In H1 2024, China’s exports grew 6.9% to RMB 12.13 trillion, driven by high-tech sectors. Trade increased with ASEAN and Latin America but decreased with the EU, US, Japan, and Australia. China’s trade surplus reached US$435 billion, indicating strong economic performance.
China’s Export Performance in H1 2024
China’s exports grew by 6.9% in H1 2024 to RMB 12.13 trillion, driven by high-tech sectors like integrated circuits and automobiles. Despite geopolitical tensions and domestic pressures, trade with ASEAN and Latin America increased while trade with the EU, US, Japan, and Australia decreased. China’s trade surplus reached US$435 billion, highlighting its strong economic performance.
Trade Landscape Shifts and Outlook
China’s export performance soared in H1 2024, climbing 6.9 percent to RMB 12.13 trillion (US$1.67 trillion). The surge was fueled by strong showings from high-tech sectors like integrated circuits and automobiles. Nevertheless, geopolitical tensions and domestic economic pressures will temper an optimistic outlook. Additionally, the trade landscape has shifted notably, with increased trade volumes with ASEAN and Latin America, while exports to the EU, the US, Japan, and Australia have decreased.
Key Sectors and Global Trade Dynamics
Exports played a crucial role in China’s trade expansion, totaling US$1.71 trillion, up 3.6 percent year-on-year. Key sectors driving export growth included electromechanical products, with integrated circuits and automobiles seeing impressive increases. Integrated circuit exports surged by 25.6 percent, while automotive exports rose by 22.2 percent, showcasing China’s rising position in high-tech and automotive markets. Understanding these trends is essential for grasping the broader economic and trade dynamics, as well as the international reactions to China’s evolving trade policies.
Source : Analyzing the Mid-2024 Trade Growth – Thailand China Business News