The latest data from the General Administration of Customs shows that private enterprises have maintained their position as the largest foreign trade operator in China for six consecutive years, achieving "three firsts" in 2024.

The first "first" is that the number of private enterprises with import and export performance has exceeded 600,000 for the first time, reaching 609,000, continuously injecting new vitality into the development of foreign trade. The second "first" is that private enterprises have become the largest importer and exporter of high-tech products in China for the first time, with imports and exports of high-tech products increasing by 12.6%, and their share of the total value of similar product imports and exports in China increasing by 3 percentage points to 48.5%. The third "first" is that the proportion of consumer goods imports accounted for by private enterprises has exceeded 50% for the first time, up 2.8 percentage points year-on-year to 51.3%, among which the proportion in daily chemical products, fruits and other products exceeds 60%.

Looking throughout 2024, the three major types of foreign trade operators - private enterprises, foreign-funded enterprises, and state-owned enterprises - have fully leveraged their respective advantages, with increasing levels of activity. The number of enterprises with import and export performance nearly reached 700,000, setting a new record high.

Specifically, as the "main force" in foreign trade, in 2024, private enterprises achieved imports and exports totaling 24.33 trillion yuan, a year-on-year increase of 8.8%, accounting for 55.5% of China's total foreign trade value. Foreign-funded enterprises achieved imports and exports of 12.8 trillion yuan, a year-on-year increase of 1.5%, with the growth rate in the second half of the year 2.5 percentage points faster than that in the first half. State-owned enterprises continued to play the role of "stabilizer" in maintaining stable economic and market operations, with total imports and exports of 6.61 trillion yuan for the whole year, playing an important role in the import of bulk commodities such as grains and energy.

Source: Tongling Daily