China’s foreign trade growth in 2024 reached a total of 24.83 trillion yuan ($3.46 trillion) in the first seven months, marking a 6.2 percent increase compared to the same period last year, according to data released by the General Administration of Customs (GAC) on Wednesday.

Lyu Dailiang, spokesperson for the GAC, highlighted that China’s economic performance has remained generally stable, with foreign trade showing a consistent positive trend since the beginning of the year.

During this period, exports amounted to 14.26 trillion yuan, representing a 6.7 percent increase, while imports totaled 10.57 trillion yuan, up by 5.4 percent. The growth in trade has been supported by several factors, including robust domestic demand, advancements in manufacturing, and a rebound in global trade.

ASEAN maintained its position as China’s largest trading partner, with bilateral trade volume reaching 3.92 trillion yuan, a 10.5 percent increase from the previous year. This accounted for 15.8 percent of China’s total foreign trade. Despite ongoing trade tensions, particularly the imposition of provisional tariffs on Chinese electric vehicles by the EU, trade between China and the EU ranked second at 3.22 trillion yuan, followed by trade with the U.S. at 2.72 trillion yuan. This growth is a key aspect of China’s foreign trade growth in 2024.

Trade with countries participating in the Belt and Road Initiative also showed strong growth, with a 7.1 percent increase to 11.72 trillion yuan in the first seven months.

Mechanical and electrical products dominated China’s exports, making up nearly 60 percent of the total export value. In July alone, China’s foreign trade reached 3.68 trillion yuan, reflecting a year-on-year increase of 6.5 percent.

Analysts are optimistic about China’s trade prospects for the remainder of the year, predicting that the current growth momentum will continue to support the broader economy.