32.33 trillion yuan, a year-on-year increase of 5.3%. The foreign trade data of the first three quarters reveal the highlights of China’s economic development.
On October 14, the State Council’s Information Office held a press conference where officials from the General Administration of Customs provided insights on the country’s economic performance for the first three quarters of this year. They reported that the economy has maintained steady growth with stable import and export figures and an ongoing optimization of the foreign trade structure.
According to customs statistics, China’s total imports and exports reached 32.33 trillion yuan in the first three quarters of this year, marking a 5.3% year-on-year increase. Exports constituted 18.62 trillion yuan, showing a 6.2% rise, while imports reached 13.71 trillion yuan with a growth of 4.1%. This period marked the first time in history that quarterly import and export figures exceeded 10 trillion yuan, with quarterly totals of 10.15 trillion, 11 trillion, and 11.17 trillion yuan respectively.
Tu Xinquan, the Dean of the China WTO Research Institute at the University of International Business and Economics, commented, “The foreign trade performance this year has been quite impressive, with each quarter’s import and export totals surpassing the 10 trillion yuan mark. This indicates strong growth momentum in our foreign trade, primarily driven by the comprehensive enhancement of China’s international trade competitiveness. Our competitiveness is supported by a highly complete manufacturing supply chain, significant economies of scale, and rapid technological advances. Despite the current turbulent global economic situation, our strong international competitive edge is the foundation for expanding the reach of Chinese products in global markets.”
Recently, a shipbuilding company in Dalian has been busy outfitting a large liquefied natural gas (LNG) carrier at the dock, where nearly a thousand workers are involved in the outfitting process. On the opposite side of the dock, a dual-fuel LNG container ship is undergoing final adjustments before delivery. This impressive vessel utilizes both natural gas and fuel oil, effectively reducing carbon emissions by over 20% and eliminating sulfur oxide emissions entirely.
In 2023, amid the industry’s shift towards decarbonization, shipbuilding companies in Liaoning are promoting the transformation of mainstream products, actively supplying green, safe, and intelligent vessels to the global market, significantly increasing the volume of product deliveries. In the first eight months of this year, Dalian shipbuilders exported vessels worth 12.11 billion yuan, which is a 31.3% increase year-on-year.
When asked about the factors contributing to the steady growth of imports and exports, the customs official attributed this stability to both supply and demand sides. On the demand side, international developments suggest a positive trend; the latest WTO report has upgraded the annual growth forecast for global merchandise trade, and institutions like the World Bank and OECD indicate that the global economy is stabilizing, which bodes well for China’s exports. In the first three quarters, exports to traditional markets in Europe, the United States, and Japan increased by 4.2%, while exports to emerging markets, such as ASEAN and Latin America, rose by 12.3% and 13.7%, respectively.
Domestically, industrial production has shown stable growth this year, driving increased imports of coal, natural gas, and iron ore by 11.9%, 13%, and 4.9% respectively. Additionally, with the cyclical upswing in the consumer electronics sector, imports of semiconductor manufacturing equipment, integrated circuits, and flat panel displays also achieved double-digit growth. The consumer market maintained a steady growth trend with notable increases in imports of specialty fruits, wine, and clothing at 7.1%, 28.9%, and 6.1%, effectively meeting the diverse demands of domestic consumers.
On the supply side, China is accelerating the development of new types of productive forces, with clear trends towards higher-end, smarter, and greener manufacturing, which has garnered broader appreciation for Chinese-made products. In the first three quarters of this year, high-end equipment exports grew by more than 40%. Exports of electromechanical products reached 11.03 trillion yuan, growing by 8% and accounting for 59.3% of total exports, with high-end equipment witnessing a remarkable growth of 43.4%.
The customs data also revealed that various business entities remained active, with private enterprises experiencing robust growth. For instance, in Jiangsu, home to the country’s largest manufacturing cluster, foreign trade companies are strategically enhancing their exports of high-tech products by leveraging complementary industrial structures with overseas partners.
In the first nine months of this year, Jiangsu’s export of high-tech products exceeded 860 billion yuan, reflecting a year-on-year increase of approximately 10%. The achievements of private enterprises have been commendable, with new records in import and export scales. Furthermore, private firms have emerged as crucial drivers of innovation, representing the largest segment of China’s high-tech product import and export market.
According to customs statistics, private enterprises saw their imports and exports reach 17.78 trillion yuan in the first three quarters, marking a 9.4% increase and accounting for 55% of total foreign trade, an increase of 2.1 percentage points. In comparison, foreign-invested enterprises reported imports and exports of 9.53 trillion yuan, up by 1.1%, continuing a two-quarter growth trend, while state-owned enterprises saw a slight increase of 0.1% with 4.95 trillion yuan.
Tu Xinquan noted, “Private enterprises have played a leading role in China’s foreign trade for many years. This is largely due to the deepening of reform and opening-up in the country, creating an increasingly favorable business environment for private companies. The continuous expansion of China’s openness allows these enterprises to better learn from and incorporate the most advanced technologies and experiences from around the world, keeping pace with and even leading the latest trends in global industrial development. Foreign-invested enterprises remain irreplaceable in China’s economic development and international exchanges. Openness is not only a national strategy we uphold but also a concept we firmly believe in. China will continue to expand its openness and welcomes foreign-invested companies to participate in the construction of a uniquely Chinese modernization and share in the opportunities for development our country offers.”
Furthermore, the customs data revealed that in the first three quarters, China achieved trade growth with over 160 countries and regions. For instance, in a food production company in Yunnan, workers are busy packaging a batch of 850 kilograms of bagged rice noodles, which, once cleared by customs, will be exported to the UK. Once a local specialty, these rice noodles, enhanced through processing, now carry Yunnan’s unique culinary culture and history, gaining recognition on the global stage.
Thanks to efficient customs clearance and other supportive measures, Yunnan’s exports of ready-to-eat and instant products rose by 28.7% year-on-year, with export values increasing by 23.8% in the first eight months.
Overall, in the first three quarters, China’s strategy for market diversification is making steady progress, with trade with Belt and Road Initiative countries reaching 15.21 trillion yuan, an increase of 6.3%, now accounting for 47.1% of overall trade. Trade with other RCEP members reached 9.63 trillion yuan, growing by 4.5%, including a 9.4% rise in trade with ASEAN countries, totaling 5.09 trillion yuan. At the same time, trade with the EU and the United States also saw increases of 0.9% and 4.2%, respectively, reaching 4.18 trillion and 3.59 trillion yuan.
Tu Xinquan emphasized, “China’s foreign trade market diversification is continuously making new strides. While consolidating traditional markets, the share of emerging markets is expanding. This is a result of the joint efforts between the government and enterprises. On one hand, the Chinese government actively engages with trade partners to sign various agreements, expanding the Belt and Road markets and broadening its connections. On the other hand, Chinese enterprises are proactive and flexible in their market strategies, consistently developing emerging markets which fully leverage China’s competitive advantages in foreign trade.”
