On October 14, the General Administration of Customs of China released new data revealing that the total value of China’s imports and exports reached 32.33 trillion yuan in the first three quarters of this year, marking the first time it has surpassed the 32 trillion yuan mark during this period. This represents a 5.3% year-on-year increase. Specifically, exports accounted for 18.62 trillion yuan, a rise of 6.2%, while imports totaled 13.71 trillion yuan, increasing by 4.1%.

When examining the figures on a quarterly basis, the total value for China’s imports and exports was 10.15 trillion yuan in the first quarter, 11 trillion yuan in the second, and 11.17 trillion yuan in the third, with each quarter exceeding the 10 trillion yuan threshold for the first time in history.

Looking at country-specific trade, China experienced growth in its trade with over 160 nations and regions in the first three quarters. Notably, trade with countries involved in the Belt and Road Initiative reached 15.21 trillion yuan, elevating their share in China’s foreign trade to 47.1%. Moreover, trade with other members of the Regional Comprehensive Economic Partnership (RCEP) totaled 9.63 trillion yuan, increasing by 4.5% year-on-year. During the same period, China’s trade with the European Union and the United States saw respective growth rates of 0.9% and 4.2%.

In terms of specific products, China exported 11.03 trillion yuan worth of mechanical and electrical products, which represents an 8% increase. High-end equipment exports surged by 43.4%, with integrated circuits, automobiles, and home appliances seeing year-on-year growth of 22%, 22.5%, and 15.5%, respectively.

On the import side, the volume of bulk commodities imported during the same period rose by 5%. Imports of energy products, including crude oil, natural gas, and coal, reached 901 million tons, reflecting a 4.8% year-on-year increase. Additionally, imports of metal ores such as iron and aluminum amounted to 1.138 billion tons, an increase of 4.9%.

At a press conference held on the same day, Deputy Director Wang Lingjun of the General Administration of Customs acknowledged the increasingly complex internal and external environments facing China’s foreign trade, alongside some emerging challenges. However, he emphasized that the underlying favorable conditions for China’s economy, including its vast market, resilience, and significant potential, remain unchanged. He expressed confidence that there is a solid foundation and support for steady growth in imports and exports in the fourth quarter.