According to data released by customs authorities, China's total goods trade import and export value reached 25.47 trillion yuan in the first half of this year, marking the first time it has exceeded 25 trillion yuan for the period and representing a year-on-year increase of 16.9%. Exports amounted to 14.73 trillion yuan, growing by 13.4%, while imports totaled 10.74 trillion yuan, rising by 22.1%.
Key Trends and Performance
The growth in imports and exports has shown consistent acceleration this year. In the second quarter, the import and export value reached 13.61 trillion yuan, an 18.4% year-on-year increase, which is the highest quarterly growth rate since the third quarter of 2021. Notably, June's import and export value was 4.78 trillion yuan, up 24.2% year-on-year, maintaining growth for 17 consecutive months. Against a global backdrop of rising energy prices, increasing inflationary pressures, and slowing economic growth, China's foreign trade has demonstrated strong momentum and stable performance, highlighting the resilience of the Chinese economy and the vitality of its industries.
Innovation Driving Growth
Innovation is a key driver. For instance, a quadruped robot independently developed and produced by a Hangzhou-based technology company recently cleared customs and was exported to Switzerland, where it will be deployed at the country's largest nuclear power plant. This robot can climb 45-degree slopes, navigate narrow gaps between equipment to access areas difficult for humans, and, equipped with thermal imaging and acoustic sensors, can precisely detect subtle issues such as leaks, abnormal temperatures, or unusual equipment noises. According to Hangzhou customs statistics, exports of intelligent bionic robots from Zhejiang Province exceeded 4 billion yuan in the first half of the year, accounting for approximately 60% of the national total. A United Nations report indicates that global goods trade growth this year has been concentrated in areas related to artificial intelligence. The rapid development of AI in China is boosting exports of related products. In the first half, exports of electronic components, computer parts, and similar products all achieved double-digit growth, collectively contributing 6.9 percentage points to export growth. Exports of intelligent bionic robots deeply integrated with AI technology exceeded ten thousand units, reaching over 90 countries and regions worldwide.
Diversified Market Expansion
Market diversification is being strengthened. In a new energy vehicle production facility in Shandong, new energy SUVs equipped with all-terrain adaptation systems are rolling off the assembly line, ready for shipment via Qingdao Port to countries participating in the Belt and Road Initiative, such as the UAE and Egypt. Facing a complex and changing external environment, foreign trade enterprises are engaging in customized research and development for different markets, proactively expanding their market reach, and enhancing their presence across various regions. In the first half, China's import and export trade with Belt and Road partner countries reached 12.97 trillion yuan, an increase of 14.8%, accounting for 50.9% of total foreign trade value. Trade with neighboring countries grew by 20.6% to 9.44 trillion yuan. Trade with Latin America and Africa increased by 16.2% and 19.6%, respectively, while trade with the European Union grew by 10.2%.
Balanced Import-Export Development
Import and export development is becoming more balanced. This year, products such as dried chili peppers and cashews from Africa, pecans from Uruguay, apples from Belgium, and dried longan from Cambodia have gained market access to China. An increasing variety of imported goods are enriching the choices for Chinese consumers, with the vast Chinese market releasing more consumption dividends and cooperation opportunities. Leveraging its ultra-large market, China is steadily expanding its independent and unilateral opening-up, providing a "window" for global goods to enter the Chinese market. In the first half, imports reached 10.74 trillion yuan, surpassing 10 trillion yuan for the period for the first time, with a growth rate of 22.1%—8.7 percentage points higher than the export growth rate. Imports from over 150 countries and regions achieved growth, and the contribution of imports to foreign trade growth exceeded that of exports, promoting more balanced trade development.
Role of Private Enterprises
In the first half, private enterprises maintained their position as China's largest foreign trade entity. Customs data shows that over 660,000 private enterprises engaged in import and export activities during this period, with their total import and export value reaching 14.53 trillion yuan, a year-on-year increase of 17%. These enterprises are proactively adapting to changes, flexibly responding to market conditions, expanding into new markets, and tapping into potential markets, weaving a broad and resilient global trade network while continuously increasing the "new" content in their exports.
Outlook and Challenges
While the current external environment remains complex and volatile, with insufficient momentum for global economic growth posing numerous risks and challenges for China's foreign trade, the country's strong innovation drive, vibrant market entities, and high level of openness underpin a fundamentally stable foreign trade sector. China's foreign trade is well-positioned to navigate challenges and achieve steady, long-term progress.
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