Xinhua Agency, Beijing, November 7Question: The market is stable and fully supported, and the annual foreign trade target is expected to be achieved

Xinhua Agency reporters Zou Duowei and Hu Xu

Faced with a more complex internal and external environment, data released by the General Administration of Customs on November 7 showed that in the first 10 months of this year, my country's total import and export value of goods trade was 36.02 trillion yuan, a year-on-year increase of 5.2%, and the growth rate was higher than that of the previous three quarters. A slight correction of 0.1 percentage points.

From the starting trend of 4.8% in the first quarter, to the growth rate further increased to 7.3% in the second quarter, and then to the third quarter due to short-term accidental factors, the import and export growth rate dropped to 3.9% in that quarter. Director of the Statistical Analysis Department of the General Administration of Customs Lu Daliang said that overall, the steady growth trend of my country's foreign trade has not changed. As the scale continues to expand and the structure continues to be optimized, the goal of increasing the quality and volume of foreign trade throughout the year is expected to be achieved.

A closer look at this "report card" shows that improving exports has consolidated the "chassis" for steady growth of foreign trade. Data shows that in the first 10 months, my country's exports were 20.8 trillion yuan, a year-on-year increase of 6.7%, and the growth rate was 0.5 percentage points higher than the previous three quarters. Especially in October, exports increased by 11.2% in a single month to 2.19 trillion yuan, the growth rate hit a new high since May 2023.

Regarding export performance, some foreign media commented that it "exceeded expectations." The latest report released by KPMG and the Commercial Industry Committee of the China Council for the Promotion of International Trade shows that the foreign trade confidence index of China companies in the second half of the year was 10.3. In a period of expansion of confidence, exports will remain resilient.

Among many export products, electromechanical products are still the most eye-catching. According to customs statistics, in the first 10 months, mechanical and electrical products accounted for nearly 60% of my country's exports. Among them, exports of ships, automobiles and motorcycles grew rapidly, increasing by 74.9%, 20%, and 24.6% respectively; exports of household appliances and general machinery and equipment increased by 16.1% and 14.5% respectively, which was significantly higher than the overall growth rate of exports during the same period.

Chen Hongna, associate researcher at the Foreign Economic Research Department of the Development Research Center of the State Council, said that exports play a prominent role in my country's economic growth. Empowering the transformation and upgrading of traditional industries with new quality productivity, and continuing to work towards high-end, intelligent and green will help further enhance the added value and global competitiveness of export products, thereby gaining the initiative to respond to risks and challenges.

Judging from the "circle of friends", Europe and the United States, as my country's traditional trading partners, have shown a partial warming trend. In the first 10 months, my country's imports and exports to the United States increased by 4.4% year-on-year, and the growth rate increased by 0.2 percentage points compared with the previous three quarters.

In order to spread trade risks, many foreign trade companies are currently "marching" into emerging markets such as Africa and Latin America. Chilean cherries, Honduran white shrimp, Nicaragua honey... Driven by multiple favorable factors such as tariffs and logistics, China and Latin America have deepened their "cross-hemispheric" exchanges.

Data shows that in the first 10 months, 178,000 Chinese companies traded with Latin America, a year-on-year increase of 6.9%, promoting the growth of imports and exports to Latin America by 9.1%, 3.9 percentage points higher than my country's overall growth rate.

At the same time, data released on the same day also showed that in October, my country's foreign trade imports were 1.51 trillion yuan, a year-on-year decrease of 3.7%, and continued to fall by 3.2 percentage points from the previous month. In this regard, Chen Hongna said that the monthly import growth rate fluctuates continuously. On the one hand, it is affected by fluctuations in import prices and exchange rates. On the other hand, it also shows that domestic demand still needs to be further boosted.

A crowded queue, enthusiastic exhibitors, and continuous orders... The ongoing seventh CIIE has attracted about 3500 companies from around the world, including 297 Fortune 500 and industry leading companies, as well as nearly 800 purchasing groups from many countries participated in the exhibition, and the number reached a record high.

From "first-time customers" to "repeat customers", the "big stage" of the CIIE vividly demonstrates the willingness of Chinese and foreign companies to cooperate and the opportunities contained in the China market.

At present, my country's foreign trade development still faces some challenges, including intensified global trade protection, weak growth momentum in major markets, heavy debt burdens, and increasing uncertainties and unstable factors. However, at the same time, we must also note that with the continuous efforts of existing policies and incremental policies, the stamina for foreign trade development is gathering, and the potential for domestic demand will be further released.

The latest monthly data has shown changes: in October, my country's imports and exports increased by 4.6% year-on-year, nearly 4 percentage points faster than in September; the export growth rate of foreign-invested enterprises increased from 1.3% in the previous three quarters to 7.4%; Exports of intermediate goods increased by 13.8%, of which exports of consumer electronics, basic metals, textiles and furniture intermediate goods increased by 18.9%, 24.7%, and 14.9% respectively...

Chen Hongna said that there are less than two months left this year, and the government and enterprises must work together to form a synergy. "We will do everything possible to seize the precious time window of the peak foreign trade season at the end of the year, accelerate the release of policy dividends, continue to improve the level of institutional opening up, guide enterprises to diversify overseas markets, deepen the fields and scope of regional cooperation, and focus on cultivating new advantages in foreign trade competition based on technology, brand, quality, and service, and do a good job in sprint and closing foreign trade throughout the year."