According to the latest data released by the General Administration of Customs on July 13, 2024, China's total import and export of goods trade reached 20.2 trillion yuan (about 2.8 trillion US dollars) in the first half of this year, with a year-on-year growth of 4.5%, achieving a "stable volume and improved quality" start. Among them, exports amounted to 11.4 trillion yuan, up 5.7%; imports reached 8.8 trillion yuan, up 2.9%. This achievement not only the recovery trend since 2023 but also highlights the synergistic effect of trade structure optimization and shipping logistics system upgrading.

1. Continuous Optimization of Trade Structure, High-Value-Added Products Become Growth Core

The structure of China's imports and exports further tilted toward high-end manufacturing in H1 2024. Mechanical and electrical products accounted for 58.6% of total exports (up 1.2 percentage points year-on-year), with high-tech products exports growing 7.2% (far exceeding the overall export growth rate), reflecting the results of manufacturing upgrading. For example, exports of "new three items" (new energy vehicles, lithium batteries, solar cells) reached 1.2 trillion yuan, up 28.7% year-on-year, accounting for 10.5% of total exports, becoming a "new engine" of foreign trade growth. These high-value-added products have driven China's transformation from "scale expansion" to "value enhancement," consolidating its position in the middle and high end of the global industrial chain.

2. Emerging Markets Power Growth, Regional Cooperation Vitality Highlighted

Emerging markets have become an important support for import and export growth. In H1, China's trade with countries along the "Belt and Road" (B&R) reached 9.3 trillion yuan, up 6.8% year-on-year, accounting for 46.3% of total trade (up 0.9 percentage points). Trade with RCEP members reached 8.2 trillion yuan, up 5.1%, indicating deeper regional integration. For instance, exports of mechanical and electrical products to Southeast Asia grew 10.3%, while exports of new energy products to the Middle East grew 35.6%, reflecting the of the B&R Initiative and RCEP.

3. Synergistic Upgrading of Shipping Logistics, Supporting Efficient Trade

The growth of import and export trade is closely linked to the upgrading of shipping logistics. In H1, container throughput of major domestic ports reached 140 million TEUs, up 3.2% year-on-year, with Shanghai Port (40.6 million TEUs) and Ningbo-Zhoushan Port (38.2 million TEUs) remaining the top two in the world. Shipping companies have optimized route layouts (adding 23 direct routes to B&R countries), promoted green logistics (LNG-powered vessel transportation up 18.5%), and enhanced digital capabilities (intelligent container tracking system coverage reaching 85%), effectively reducing cargo turnover time (down 12% on average) and logistics costs (down 5.6% year-on-year). For example, the "sea freight + overseas warehouse" model for cross-border e-commerce reduced transportation costs for SMEs by 20% and delivery time by 30%, becoming an important channel for expanding into international markets.

4. Targeted Policy Support, Improving Mechanisms to Stabilize Foreign Trade

A series of policies to stabilize foreign trade and promote logistics have been continuously implemented: deepening customs clearance facilitation (overall customs clearance time at national ports compressed by 10%), expanding export tax rebates (adding 1,000 commodities to the "immediate rebate" list), and supporting new business forms like cross-border e-commerce (cross-border e-commerce imports and exports up 15.3%). These policies accurately address enterprise needs, effectively alleviating issues such as raw material price fluctuations and exchange rate risks, and enhancing international competitiveness.

Looking ahead to the second half of 2024, with the gradual recovery of the global economy (IMF predicts 3.1% global GDP growth in 2024) and the continuous implementation of domestic growth-stabilizing policies, China's import and export trade is expected to maintain stable growth of 4%-5%. Meanwhile, the shipping logistics system will continue to transform toward "green, intelligent, and efficient," providing stronger support for trade.

In summary, the steady growth and quality improvement of China's import and export trade in H1 2024 are the result of manufacturing upgrading, synergistic development of shipping logistics, and the resilience of the Chinese economy. In the future, as the "dual circulation" development pattern deepens, China will continue to play an important role in global trade.