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E-mail China.org.cn, February 20, 2025
CNR:
In 2024, the scale of China's imports and exports exceeded 43 trillion yuan, setting a new record. How does MOFCOM evaluate the overall performance of foreign trade last year? And what other highlights are worth our attention? Thank you.
Li Yongjie:
Thank you. I would like to invite Mr. Meng to answer this question.
Meng Yue:
Thank you for your questions. In 2024, facing a complicated and challenging international environment, under the strong leadership of the CPC Central Committee and the State Council, and with the joint efforts of various localities, departments, and foreign trade enterprises, China's foreign trade faced up to the pressure and rose to the challenges. China's trade in goods reached new heights, its development quality steadily improved, and its contribution to global economic and trade development continued. There were three major highlights:
First, growth has become more stable. Trade volume reached new heights. In 2024, China's total trade in goods reached 43.85 trillion yuan, up 5% year on year, demonstrating strong resilience. Additionally, we actively expanded imports to share development opportunities. China's imports grew by 2.3% in 2024, reaching historic highs and maintaining its position as the world's second-largest importing country for 16 consecutive years. China has hosted seven sessions of the China International Import Expo (CIIE), providing a platform for high-quality global products to enter the Chinese market
Second, innovation vitality has become more abundant. For instance, the number of entities has continued to increase. In 2024, nearly 700,000 enterprises engaged in import and export trade. Moreover, China's foreign trade structure has been optimized. Chinese companies have placed greater emphasis on increasing the added value of their products. Mechanical and electrical products accounted for 59.4% of exports, while automobile exports exceeded 6 million units for the first time. Exports of energy storage products, smart home devices and other green, low-carbon, smart and digital products have grown rapidly. Meanwhile, traditional strengths like textiles and clothing have increasingly moved toward brand-driven, technology-enabled development. Additionally, new business models have continued to emerge. In 2024, China's cross-border e-commerce trade grew by 10.8%, with its share of total foreign trade rising to 6%, enabling more quality products to reach overseas consumers directly. Bonded maintenance has already been implemented in 270 projects, creating more opportunities for enterprise development.
Third, we've achieved a more open development structure. Our trading partners have become more diversified. China's trade with traditional markets has continued to grow, while trade with Belt and Road partner countries has increased to 50.3% of total foreign trade. China has become a major trading partner for more than 150 countries and regions, serving as a solid and reliable part of the global division of labor. Moreover, we have expanded our network of high-standard free trade agreements worldwide. China has signed free trade agreements with 30 countries and regions across five continents, bringing the total to 23 agreements. We have also made due contributions to global economic and trade development. According to the World Trade Organization, China's imports accounted for 20.3% of global import growth in the first three quarters, significantly boosting global economic recovery.
Overall, China's foreign trade performance in 2024 was encouraging, further demonstrating that openness and cooperation for mutual benefit remain key drivers of dynamic international trade. China will continue to expand high-level opening up, injecting greater stability into global economic growth. Thank you.
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