China's lighting exports rose 1.2% in the first 10 months of this year
On November 7, the General Administration of Customs released China's foreign trade import and export performance report for the first 10 months of this year.
According to customs statistics, in the first 10 months of 2024, the total value of China's goods trade reached 36.02 trillion yuan, an increase of 5.2% year-on-year. Among this, exports amounted to 20.8 trillion yuan, growing by 6.7%, while imports totaled 15.22 trillion yuan, up by 3.2%. The trade surplus reached 5.58 trillion yuan, marking a 17.6% year-on-year expansion.
Looking at the broader picture, the first 10 months of this year show key trends: there was growth in general trade and processing trade, as well as increased exports to ASEAN, the EU, the US, and South Korea. Additionally, imports and exports by private and foreign-funded enterprises grew, and electromechanical products accounted for nearly 60% of exports.
In terms of specific industries, in the first 10 months of 2024:
- Exports of furniture and its parts amounted to 390.45 billion yuan, a year-on-year increase of 8.8%, maintaining stable growth.
- Exports of lamps, lighting fixtures, and parts reached 243.24 billion yuan, up 1.2% year-on-year.
- Exports of ceramic products totaled 125.73 billion yuan, a year-on-year decline of 14.3%.
In October, exports of products such as furniture, ceramics, and lighting fixtures showed growth across the board compared to the previous month. Specifically:
- Furniture and its parts exports reached 38.2 billion yuan, a month-on-month increase of 14.96%.
- Ceramic product exports amounted to 12.65 billion yuan, up 15.21% from the previous month.
- Exports of lamps, lighting fixtures, and parts were 24.05 billion yuan, a month-on-month increase of 6.65%.
In terms of export destinations, ASEAN, the EU, the US, and South Korea were the top four export markets, all showing growth in trade value.
Looking at the first 10 months of the year, ASEAN remained China's largest trading partner, with a total trade value of 5.67 trillion yuan, an increase of 8.8%, accounting for 15.7% of China’s total foreign trade value. Exports to ASEAN reached 3.36 trillion yuan, up 12.5%, while imports from ASEAN were 2.31 trillion yuan, an increase of 3.8%. The trade surplus with ASEAN grew by 38.2%, reaching 1.05 trillion yuan.
The EU remains China's second-largest trading partner, with total trade reaching 4.64 trillion yuan, an increase of 1.2%, accounting for 12.9% of China’s total foreign trade. Exports to the EU amounted to 3.04 trillion yuan, up 3.5%, while imports from the EU were 1.6 trillion yuan, a decrease of 2.9%. The trade surplus with the EU expanded by 11.6%, reaching 1.44 trillion yuan.
The United States is China’s third-largest trading partner, with total trade valued at 4.01 trillion yuan, an increase of 4.4%, accounting for 11.1% of China’s total foreign trade. Exports to the US totaled 3.04 trillion yuan, up 4.9%, while imports from the US were 969.48 billion yuan, up 2.9%. The trade surplus with the US grew by 5.8%, reaching 2.07 trillion yuan.
South Korea is China’s fourth-largest trading partner, with total trade amounting to 1.91 trillion yuan, up 6.7%, accounting for 5.3% of China’s total foreign trade. Exports to South Korea were 855.67 billion yuan, a decrease of 0.8%, while imports from South Korea were 1.05 trillion yuan, an increase of 13.8%. The trade deficit with South Korea expanded 2.1 times, reaching 198.74 billion yuan.
In the same period, China’s total trade with Belt and Road Initiative (BRI) countries reached 16.94 trillion yuan, an increase of 6.2%. Of this, exports totaled 9.48 trillion yuan, up 8%, while imports amounted to 7.46 trillion yuan, growing 3.9%.
From the above data, it is clear that both in the first 10 months and in October alone, China’s exports of lamps/lighting fixtures and their components showed a steady and positive growth trend. Industry experts believe this offers a confidence boost for lighting companies looking to expand internationally.
