China’s foreign trade up 4.9% in the first 11 months, sustaining stable growth
An aerial drone photo shows a view at a railway station of CRIntermodal in Wuhan, central China's Hubei Province, Nov. 16, 2024. The China-Europe freight train (Wuhan) service has 55 international logistics channels reaching 40 countries and regions and 117 cities. It has become an important transportation channel of import and export for domestic foreign trade enterprises. (Xinhua/Xing Guangli)
China's
foreign trade of goods increased by 4.9 percent year-on-year to reach
39.79 trillion yuan ($5.49 trillion) in the first 11 months this year,
demonstrating stable growth and economic structural improvements,
official data showed on Tuesday.
According
to the General Administration of Customs (GAC), exports rose 6.7
percent year-on-yar to reach 23.04 trillion yuan, while imports edged up
2.4 percent year-on-year to reach 16.75 trillion yuan in the first 11
months.
Thanks to
the government's package of pro-growth policies, the country's foreign
trade volume registered a 1.2-percent increase year-on-year in November
alone in yuan-denominated terms, totaling 3.75 trillion yuan, with
monthly foreign trade volume maintaining growth in a consecutive of
eight months, according to the GAC.
In
the first 11 months, foreign trade handled by private enterprises
accounted for 55.3 percent of the country's total trade, representing a
2-percentage-point increase from the same period last year, GAC data
showed.
Throughout
the period, ASEAN held its position as China's largest trading partner,
with bilateral trade reaching 6.29 trillion yuan in the first 11 months,
up 8.6 percent from a year earlier, representing 15.8 percent of the
country's total foreign trade. It was followed by the EU with bilateral
trade reaching 5.09 trillion yuan and the US at 4.44 trillion yuan.
China's
trade with countries and regions participating in the Belt and Road
Initiative totaled 18.74 trillion yuan, an increase of 6 percent
year-on-year.
Recently,
a State Council executive meeting reviewed and approved new policy
measures to drive the steady growth of foreign trade. The Ministry of
Commerce and the GAC also announced measures to optimize the business
environment at its ports and streamline customs clearance process for
foreign trade companies.
Thanks
to exiting supportive policies and incremental stimulus policies to
ramp up economic growth, China's annual foreign trade goals of stable
growth and structural improvement are on track to be met, the Xinhua
News Agency reported on Tuesday.