According to the latest data released by the General Administration of Customs, in the first four months of 2024, China achieved a total import and export value of 13.81 trillion yuan in goods trade, realizing a positive growth of 5.7% year-on-year. Specifically, exports reached 7.81 trillion yuan, an increase of 4.9% year-on-year, while imports were 6 trillion yuan, up 6.8% year-on-year. During this period, the trade surplus was 1.81 trillion yuan, narrowing by 0.7%.
In terms of US dollars, during the same period, the total value of my country’s imports and exports was $1.94 trillion, an increase of 2.2%. Of which, the export value was $1.1 trillion, up 1.5%; the import value was $843.91 billion, an increase of 3.2%. Accordingly, the trade surplus reached $255.66 billion, with a narrowing extent of 3.9%.
It is worth noting that the import and export of processing trade has shown a trend from negative to positive. In the first four months, China’s general trade import and export totaled 8.98 trillion yuan, an increase of 5.3%, accounting for 65.1% of the total value of foreign trade. The export part was 5.14 trillion yuan, up 6.6%; the import part was 3.84 trillion yuan, an increase of 3.6%. In the same period, the total import and export of processing trade was 2.39 trillion yuan, a slight increase of 0.8% year-on-year, accounting for 17.3%. In this segment, exports were 1.5 trillion yuan, down 3.8%, but imports rose 9.7%, reaching 883.08 billion yuan.
In addition, the import and export value using bonded logistics also grew, reaching 1.92 trillion yuan, with an increase of 14.9%. Among them, the export side was 728 billion yuan, up 11.6%, and the import side was 1.19 trillion yuan, an increase of 16.9%.
The research report from Huatai Securities points out that despite uncertainties in the overseas policy environment, China’s exports have obvious advantages in terms of cost-effectiveness and efficiency. It is expected to continue enhancing competitiveness and is likely to achieve double-digit year-on-year growth this year.
In terms of structure, China’s import and export structure continues to optimize, with the import and export volumes of private enterprises and state-owned enterprises both increasing. In the first four months, the total import and export value of private enterprises was 7.54 trillion yuan, an increase of 10.7%, accounting for 54.6% of the total value of my country’s foreign trade, up 2.5 percentage points from the same period last year. Specifically, the exports of private enterprises were 5.06 trillion yuan, up by 9%; imports were 2.48 trillion yuan, an increase of 14.4%. At the same time, the total import and export of state-owned enterprises were 2.21 trillion yuan, up by 2%, among which the export part declined by 0.7%, while imports increased by 3%.
Foreign-invested enterprises had a total import and export value of 4.02 trillion yuan in the same period, a slight decrease of 0.7%, accounting for 29.1% of my country’s total foreign trade value. Among them, the export value was 2.14 trillion yuan, down by 2.1%; the import value was 1.88 trillion yuan, up 1.1%.
Observing specific commodity categories, mechanical and electrical products accounted for nearly 60% of exports. In the first four months, China’s export of mechanical and electrical products totaled 4.62 trillion yuan, an increase of 6.9% year-on-year. Among them, exports of automatic data processing equipment and its parts were 434.92 billion yuan, up by 9.7%; integrated circuits exports were 355.24 billion yuan, a substantial increase of 23.5%; but mobile phone exports were 266.76 billion yuan, down by 5.5%. It is especially worth mentioning that automobile exports showed a significant increase, reaching 254.85 billion yuan, a surge of 24.9%.
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