China’s Foreign Trade Grows Steadily in Early 2024, New Markets Drive Export Momentum

BEIJING, April 5, 2024 — China’s foreign trade demonstrated resilient growth in the first quarter of 2024, with total imports and exports reaching 9.79 trillion yuan (approximately $1.35 trillion), up 5.0% year-on-year, according to the General Administration of Customs. Exports rose 4.9% to 5.38 trillion yuan, while imports grew 5.2% to 4.41 trillion yuan, signaling steady recovery in global demand and stronger supply chain performance.

Notably, exports of high-value-added products continued to expand. Electrified vehicles, lithium batteries, and solar panels—often referred to as China’s “New Three” export drivers—saw combined exports increase by 28.3% compared to the same period last year. Electric vehicle exports alone surged by 33.2%, with growing market share in Europe, Southeast Asia, and Latin America.

Trade with Belt and Road Initiative (BRI) partner countries remained robust, accounting for 47.8% of China’s total foreign trade, up 2.3 percentage points from a year ago. ASEAN remained China’s largest trading partner, with bilateral trade rising 6.1%. Meanwhile, cross-border e-commerce platforms reported record transaction volumes, supported by improved logistics networks and digital trade facilitation policies.

Customs officials attributed the positive trend to optimized trade structures, enhanced innovation in manufacturing, and expanded free trade agreements. “Despite global uncertainties, China’s trade ecosystem continues to adapt and grow,” said Lyu Daliang, spokesperson for the General Administration of Customs. “We are seeing stronger engagement with emerging markets and digital trade channels.”

Analysts suggest that ongoing investments in green technology and digital infrastructure will further strengthen China’s position in global supply chains. With the upcoming China International Import Expo (CIIE) in November and expanded pilot programs for trade liberalization, international buyers are expected to deepen procurement ties with Chinese suppliers.

The data underscores China’s pivotal role in sustaining global trade momentum amid evolving economic conditions.