The latest data of China‘s import and export in August came out! Which products shine the most?
                           Export News           Sep10, 2024 17:10

On September 10, it was learned from the General Administration of Customs that in the first 8 months of this year, the total value of China‘s goods trade import and export was 28.58 trillion yuan, an increase of 6% year-on-year, and China‘s foreign trade continued to grow. In the first eight months, the number of foreign trade operators with import and export performance reached 630,000, an increase of 8.8%.


According to customs statistics, in the first eight months of 2024, the total import and export value of China‘s trade in goods (the same below) was 28.58 trillion yuan, an increase of 6% year-on-year (the same below). Of this total, exports reached 16.45 trillion yuan, up by 6.9%; Imports reached 12.13 trillion yuan, up 4.7%; Trade surplus reached 4.32 trillion yuan, an increase of 13.6 percent. In dollar terms, in the first eight months, China‘s import and export value was 4.02 trillion US dollars, up 3.7 percent. Among them, the export was 2.31 trillion US dollars, up by 4.6%; Imports reached US $1.71 trillion, up 2.5%; The trade surplus was US $608.49 billion, up by 11.2%.
In August, China‘s imports and exports totaled 3.75 trillion yuan, up 4.8% year on year. Among them, the export was 2.2 trillion yuan, an increase of 8.4%; Imports reached 1.55 trillion yuan, unchanged from the same period last year.

The main characteristics of China‘s import and export in the first 8 months of 2024:
I. General trade imports and exports increased
In the first eight months, China‘s general trade imports and exports were 18.46 trillion yuan, an increase of 4.6 percent, accounting for 64.6 percent of China‘s total foreign trade. Among them, the export was 10.82 trillion yuan, up by 8%; Imports reached 7.64 trillion yuan, up 0.1%. During the same period, the import and export of processing trade reached 5.04 trillion yuan, an increase of 4.1%, accounting for 17.6%. Of this total, the export was 3.17 trillion yuan, up by 1.1%; Imports reached 1.87 trillion yuan, up 9.9%.
In addition, China‘s import and export through bonded logistics totaled 4.03 trillion yuan, an increase of 16.2%. Of this total, the export was 1.55 trillion yuan, up by 13.3 percent; Imports reached 2.48 trillion yuan, up 18.1%.
2. Increased import and export to ASEAN, EU, USA and South Korea
In the first eight months of this year, ASEAN was China‘s largest trading partner. The total value of China‘s trade with ASEAN reached 4.5 trillion yuan, an increase of 10%, accounting for 15.7% of China‘s total foreign trade. Among them, the export to ASEAN was 2.69 trillion yuan, up by 13.1%; Imports from ASEAN reached 1.81 trillion yuan, an increase of 5.7%.
The EU is our second largest trading partner, and the total value of our trade with the EU was 3.72 trillion yuan, up 1.1%, accounting for 13%. Among them, the export to the European Union was 2.44 trillion yuan, up by 2.9%; Imports from the EU were 1.28 trillion yuan, down 2.1%.
The United States is our third largest trading partner, and the total value of China‘s trade with the United States was 3.15 trillion yuan, an increase of 4.4 percent, accounting for 11 percent. Among them, the export to the United States was 2.38 trillion yuan, up by 5%; Imports from the United States reached 778.93 billion yuan, up 2.3%.
South Korea is my fourth largest trading partner. The total value of our trade with South Korea was 1.51 trillion yuan, an increase of 8%, accounting for 5.3%. Among them, the export to South Korea was 687.6 billion yuan, down 0.1%; Imports from the ROK reached 826.54 billion yuan, up 15.8%.
In the same period, China‘s total imports and exports to countries jointly building the Belt and Road Initiative totaled 13.48 trillion yuan, an increase of 7%. Of this total, the export was 7.54 trillion yuan, up by 7.7%; Imports reached 5.94 trillion yuan, up 6.1%.

3. Imports and exports of private and foreign-funded enterprises increased

In the first eight months, the import and export of private enterprises reached 15.74 trillion yuan, an increase of 10.5%, accounting for 55.1% of China‘s total foreign trade, an increase of 2.3 percentage points over the same period last year. Among them, exports reached 10.62 trillion yuan, an increase of 9.8%, accounting for 64.6% of China‘s total exports; Imports reached 5.12 trillion yuan, up 11.9%, accounting for 42.2% of China‘s total imports. During the same period, the import and export of foreign-invested enterprises reached 8.4 trillion yuan, an increase of 1.5%, accounting for 29.4% of China‘s total foreign trade. Of this total, the export was 4.53 trillion yuan, up by 1.8 percent; Imports reached 3.87 trillion yuan, up 1.1%. Imports and exports of state-owned enterprises were 4.37 trillion yuan, down 0.1 percent, accounting for 15.3 percent of China‘s total foreign trade. Of this total, the export was 1.27 trillion yuan, up by 2.6%; Imports were 3.1 trillion yuan, down 1.1%.
Mechanical and electrical products accounted for nearly 60% of exports, of which automatic data processing equipment and its parts, integrated circuits, automobiles and mobile phones exports increased

In the first eight months, China‘s exports of mechanical and electrical products reached 9.72 trillion yuan, an increase of 8.8%, accounting for 59.1% of the total value of China‘s exports. Among them, automatic data processing equipment and its parts and components were 942.38 billion yuan, up by 11.6%; Integrated circuits 736.04 billion yuan, an increase of 24.8%; 540.84 billion yuan for automobiles, up 22.2%; Mobile phones reached 514.37 billion yuan, up 0.5%. During the same period, the export of labor products was 2.8 trillion yuan, an increase of 4.2%, accounting for 17%. Among them, clothing and clothing accessories 744.39 billion yuan, an increase of 1%; 661.6 billion yuan for textiles, up 5.8%; Plastic products 497.95 billion yuan, an increase of 9%. The export of agricultural products reached 463.2 billion yuan, up 4.4%.
In addition, the export of steel 70,575,000 tons, an increase of 20.6%; 40.04 million tons of refined oil, a decrease of 5.8%; Fertilizer was 19.713 million tons, an increase of 4.4 percent.
5. Imports of iron ore, coal and natural gas increased, while imports of crude oil decreased

In the first eight months, China imported 815 million tons of iron ore, an increase of 5.2%, and the average import price (the same below) was 811.5 yuan per ton, an increase of 3.6%; Crude oil 367 million tons, down 3.1%, 4318 yuan per ton, up 7.3%; 342 million tons of coal, up 11.8%, 709.6 yuan per ton, down 12.8%; Natural gas 87.128 million tons, up 12.3%, 3,484.7 yuan per ton, down 7.6%; 70.478,000 tons of soybeans, an increase of 2.8%, 3,630.9 yuan per ton, down 15.1%; Refined oil was 32.506 million tons, up 6.2%, to 4,399.6 yuan per ton, up 9.2%. In addition, 19.22 million tons of primary shaped plastics were imported, an increase of 0.4%, 10,800 yuan per ton, down 0.5%; Unforged rolled copper and copper material 3.615 million tons, an increase of 3%, 67,200 yuan per ton, up 10.2%.

During the same period, the import of mechanical and electrical products reached 4.49 trillion yuan, an increase of 10.4%. Among them, there were 358 billion integrated circuits, an increase of 14.8%, with a value of 1.74 trillion yuan, an increase of 14%; The number of automobiles was 478,000, down 1.8%, with a value of 193.61 billion yuan, down 6.6%.

In addition, customs statistics show that in the first eight months of this year, China‘s foreign trade business entities with import and export performance reached 630,000, an increase of 8.8%. Among them, the import and export of private enterprises reached 15.74 trillion yuan, an increase of 10.5%, accounting for 55.1% of China‘s foreign trade; Imports and exports of foreign-invested enterprises reached 8.4 trillion yuan, an increase of 1.5%.

Director of the Department of Statistical Analysis of the General Administration of Customs said: Since the beginning of this year, China‘s economic operation has continued to pick up and improve. Recently, the report released by the WTO shows that the global trade in goods has maintained a recovery trend in the third quarter. Driven by domestic and foreign demand, in the first 8 months, China‘s imports and exports maintained growth, electronic equipment, transportation equipment and other manufacturing imports and exports growth reached double digits, energy and mineral product imports increased by 4.9%. From the latest data of various economies, the global share of China‘s exports and imports rose steadily in the first half of the year. What do you think about that?