China's trade surplus increases amid strong trade growth in July 2024
(MENAFN) In July 2024, China's international trade in goods and services reached approximately 4.24 trillion yuan, marking a 12 percent increase from the previous year. This surge in trade volume reflects a strong performance in both exports and imports. According to data from the State Administration of Foreign Exchange, China’s exports and imports of goods and services in dollar terms were USD317.5 billion and USD276.4 billion, respectively. This resulted in a trade surplus of USD41.1 billion.
Specifically, exports of goods amounted to nearly 2.04 trillion yuan, while imports of goods totaled 1.6 trillion yuan, creating a substantial surplus of 431.6 billion yuan. In contrast, the services sector showed a different trend, with exports valued at 228.8 billion yuan and imports at 367.1 billion yuan, leading to a deficit of 138.2 billion yuan. This overall performance underscores China’s growing trade capabilities and highlights both strengths and challenges in its trade balance across different sectors.
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