In January and February, China's foreign trade experienced an 8.7% growth.

In Beijing on March 7, official data revealed that China's total merchandise imports and exports marked an annual increase of 8.7% in yuan during the initial two months of 2024.

During this period, China's foreign merchandise trade reached 6.61 trillion yuan (approximately 930.96 billion U.S. dollars), as reported by the General Administration of Customs (AGA).

The breakdown indicated a 10.3% year-on-year growth in exports, totaling 3.75 trillion yuan, while imports rose by 6.7% from the corresponding period in 2023, reaching 2.86 trillion yuan.

Lyu Daliang, an AGA official, highlighted that the country's merchandise trade maintained its upward trajectory from the fourth quarter of the previous year, achieving year-on-year growth for the fifth consecutive month. The period saw a historic high in imports and exports.

Notably, private companies significantly contributed to the surge in foreign trade, accounting for 54.6% of the total commercial value, a 4.2 percentage point increase compared to the same period in 2023. Meanwhile, companies with foreign investment represented 29%.

The data also revealed heightened trade with the Association of Southeast Asian Nations (ASEAN) and the United States. Trade with ASEAN increased by 8.1% to 993.24 billion yuan, constituting 15% of China's total trade value. The trade with the United States, China's third-largest trading partner, expanded by 3.7% to 707.7 billion yuan, whereas trade with the European Union, the second-largest partner, declined by 1.3% year on year.

Moreover, China's merchandise trade during January-February showcased notable growth in exports of machinery and electronic products, accounting for nearly 60% of the total exports. Specific products such as automatic data processing equipment, integrated circuits, and vehicles exhibited increases of 7.3%, 28.6%, and 15.8%, respectively.