On October 14, the latest data on China’s foreign trade for the third quarter was released, showcasing significant achievements despite a weakening international market. Here are five key highlights from the report.
**Record-Breaking Figures**
According to official statistics, China’s total import and export value for the first three quarters reached 32.33 trillion yuan (approximately $4.48 trillion), marking a year-on-year increase of 5.3%. This is the first time in history that this figure has surpassed 32 trillion yuan in the corresponding period. By quarter, the values were 10.15 trillion yuan, 11 trillion yuan, and 11.17 trillion yuan, all exceeding 10 trillion yuan for the first time as well. Given the backdrop of increasing global trade protectionism, weaker growth in major markets, and rising uncertainties, achieving this level of trade is a notable accomplishment.
Wang Lingjun, Deputy Director of the General Administration of Customs, emphasized that the stability and quality of China’s trade data reflect significant improvements in trade structure.
**Increasing Export Market Share**
Lü Daliang, spokesperson for the General Administration of Customs, noted that initial calculations based on the latest data from various economies indicate that China’s overall export share of the global market is steadily rising. This includes diverse products, from furniture and appliances to ships and containers, all showing varying degrees of increased market presence, underscoring the resilience of Chinese exports.
**Surge in High-End Equipment Exports**
In the first three quarters, China’s exports of machinery and electrical products totaled 11.03 trillion yuan, representing an 8% year-on-year increase and accounting for 59.3% of total exports during that period. Notably, exports of high-end equipment surged by 43.4%, with integrated circuits, automobiles, and household appliances seeing increases of 22%, 22.5%, and 15.5%, respectively. Wind turbine and electric vehicle exports skyrocketed by 73.9% and 22%, respectively.
Wang highlighted a recent achievement in exporting the world’s largest production, storage, and unloading oil platform, equivalent in displacement to five aircraft carriers, which represents the pinnacle of global marine engineering equipment. Additionally, smart home appliances like robotic vacuum cleaners capable of both sweeping and mopping, and fully automated coffee machines that can brew multiple flavors, have gained popularity among overseas customers.
**Rising Import Volume**
In terms of imports, China’s total value reached 13.71 trillion yuan in the first three quarters, up 4.1% year-on-year, setting a historical record. Import figures showed consistent growth across all quarters. Specifically, September imports saw a 0.7% increase, with coal, natural gas, and integrated circuits rising by 13%, 19%, and 17%, respectively, reflecting a continuous recovery in domestic demand.
**Enhanced Vitality of Private Enterprises**
Official data indicates that private enterprises contributed significantly to foreign trade, with a total import and export value of 17.78 trillion yuan in the first three quarters, a 9.4% increase that outpaces the national average by 4.1 percentage points. They accounted for an impressive 93.8% of overall trade growth.
The innovative capabilities of private enterprises have further translated into export momentum, with high-tech product exports from these companies rising by 14%, making up nearly half of China’s high-tech product exports. In particular, exports of ships and marine engineering equipment from private firms skyrocketed by 94%.
Historically, private enterprises have been at the forefront of expanding markets and securing orders. Their enhanced vitality will play a crucial role in sustaining stable growth in China’s foreign trade.
