China's foreign trade shows resilience in first two months
On March 7, the General Administration of Customs of the People's Republic of China released data indicating that China's total goods trade import and export value in the first two months of this year reached CNY 6.54 trillion, down by 1.2% year-on-year. Among them, exports amounted to CNY 3.88 trillion , marking a historical high for the same period, with a year-on-year growth of 3.4%. Imports totaled CNY 2.66 trillion, down by 7.3%.
From a structural perspective, China's trade with ASEAN and the United States has grown, with ASEAN continuing to maintain its position as China's largest trading partner, while private enterprises continue to demonstrate their innovative strength.
ASEAN firmly holds the position of China's largest trading partner. In the first two months of this year, China's total trade value with ASEAN was CNY 1.03 trillion, up by 4%, accounting for 15.8% of China's total foreign trade value. Exports to ASEAN reached CNY 626.68 billion, up by 6.8%, while imports from ASEAN were CNY 406.65 billion, down by 0.2%.
The European Union ranks as China's second-largest trading partner, with a total trade value of CNY 833.34 billion, down by 0.2%, accounting for 12.7%. Exports to the EU amounted to CNY 568.26 billion, up by 1.8%, while imports from the EU were CNY 265.08 billion, down by 4.3%.
The United States is China's third-largest trading partner, with a total trade value of CNY 733.67 billion, up by 3.5%, accounting for 11.2%. Exports to the US reached CNY 543.13 billion yuan, up by 3.4%, while imports from the US reached CNY 190.54 billion, up by 3.8%.
According to the report by the American Chamber of Commerce in China, 46% of surveyed American-funded enterprises expressed optimism about achieving profitability or significant profits, with more than half expecting to increase investment in China in 2025.
Private enterprises have maintained their position as the largest foreign trade entities in China for six consecutive years. In the first two months of this year, private enterprises' imports and exports totaled CNY 3.69 trillion, up by 2%, accounting for 56.4% of China's total foreign trade value, an increase of 1.8 percentage points compared to the same period last year. Among them, exports reached CNY 2.5 trillion, up by 1.6%, accounting for 64.2% of China's total exports; imports were CNY 1.19 trillion, up by 2.7%, accounting for 45% of China's total imports.
Over the same period, foreign-invested enterprises' imports and exports totaled CNY 1.91 trillion yuan, down by 0.3%, accounting for 29.2% of China's total foreign trade value. Among them, exports were CNY 1.08 trillion yuan, up by 6.9%; imports were CNY 829.91 billion, down by 8.3%.
State-owned enterprises' imports and exports were CNY 925.04 billion, down by 13.4%, accounting for 14.2% of China's total foreign trade value. Among them, exports reached CNY 300.74 billion, up by 6.6%; imports were CNY 624.3 billion, down by 20.6%.