The national police force presents security technology during the Asia-Pacific Economic Cooperation (APEC) summit, at the Ministry of Culture in Lima, Peru, Monday, Nov. 11, 2024. Photo: VCG

China's trade with Asia-Pacific Economic Cooperation (APEC) economies reached a historic high, surpassing 21 trillion yuan ($2.91 trillion) in the first 10 months of 2024, underscoring their deepening economic integration and strong trade connections.

According to China Customs, trade with APEC economies accounted for 59.1 percent of China's total trade, which grew by 5.7 percent year-on-year, outpacing China's overall trade growth rate by 0.5 percentage points.

Among key APEC trade partners, trade with Vietnam, Peru and Malaysia saw growth rate exceeding 10 percent, while trade with the Hong Kong Special Administrative Region and Taiwan island increased by 11.3 percent and 11 percent, respectively.

Intermediate goods led China's exports to APEC economies, which grew 8.4 percent to 5.56 trillion yuan in the first 10 months. Electronic components, auto parts, and display modules registered notable growth. Consumer goods, including textiles, fruits, and passenger vehicles also experienced substantial growth.

Regarding China's imports, more than 80 percent of the imports from APEC economies consisted of intermediate goods, including machinery, energy products, and metal ores.

China's overall advantages in manufacturing and commitment to high-quality development are providing more trade and economic opportunities to APEC economies, fostering greater regional integration and prosperity, experts said. 

Global Times