Foreign trade in China in July and the first 7 months of 2024

chiny24.com 10 months ago

The following selected data published by the Chinese General Customs Administration:

China's abroad trade (USD) increased from January to July by 3.5% year to year (r/y). From January to June it was +2.9% y/y:

exports increased by 4.0% y/y (January-June was 3.6% y/y),
imports increased by 2.8% y/y (January-June was 2.0% y/y);

The affirmative trade balance in this period increased by 7.9% y/y to $551.8 billion.

July was the 4th period in a row erstwhile exports in dollar terms grew, reaching an increase of 7.0% y/y. However, in June the increase was higher and was 8.6% y/y. The July increase in imports is amazing up to 7.2% y/y, erstwhile in June it decreased by -2.3% y/y;

During the 7 months of that year, it was reported (as RMB):

Further increase in abroad trade with China's first trading partner, South-East Asia (ASEAN) by 10.5% y/y;
with the second partner, the countries of the European Union, after the first six months, there was a 7-month increase (due to July results) of 0.4% y/y; Imports from the EU are inactive decreasing (by -1.5% y/y) but at a lower rate than in six months (-2.9% y/y);
with a 3rd partner, the United States, abroad trade turnover increased by 4.1% y/y (export by 5.1% y/y and import by 1.2% y/y);

From January to July, as for many years, private companies dominate abroad trade. It went through 55.1% of his turnover.

59% of full exports during this period were highly processed goods (electromechanical, machine, energy, electronics). The exports of integrated circuits increased by 25.8% y/y, cars by 20.7% y/y, but the exports of smartphones decreased by 1.3% y/y.

As usual, natural materials and materials dominate import. From January to the end of July, the biggest increase in imports was recorded in the strategical natural materials group: