China’s economy is beating the odds with a 6% surge in foreign trade during the first eight months of 2024, proving its resilience amid global uncertainty. Here’s the tea. ☕
New data from the General Administration of Customs shows exports soared 6.9% year-on-year, while imports climbed 4.7%. The numbers highlight China’s role as a powerhouse in global supply chains, even as other economies face slowdowns.
ASEAN Still #1 Trade Partner 🌏
Trade with ASEAN countries hit 4.5 trillion yuan ($63.2B), up 10%, making up 15.7% of China’s total trade. The EU and U.S. followed as key partners, while Belt and Road Initiative countries saw trade jump 7% to 13.48 trillion yuan.
Private Companies Lead the Charge 💼
Private enterprises drove growth with a 10.5% spike in trade volume, totaling 15.74 trillion yuan. Foreign-invested firms also contributed, rising 1.5% to 8.4 trillion yuan. Meanwhile, China’s trade surplus ballooned to $608.49B—up 11.2%.
Analysts say the rebound signals strong demand for Chinese tech, EVs, and renewables. Could this momentum last? All eyes are on Q4! 👀
