In the first half of the year, China's total goods trade reached 25.47 trillion yuan, marking the first time in history the figure has exceeded 25 trillion yuan for this period, representing a year-on-year increase of 16.9%. Exports amounted to 14.73 trillion yuan, up 13.4%, while imports reached 10.74 trillion yuan, a rise of 22.1%.
China's foreign trade has demonstrated robust momentum and steady growth this year. At a press conference held by the State Council Information Office on July 14, a senior official from the General Administration of Customs stated that second-quarter imports and exports totaled 13.61 trillion yuan, a year-on-year increase of 18.4%, representing the highest quarterly growth rate since the third quarter of 2021.
Trade performance has been characterized by several key strengths. The scale remains substantial, with China firmly maintaining its position as the world's largest goods trading nation. In the first half, the total trade value increased by 3.68 trillion yuan compared to the same period last year. On a monthly basis, trade volume exceeded 4 trillion yuan for four consecutive months. New growth drivers are emerging, particularly in the context of rapid artificial intelligence development, which has fueled strong import and export demand for related products. In the first six months, the import and export of computing hardware, such as electronic components and computer parts, reached 5.13 trillion yuan, surging by 56.6%. Innovative products like AI glasses and AI translators are rapidly iterating, with various new products continuously entering the market. Market entities are highly active. Compared to the same period last year, 267,000 foreign trade companies expanded their business to new countries and regions in the first half. These companies collectively saw their import and export value grow by 22.6%, accounting for nearly 70% of the total foreign trade value. Integration is deepening both internally and externally. China has persisted with proactive opening-up and has implemented zero-tariff policies for 63 countries. In the first half, trade with 31 free trade agreement partners grew by 28.1%, with its share of total foreign trade rising to 46.5%. Imports and exports through comprehensive bonded zones amounted to 4.34 trillion yuan, an increase of 28.2%.
The senior official noted that while foreign trade achieved impressive results in the first half, the external environment remains complex and volatile, posing certain pressures for the latter half of the year. Nevertheless, with strong innovation momentum, vibrant market entities, and a high level of openness, China's fundamental foreign trade base remains solid.
Imports have contributed more to trade growth than exports this year, promoting more balanced trade development. China's export growth has exceeded 10% this year and has maintained growth for 11 consecutive quarters on a quarterly basis. The official attributed export growth to the precise alignment of "Made in China" with diverse global demands. Taking AI-related products as an example, exports of electronic components, computer parts, and similar products all achieved double-digit growth in the first half, collectively contributing 6.9 percentage points to export growth. Over 10,000 units of intelligent bionic robots deeply integrated with AI technology were exported, reaching more than 90 countries and regions. Furthermore, the global transition towards green and low-carbon development is advancing, with rising demand for new energy construction and consumption aligning well with China's green products. In the first six months, exports of lithium batteries and wind turbine generators increased by 37.6% and 35.6%, respectively. Exports of electric vehicles, railway electric locomotives, and electric motorcycles and bicycles grew by 68.7%, 45.1%, and 31.5%, respectively. China's stable supply chain is becoming a key hub connecting global cooperation for mutual benefit, injecting more certainty and releasing stronger new momentum into global economic and trade cooperation, the official stated.
In the first half, China's imports reached 10.74 trillion yuan, surpassing 10 trillion yuan for the first time in history for this period, with growth of 22.1%—8.7 percentage points higher than the export growth rate. The official emphasized that imports have contributed more to the growth of foreign trade than exports, aiding in the promotion of balanced trade development.
Discussing the reasons for the rapid import growth, the official highlighted that as the world's top manufacturing nation and the second-largest consumer market, China offers a vast and highly promising market, with its share of global imports having risen to approximately 10%. Additionally, China's overall economic performance has been stable, with steady industrial production and improving market demand, providing support for increased imports of raw materials, components, and consumer goods. In the first half, imports of metal ores and electronic components grew by 22.6% and 45.6%, respectively. Imports of edible oil and aquatic food products increased by 19.2% and 24.1%, respectively. Imports from over 150 countries and regions achieved growth during this period.
China's zero-tariff policy for African nations has shown positive initial results. In May of this year, China fully implemented zero-tariff measures for 53 African countries with which it has diplomatic relations. In May and June combined, China's imports from Africa totaled 193.8 billion yuan, a year-on-year increase of 23.5%. This has facilitated the entry of more high-quality African products into the vast Chinese market. Imports of aquatic products and textile raw materials from Africa both achieved double-digit growth. Imports of avocados, apples, oranges, and grapefruits increased by 130%, 89.6%, 27.9%, and 11.9%, respectively. In the first half, China's exports of mechanical and electrical products to Africa reached 534.11 billion yuan, up 28.8%. Exports of photovoltaic products, power transmission and transformation equipment, general mechanical equipment, and auto parts to Africa all maintained good growth momentum. China will continue to expand high-level opening-up, continuously optimize cooperation measures with Africa, and enhance the level of trade facilitation, ensuring that the fruits of China-Africa cooperation benefit enterprises and people on both sides, the official said.
China and ASEAN have remained each other's largest trading partners for many consecutive years. In the first half, trade between China and ASEAN totaled 4.34 trillion yuan, an increase of 18.2%. Second-quarter trade reached 2.37 trillion yuan, a year-on-year increase of 20.2%, marking the tenth consecutive quarter of growth. A spokesperson from the General Administration of Customs explained that China and ASEAN continue to deepen the integration and mutual embedding of their industrial and value chains, driving steady development in intermediate goods trade. In the first six months, China's import and export of intermediate goods with ASEAN amounted to 2.86 trillion yuan, a growth of 24.5%, accounting for two-thirds of the total bilateral trade value. Both sides are strengthening infrastructure connectivity and accelerating the development of cross-border logistics networks, providing strong support for bilateral trade. In the first half, China's import and export with ASEAN via the New International Land-Sea Trade Corridor in western regions grew by 18.2%, with rail transport and road transport increasing by 24.7% and 17.5%, respectively.
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