growth expectations for this year by 0.1 percentage points. In addition, some countries frequently take trade restrictive measures against China's products, and some fluctuations have also appeared in domestic main economic indicators such as industry, investment, and consumption recently, which also brings certain pressure to the development of foreign trade.

This part of the pressure is also reflected in the foreign trade performance of September. Data from the General Administration of Customs shows that in September, China's exports were 2.17 trillion yuan, an increase of 1.6%, and the growth rate has slowed down.

Lv Dalian, spokesperson for the General Administration of Customs and Director of the Statistical Analysis Department, told the 21st Century Economic Report that the slowdown in export growth in September was mainly affected by some short-term accidental factors, including extreme weather in September, global shipping difficulties, container shortages, and the expected negotiations on the expiration of the contract of dockworkers on the East Coast of the United States, as well as the influence of a higher base period, the slowdown in export growth in September is a normal data fluctuation in the short term.

Regarding the import situation in September, affected by import prices and exchange rate fluctuations, the year-on-year growth rate calculated in yuan also declined.

Lv Dalian said that in terms of scale, since July, the import scale has expanded month by month, and September is the highest point of the year, with a month-on-month increase of 2%. In terms of quantity, the import volume in September increased by 0.7% year-on-year, among which the import volume of coal, natural gas, and integrated circuits increased by 13%, 19%, and 17% respectively, all of which are in the double digits, reflecting the continuous recovery of domestic demand. In addition, if calculated in US dollars, imports in September increased slightly."But the fundamentals of our country's economic development have not changed, and the favorable conditions such as great market potential and strong economic resilience have not changed." Wang Lingjun stated that in response to the new situations and problems in the current foreign trade operations, the General Administration of Customs will follow the decision-making and deployment of the Central Political Bureau meeting on September 26. It will adhere to problem orientation, focus on key points, take the initiative, effectively implement existing policies, and introduce new policies with greater effort. It will further improve the targeted and effectiveness of policy measures, and continue to promote the "quality improvement and stable quantity" of foreign trade.