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E-mail China.org.cn, February 24, 2025
Nanfang Daily:
Could you please introduce the import situation? We have noticed that imports were weaker than exports in the second half of last year. What were the main reasons for this? Is it related to insufficient domestic demand? The Central Economic Work Conference has prioritized "expanding domestic demand on all fronts" asthe top priority among itsnine key tasks for 2025. What are your expectations for the country's imports? Thank you.
Wang Lingjun:
I would like to invite Mr. Lyu to answer these questions.
Lyu Daliang:
Thank you for your interest in the import situation. In 2024, China imported goods worth 18.39 trillion yuan, an increase of 2.3%. According to the latest data from the WTO, as of the first three quarters of last year, China's import growth rate was 1 percentage point higher than the global rate, and it is expected to continue to maintain its position as the second-largest importing country for the entire year.
Imports not only play an important role in the operation of the domestic economy, but also drive the joint development of related countries. Domestically, China's import demand has steadily increased and the scale has continued to expand, not only meeting the needs of domestic production but also enriching consumer choices. In 2024, China's domestic industrial production was stable and rising, with imports of electronic components increasing by 10.1%, semiconductor manufacturing equipment by 21%, and computer parts by 62.6%. In terms of bulk commodities, measured by volume, iron ore imports grew by 4.9%, natural gas by 9.9% and coal by 14.4%. Meanwhile, China's consumer market grew steadily, with robust demand for imports of many consumer goods, such as a 5.6% increase in clothing, 8.6% in fruits and 38.8% in wine.
Last month, in December, due to the upcoming New Year's Day and Spring Festival, China imported consumer goods worth 167.82 billion yuan, reaching a 21-month high, with year-on-year and month-on-month increases of 3.9% and 14.4%, respectively.
Internationally, China has expanded its autonomous and unilateral opening-up in an orderly manner, continuously unleashing the potential of its vast market scale, not only bringing fresh impetus to high-quality foreign trade development but also providing more opportunities for countries around the world to share in the Chinese market. In 2024, imports from Belt and Road partner countries totaled 9.86 trillion yuan, an increase of 2.7%, accounting for 53.6% of the total import value. On Dec. 1, 2024, China granted zero-tariff treatment to all products from all least developed countries with which it has diplomatic relations, leading to an 18.1% increase in imports from these countries for the month, accelerating by 5.8 percentage points compared to the first 11 months.
Regarding the import performance in the second half of last year, we believe it resulted from the combined influence of multiple factors. Among them, the impact of international commodity prices was particularly evident. In the second half of last year, the import prices of major commodities in China showed varying degrees of decline, with the prices of crude oil and iron ore dropping by 9% and 16.7%, respectively. These fluctuations are reflected in the growth rate of imports. In addition, some countries have politicized economic and trade issues, misused export control measures and unjustifiably restricted the export of certain products to China. Without these restrictions, our imports would have been higher.
Regarding imports this year, we believe there is considerable potential for growth. This is not only due to the large capacity and diverse levels of our market, which holds immense potential, but more importantly, we have actively and proactively expanded imports to share the opportunities arising from China's development with the world. By 2030, total imports from developing countries alone are expected to exceed $8 trillion. We believe that with the comprehensive expansion of domestic demand and the orderly advancement of independent and unilateral opening up, China's vast market will undoubtedly offer greater opportunities and more choices to the world.
Thank you.
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