China's foreign goods trade picks up steam in first 5 months

BEIJING, June 7 (Xinhua) -- China's total goods imports and exports expanded by 6.3 percent year on year in yuan terms in the first five months of 2024, official data showed Friday.

The country's goods exports rose by 6.1 percent year on year in the January-May period, while goods imports climbed by 6.4 percent, according to the General Administration of Customs (GAC).

From January to May, the country's foreign trade in goods stood at 17.5 trillion yuan (about 2.46 trillion U.S. dollars). Exports reached 9.95 trillion yuan, while imports hit 7.55 trillion yuan.

"China's economy has been continuously improving since the beginning of the year, with a sustained recovery and positive momentum in foreign trade," said Lyu Daliang, director of the GAC's Department of Statistics and Analysis.

In May alone, foreign trade in goods grew by 8.6 percent to 3.71 trillion yuan. The growth rate in May was 0.6 percentage points higher than that recorded in April.

"Boosted by exports of high-end, intelligent, and environmentally friendly products, as well as the steady expansion of imports, the monthly foreign trade growth rate has further accelerated," Lyu said.

In the first five months, China's goods trade with emerging markets continued to improve. ASEAN remained China's largest trading partner, with bilateral trade value reaching 2.77 trillion yuan, accounting for 15.8 percent of China's total foreign trade value.

China's goods trade with countries participating in the Belt and Road Initiative surged by 7.2 percent to 8.31 trillion yuan in the first five months.

Foreign goods trade by Chinese private enterprises surged 11.5 percent year on year in the first five months. The value of such trade accounted for 54.7 percent of China's total foreign goods trade -- up 2.6 percentage points year on year.

Machinery and electronic products dominated China's goods exports during this period, with the total value rising by 7.9 percent year on year. Exports of automatic data processing equipment and parts, integrated circuits, and automobiles increased by 9.9 percent, 25.5 percent and 23.8 percent, respectively.

China has set a target of around 5 percent for economic growth this year, a goal that officials and experts believe is well within reach, considering the country's sound economic fundamentals and supportive macroeconomic policy mix.