China's Trade Surplus Reaches Record High in First Three Quarters

Zhang Rui

According to the latest statistics released by the General Administration of Customs, China's total value of imports and exports in the first three quarters of the year has reached a new high, with the trade surplus reaching 4.91 trillion yuan, a record high for the same period. Following the release of these statistics, the chief customs official at the State Council Information Office held a press conference at the National Statistics Bureau, where he explained that China's trade surplus is not intentionally pursued, but rather reflects the country's competitive advantages in industries such as machine tools and electrical products.

The data shows that exports of traditional labor-intensive products have increased by only 2.8%, while exports of mechanical and electrical products have surged by 8% to account for 59.3% of total exports, with high-end equipment exports increasing by 43.4%. The export of integrated circuits, automobiles, and household appliances has also seen significant growth, up 22%, 22.5%, and 15.5%, respectively.

It is worth noting that China's export trade is moving towards the upstream of the international industrial chain, with the structure of exports continuously optimizing and international competitiveness rising significantly.

Of course, we cannot stop at the surface level when observing China's trade surplus. Further investigation can lead to several meaningful conclusions: