Lowering import tariffs is an effective strategy for toughening the domestic market, just as higher tariffs are often used to protect local industries. Recently, China further reduced import tariffs on specific recycled aluminium to encourage the inflow of quality products and stimulate domestic demand for quality products.
The report shows that from 1 January 2025, import tariffs have been reduced on 935 products from some of the most favoured nations. In the first nine months of 2024, China's aluminium supplement imports rose 6.9% year-on-year to 1.3 million tonnes, according to customs data. In November, China imported 138,320 tonnes, up 3.9% from a previous month.
In the first 11 months of 2024, China's net imports of primary aluminium rose 51.5% year-on-year to 1.866 million tonnes, while exports fell 20% to 108,000 tonnes. In November, China's international trade in goods and services stood at RMB 4.28 trillion, up 3 per cent year-on-year. In dollar terms, China exported $332.8 billion and imported $263.8 billion, according to the State Administration of Foreign Exchange.
China's exports of goods trade amounted to RMB 215 trillion and exports of services trade amounted to RMB 236.2 billion, while imports amounted to RMB 157 trillion and imports of services trade amounted to RMB 325.8 billion.
