Exports reached 16.45 trillion yuan, a 6.9 percent rise, while imports grew by 4.7 percent to 12.13 trillion yuan. This resulted in a trade surplus of 4.32 trillion yuan, which expanded by 13.6 percent compared to the previous year.
In August alone, China's total foreign trade reached 3.75 trillion yuan, up 4.8 percent year-on-year. Exports for the month rose by 8.4 percent to 2.20 trillion yuan, while imports remained unchanged at 1.55 trillion yuan.
Measured in U.S. dollars, China's exports in August saw an 8.7 percent increase, surpassing market expectations, with imports rising by 0.5 percent.
The 8.7 percent increase in exports in August exceeded expectations and outpaced global economic trends as well as China's domestic GDP growth projection of 5 percent.
The main factor driving China's foreign trade is the continued expansion of global demand. China's trade structure is also improving, with strong growth in emerging markets such as the Association of Southeast Asian Nations (ASEAN), Belt and Road Initiative (BRI) partner countries, and Latin America, Zhou explained.
In the first eight months of the year, ASEAN remained China's largest trading partner, with bilateral trade rising by 10 percent year-on-year to 4.5 trillion yuan.
The European Union was China's second-largest trading partner, with trade totaling 3.72 trillion yuan, a year-on-year increase of 1.1 percent. The United States ranked third, with trade reaching 3.15 trillion yuan, up 4.4 percent.
Yang Chang, chief analyst at Zhongtai Securities Research Institute, noted that while imports have remained steady, a high base has restrained year-on-year growth.
Zhou concluded that China's strong export performance is expected to continue driving economic growth in the second half of 2024, providing robust support for meeting the country's annual economic targets.
Copyright ⓒ Aju Press All rights reserved.
