In the first 10 months, exports such as spinning and fabrics increased by 29.4%

On October 10th, the General Administration of Customs released data on China's foreign trade for the first ten months of this year. According to the figures, the total value of China’s imports and exports reached $2.3931 trillion, a 36.3% increase compared to the same period last year. This marks a significant rebound, surpassing the levels seen in 2022. Both exports and imports exceeded the full-year totals from the previous year. Specifically, exports totaled $1.27059 trillion, rising by 32.7%, while imports amounted to $1.12282 trillion, climbing 40.5%. The trade surplus stood at $147.77 billion, down 6.7% from the previous year. In October alone, China’s import and export volume reached $244.81 billion, up 24% from September. Exports rose to $135.98 billion, an increase of 22.9%, slightly slower than the previous month’s growth. Imports, however, climbed to $108.83 billion, up 25.3%, showing stronger momentum than the prior month. Looking at the first ten months, general trade accounted for $1.19182 trillion, a 40% rise compared to the same period last year—3.7 percentage points higher than the national average. Exports under general trade hit $579.11 billion, up 36.5%, outpacing the overall export growth by 3.8 percentage points. Imports under general trade reached $612.71 billion, up 43.6%, 3.1 percentage points above the national import growth rate. The trade deficit under general trade was $33.6 billion, a 12.9-fold increase compared to 2009. Processing trade also saw strong growth, reaching $898.9 billion, up 30.5%. Exports under processing trade were $597.51 billion, up 28.4%, while imports were $341.39 billion, rising 34.3%. The trade surplus under processing trade was $256.12 billion, up 21.3%, equivalent to 1.7 times the total surplus during the same period. China’s trade with major partners remained robust. Bilateral trade with the EU reached $388.42 billion, up 32.9%. Trade with the U.S. totaled $310.71 billion, an increase of 29.8%. With Japan, the trade value was $239.28 billion, up 31.3%. Exports to Japan rose 23.5% to $97.08 billion, while imports surged 37.2% to $142.2 billion, resulting in a trade deficit of $45.12 billion, up 80.2%. Trade with ASEAN reached $235.4 billion, a 42% increase. Exports to ASEAN were $111.14 billion, up 34.9%, while imports reached $124.3 billion, up 49%. The trade deficit with ASEAN stood at $13.16 billion, up 11.7 times compared to the same period last year. Provincial performance was also impressive. Guangdong recorded $627.28 billion in imports and exports, up 30.1%. Jiangsu, Shanghai, and Beijing reported $378.06 billion, $298.88 billion, and $243.26 billion respectively, with growth rates of 39.5%, 35.4%, and 42%. Zhejiang, Shandong, and Fujian added $206.12 billion, $152.83 billion, and $87.45 billion, with increases of 35.1%, 36.1%, and 36.6%. Together, these seven provinces and cities accounted for 83.3% of the country’s total trade. The central and western regions also showed strong growth. Gansu’s trade volume reached $6.06 billion, up 120%, significantly outpacing the national average. Yunnan, Tibet, and Jiangxi saw growth of 84.5%, 83.5%, and 65.6% respectively, with their trade volumes reaching $10.91 billion, $580 million, and $16.08 billion. In terms of exports, mechanical and electrical products led the way, valued at $750.42 billion, up 32.9%, accounting for 59.1% of total exports. Electrical and electronic goods reached $309.42 billion, up 30.7%, while machinery and equipment exports rose to $250.7 billion, up 33.8%. Textile exports fell slightly to $62.62 billion, down 1.3 percentage points from the previous nine months. Furniture exports increased to $26.3 billion, up 32.8%, while toy exports rose to $8.4 billion, up 28.9%. Garment exports reached $105 billion, up 19.5%, and shoe exports climbed to $27.66 billion, up 26.4%. Luggage and bags exports hit $14.18 billion, up 39%, showing strong growth. Import trends included a slight decline in primary plastics, which fell 1.2% to 19.52 million tons, but with an average price increase of 27.3%. Soybean imports rose 25.8% to 43.9 million tons, with prices up 1%. Machinery and electronics imports totaled $536.32 billion, up 38%, including 643,000 imported cars, up 1.1 times.

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