The year 2024 is marking a significant milestone for China's foreign trade, which has successfully transcended the thresholds of 42 trillion and 43 trillion yuan in total import and export valueThe astounding figure stands at 43.85 trillion yuan, reflecting a year-over-year growth of 5%. This new benchmark is not only a testament to the resilience and capability of China’s trading sector but also indicates the steady increase in the quality and scale of foreign trade amidst complex global challengesThe total increase in foreign trade this year amounts to an impressive 2.1 trillion yuan, equivalent to the entire foreign trade volume of a medium-sized country in a single yearDespite existing pressures from the international environment, China’s foreign trade has not just maintained its course but has consistently improved its overall development quality, thus contributing sustainably to global economic and trade dynamics.

The remarkable progress can be exemplified in regions like Jiangsu Province, where specialized equipment such as cranes, conveyors, and mining machinery have become symbols of its foreign trade export capabilities

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According to the statistics from the Jiangsu Jingjiang Customs, the total foreign trade value for the first eleven months of 2024 reached an impressive 49.31 billion yuan, which indicates a staggering growth of 55.4% year-on-yearThis surge is largely driven by local enterprises seizing opportunities to expand their market reach and enhance their competitive edge on the international stage.

Setting the stage for these achievements, Meng Yue, a senior official from the Ministry of Commerce, highlighted three significant characteristics of the foreign trade operations in 2024: a steadier growth pace, increased innovation vitality, and a more open developmental layout.

Firstly, the growth pace has become notably more stableWith an import increase rate of 2.3%, China has maintained its status as the world's second-largest importer for 16 consecutive yearsThe continued success of the China International Import Expo, which has been held seven times, has provided a crucial platform for high-quality global products to enter the Chinese market.

Secondly, the vitality of innovation within the foreign trade sector has shown significant strength

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In 2024, there were nearly 700,000 enterprises involved in import and export activities, with the ratio of high-value-added mechanical and electrical product exports increasing to 59.4%. The new business model of cross-border e-commerce has also seen a growth rate of 10.8% in import and export activities, accounting for 6% of the total, which illustrates the ongoing evolution of trade dynamics shaped by digital advancements.

Furthermore, China's approach towards more open development layouts is evident, especially regarding its trade relationshipsWhile maintaining growth with traditional markets, the proportion of trade with countries involved in the Belt and Road Initiative has exceeded 50.3%. Currently, China serves as a major trading partner for over 150 nations and regions, further solidifying its role as a dependable player in the global division of labor.

Moreover, the green economy has become an area of vibrant growth

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Initiatives such as piloting cross-border e-commerce export business through postal routes and the new logistics management models for e-commerce retail exports have significantly enhanced the overall effectiveness of cross-border e-commerce logistics at the Shanghai portConsequently, export volumes via cross-border e-commerce in Shanghai have seen an annual increase of 12.4% in 2024 alone.

The total imports and exports from the new cross-border e-commerce sectors reached a staggering 2.63 trillion yuan this year, amounting to an additional 1 trillion yuan more than in 2020. According to the spokesperson for the General Administration of Customs, Lv Daliang, "Leading in green trade and the vigorous development of digital trade are continuously injecting powerful new momentum into the sustained growth of foreign trade."

In the realm of green energy alone, 2024 has witnessed exports of wind turbine sets growing by as much as 71.9%. The export of photovoltaic products has remained above 200 billion yuan for four consecutive years, while lithium battery exports reached a historic high of 3.91 billion units

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The green transport sector has also experienced notable growth, with exports of electric trains consistently rising over the last five years, and electric motorcycles, bicycles, and vehicles breaking multiple export records.

China’s commitment to a high-level of open platforms has been a driving force in these achievementsWith 167 comprehensive bonded zones spread across all 31 provinces, these zones play a crucial role in promoting systematic openness and facilitating industrial upgradesLin Shaobin, the head of the General Administration of Customs’ Comprehensive Business Division, pointed out that these comprehensive bonded zones registered a total import and export value of 6.7 trillion yuan in 2024, marking a growth of 4.7%. This translates to an impressive average contribution of over 100 million yuan in imports and exports per area equivalent to a standard football field.

Looking ahead, Meng Yue remains optimistic about the prospects for foreign trade in 2025, citing several favorable conditions

Global economic recovery continues, with the World Trade Organization predicting a 3% increase in global goods trade this yearAlongside the recovering Chinese economy, the sustained effects of macroeconomic policies are creating a favorable environment that bolsters societal confidenceThe new momentum in foreign trade is accelerating, particularly through green and digital advancements, while support from policies aimed at stabilizing foreign trade will further assist companies in innovating and expanding their international market footprintsLastly, China's colossal market presents myriad opportunities for global commodities.

As Deputy Director Wang Lingjun of the General Administration of Customs mentioned, measures are being implemented across 20 cities to facilitate cross-border tradeThis initiative seeks to create a business environment that is market-oriented, law-based, and internationalized, enhancing customs regulatory frameworks and supports various free trade platforms, including the Hainan Free Trade Port and various pilot free trade zones, facilitating innovative developments which ultimately lead to high-quality growth.