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From January to July 2024, China’s service trade grew by 14.7% year-on-year, with exports up by 12.4% and imports by 16.4%, highlighting strong performance in knowledge-intensive services and travel, solidifying Chinas role in global service trade.

Data from the General Administration of Customs of China show that from 1st to August 2024, Chinas textile garment exports grew by 1.1 percent, textile exports grew by 3.5 percent, clothing exports fell by 1.0 percent, textile exports grew by 5.0 percent, clothing exports fell by 2.0 percent, and the industry faces pressure and needs to upgrade.

With German exports declining, industrial giants cutting spending; French closures increasing and industrial land reducing; Swedish new energy company Northvolt cutting jobs, the European economy faces multiple challenges, including trade uncertainty, energy price volatility and the development of new energy industries.

Recent surveys show poor performance from major manufacturers in Europe and Asia last month. Eurozone PMI remains below the threshold, with contraction in Germany and France, growth in the UK, mixed performance in Asia, and weak global economic recovery momentum.

European e-commerce users grew by 1% in H1 2024; online shopping frequency increased by 4%. B2C sales reached €741 billion, cross-border market at €237 billion, driven by China-EU cooperation, with Chinese platforms as key players.

The Chinese electric vehicle manufacturer BYD's plan to build a factory in Mexico has steadily advanced. The company has narrowed the scope of the site to three states and is evaluating the incentives provided by the local government. The goal is to determine the site by the end of 2024. It is expected that the initial annual production capacity will be 150,000 vehicles, and eventually reach 400,000 to 500,000 vehicles.