Q3 China's $32T Trade vs. EU's $4.18T, How Much with US?

01 In the first three quarters, China's foreign trade volume exceeded 32 trillion yuan!On October 14th, according to the latest foreign trade data released by the General Administration of Customs of ...

01 In the first three quarters, China's foreign trade volume exceeded 32 trillion yuan!

On October 14th, according to the latest foreign trade data released by the General Administration of Customs of China, in the first three quarters of 2024 (January-September), China's total foreign trade volume exceeded 32 trillion yuan, a year-on-year increase of 5.3%.

Looking at the specific import and export data, in the first three quarters of 2024 (January-September), China's total foreign trade volume was 32.33 trillion yuan, a year-on-year increase of 5.3%.

Among them, exports were 18.62 trillion yuan, an increase of 6.2%; imports were 13.71 trillion yuan, an increase of 4.1%; ultimately, the trade surplus was 4.9 trillion yuan.

After reviewing China's overall foreign trade data, let's take a closer look at China's import and export data with its main trading partners.

02 Is ASEAN still China's largest trading partner?

Firstly, we note that in the first three quarters of 2024 (January-September), China's largest trading partner was ASEAN.

Specifically, from January to September this year, China's cumulative exports to ASEAN were 3.02 trillion yuan; during the same period, China imported 2.07 trillion yuan from ASEAN.

Ultimately, in the first nine months, China's foreign trade with ASEAN was 5.09 trillion yuan, achieving a trade surplus of 949.54 billion yuan with ASEAN.Secondly, the data also shows that in the first three quarters (January-September) of 2024, the European Union (EU) became China's second-largest trading partner.

Looking at the specific figures, in the first nine months, China's cumulative exports to the EU amounted to 27.4 trillion yuan, while during the same period, cumulative imports from the EU were 14.5 trillion yuan; ultimately, the total foreign trade volume between China and the EU was 41.8 trillion yuan, with a trade surplus of 1.29 trillion yuan.

Furthermore, in the first three quarters (January-September) of 2024, the United States became China's third-largest trading partner, but it remains China's largest trading nation.

Looking at the specific figures, in the first nine months, China's cumulative exports to the United States were 27.1 trillion yuan, while imports from the United States were 876.48 billion yuan; ultimately, the total foreign trade volume between China and the United States was 35.9 trillion yuan, with a trade surplus of 1.83 trillion yuan.

Lastly, foreign trade data also shows that in the first three quarters (January-September) of 2024, Japan and South Korea also entered the list of China's top five trading partners.

Looking at the specific figures, in the first nine months, the total foreign trade volume between China and Japan was 15.96 trillion yuan, with a trade deficit of 10.53 billion yuan; the total foreign trade volume between China and South Korea was 17.1 trillion yuan, with a trade deficit of 170.78 billion yuan.

What do you think about this? How do you evaluate China's foreign trade situation this year? In addition, what do you think will happen to China's foreign trade situation in the future?