China's private enterprises recorded a foreign trade volume of 24.33 trillion yuan (about US$3.4 trillion) in 2024, an 8.8 percent increase from the previous year, the General Administration of Customs (GAC) said on Monday.

According to China Central Television (CCTV), this growth reflects a significant enhancement in China's foreign trade vitality in 2024, with the number of enterprises engaged in import and export transactions reaching a historic high.

Private enterprises accounted for 55.5 percent of China's total foreign trade value, achieving three noteworthy milestones this year, the GAC said.

Firstly, the number of private enterprises with import and export records exceeded 600,000 for the first time, reaching 609,000, continuously injecting new momentum into foreign trade development.

Secondly, private enterprises have become the largest importers and exporters of high-tech products for the first time. Their import and export of high-tech products grew by 12.6 percent, with their share in China's total high-tech trade rising 3 percentage points to 48.5 percent. This includes over 20 percent growth in the export of high-end equipment like ships and the import of specialised equipment like semiconductor manufacturing machinery.

Thirdly, private enterprises' share in China's consumer goods imports exceeded 50 percent for the first time, up 2.8 percentage points year-on-year to 51.3 percent. In products like daily chemicals and fruits, their share has surpassed 60 percent, making foreign trade more closely connected to people's daily lives.