Guess who's on a roll? 😉 China's foreign trade just hit a whopping 32.33 trillion yuan ($4.44 trillion) in the first three quarters of 2024, marking a 5.3% jump compared to last year! 🎉
According to the General Administration of Customs, exports soared to 18.62 trillion yuan, climbing 6.2%, while imports weren't far behind at 13.71 trillion yuan, up 4.1%. Talk about leveling up! 💹
Private Enterprises Leading the Way 🚀
Private businesses are flexing their muscles, contributing goods worth 17.78 trillion yuan—a massive 9.4% increase year-on-year. They're now making up 55% of China's total foreign trade, up by 2.1 percentage points. Way to go, innovators! 🏆
Fueling the Growth 🔥
The surge is powered by robust domestic industrial production and a rebound in global demand. Officials are giving a thumbs-up to strong exports that are keeping the momentum going. 👍
On the import side, there's a 5% boost in bulk commodities. Energy products like crude oil, natural gas, and coal rose by 4.8%, totaling a hefty 9.01 billion tonnes. That's a whole lotta energy! ⚡
Diversifying Markets 🌍
China's trade is spreading its wings, expanding with over 160 countries and regions. Exports to traditional markets like Europe, the U.S., and Japan grew by 4.2%. But here's the kicker—exports to emerging markets like ASEAN and Latin America shot up by 12.3% and 13.7% respectively! 🎯 Hola, Latin America! 👋
Qu Qiang, a fellow at the Belt and Road Research Center in Minzu University of China, told CGTN, \"The fundamental aspects of our national economy, coupled with a vast, resilient market full of potential, have not changed.\"
Looking Ahead 🌟
With such strong performance, experts like Qu expect China's trade momentum to keep cruising well into the future. So, buckle up—the journey's just getting started! 🚀
Reference(s):
China reports 5.3% growth in foreign trade over first three quarters
cgtn.com
