In the first nine months of the year, China’s foreign trade continued on an upward trajectory, registering robust growth of 5.3% year-on-year in yuan terms. The total import and export volume reached 32.33 trillion yuan (about 4.57 trillion USD), marking a new record and showcasing the stability of China’s foreign trade, according to data released by the General Administration of Customs (GAC) on October 15.

Exports grew by 6.2% compared to the previous year, totaling 18.62 trillion yuan, while imports rose by 4.1%, reaching 13.71 trillion yuan. The structure of export products continues to evolve, with the category of mechanical and electrical goods, accounting for nearly 60% of Chinese exports during the period, standing out, according to Wang Lingjun, Deputy Director of the GAC. Within this category, high-tech sectors, such as integrated circuits, automobiles, and auto parts, saw remarkable growth rates of 22%, 22.5%, and 15.5%, respectively.

Despite facing a challenging international and domestic environment, China’s foreign trade has been driven by strong domestic demand and a robust supply chain. This is the first year in which the total import and export volume has exceeded the 10-trillion-yuan mark for three consecutive quarters. Private companies have played a crucial role in this scenario, accounting for 93.8% of the growth in foreign trade, with a business volume of 17.78 trillion yuan, an increase of 9.4%.

Another relevant factor was the growth in imports of bulk commodities, driven by industrial demand and domestic consumption. Among imported goods, energy products such as oil, natural gas, and coal totaled 901 million tons, an increase of 4.8% year-on-year. Imports of consumer goods also exceeded 1.3 trillion yuan, highlighting the strength of the Chinese domestic market.

On the international front, China has maintained a market diversification strategy. The Belt and Road Initiative stood out, with trade between China and participating countries growing 6.3% to 15.21 trillion yuan, accounting for 47.1% of China’s total trade. Additionally, trade with BRICS members, ASEAN, and the Regional Comprehensive Economic Partnership (RCEP) also registered growth.

Wang Lingjun emphasized that China’s solid economic fundamentals, vast market, and economic resilience remain strong. With ongoing policies and the introduction of new measures, the country is poised to sustain foreign trade growth in the fourth quarter, capitalizing on global opportunities and further strengthening its economy.