China's foreign trade in goods has achieved a historic milestone, exceeding the 25 trillion yuan mark for the first time in the first half of the year, according to data released by the General Administration of Customs on the 14th. The total import and export value reached 25.47 trillion yuan, representing a year-on-year increase of 16.9%. Exports amounted to 14.73 trillion yuan, up 13.4%, while imports grew 22.1% to 10.74 trillion yuan.
Key Trends and Growth Momentum
The momentum of trade growth has been accelerating throughout the year. In the second quarter, imports and exports totaled 13.61 trillion yuan, an 18.4% year-on-year increase, marking the highest quarterly growth rate since the third quarter of 2021. Notably, June's trade volume reached 4.78 trillion yuan, surging 24.2% year-on-year, which extends the growth streak to 17 consecutive months. This robust performance underscores the resilience and vitality of the Chinese economy and its industrial sector against a global backdrop of rising energy costs, mounting inflationary pressures, and slowing economic growth.
Innovation Driving Exports
The power of innovation is a key driver. A recent example is the export of a quadruped robot developed by a Hangzhou-based technology company, which has cleared customs and is set for deployment at Switzerland's largest nuclear power plant. This advanced robot can navigate 45-degree slopes, maneuver through tight equipment gaps to access hard-to-reach areas, and utilize thermal imaging and acoustic sensors to detect subtle hazards like leaks, temperature anomalies, and unusual equipment sounds. Statistics from Hangzhou Customs show that in the first half of the year, Zhejiang Province exported over 400 million yuan worth of intelligent bionic robots, accounting for approximately 60% of the national export volume for such products.
A United Nations report indicates that global goods trade growth this year has been concentrated in artificial intelligence-related sectors. China's rapid AI development is boosting exports of related products. In the first half of the year, exports of electronic components, computer parts, and similar goods all saw double-digit growth, collectively contributing 6.9 percentage points to the overall export growth. Exports of intelligent bionic robots, which deeply integrate AI technology, exceeded 10,000 units, reaching over 90 countries and regions worldwide.
Diversified Market Consolidation
Market diversification continues to strengthen. On July 9th, at a new energy vehicle factory in Shandong, a new batch of all-terrain capable new energy SUVs rolled off the production line, destined for countries participating in the Belt and Road Initiative like the UAE and Egypt via the port of Qingdao. Facing a complex and volatile external environment, foreign trade enterprises are conducting customized research and development for different markets, proactively exploring new opportunities, and enhancing their foothold across various regions. In the first half of the year, trade with Belt and Road partner countries reached 12.97 trillion yuan, a 14.8% increase, accounting for 50.9% of total foreign trade value. Trade with neighboring countries grew 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 rose 10.2%.
Balanced Import-Export Development
Import and export development is becoming more balanced. A wider variety of imported goods, such as dried chili peppers and cashews from Africa, pecans from Uruguay, apples from Belgium, and dried longan from Cambodia, have gained market access in China this year, enriching the choices for Chinese consumers. China's vast market is unleashing greater consumption dividends and cooperation potential. Leveraging its super-large market, China is steadily expanding autonomous and unilateral openness, providing a "window" for global products to enter. In the first half of the year, imports hit a record 10.74 trillion yuan, growing 22.1%—8.7 percentage points faster than export growth. Imports from over 150 countries and regions increased, with the contribution of imports to overall trade growth exceeding that of exports, promoting more balanced trade development.
Private Enterprises as the Main Force
Private enterprises maintained their position as the leading force in China's foreign trade during the first half of the year. Customs data shows that over 660,000 private enterprises engaged in import-export activities, with their total trade volume reaching 14.53 trillion yuan, a 17% year-on-year increase. These enterprises have proactively adapted to changes, flexibly responded to market dynamics, and expanded into new and potential markets, weaving a broad and resilient global trade network. The "new" content in their exports continues to rise.
Outlook and Resilience
While the external environment remains complex and volatile, with insufficient momentum for global economic growth posing numerous risks and challenges for China's foreign trade, the sector's fundamentals remain solid. Backed by strong innovation momentum, vibrant market players, and a high level of openness, China's foreign trade is well-positioned to navigate challenges and maintain steady, long-term progress.
Comments