China’s foreign trade soared to a new high in 2024, reaching 43.85 trillion yuan (approximately $5.98 trillion), marking a 5% increase compared to the previous year, according to the General Administration of Customs.
Exports surpassed 25 trillion yuan for the first time, totaling 25.45 trillion yuan—a 7.1% rise and the eighth consecutive year of growth. Imports also saw an uptick, climbing to 18.39 trillion yuan, a 2.3% increase.
The export product structure continued to optimize, with electromechanical product exports increasing by 8.7%, now accounting for 59.4% of total exports. High-end equipment exports witnessed a significant surge of over 40%. Key sectors such as electric vehicles, 3D printers, and industrial robots experienced impressive growth, rising by 13.1%, 32.8%, and 45.2% respectively.
Trade with countries participating in the Belt and Road Initiative (BRI) surpassed 50% for the first time, with imports and exports growing by 6.4%. This trade constituted 50.3% of China’s total foreign trade, with exports to these nations up by 9.6% and imports rising by 2.7%.
China’s trade with the Association of Southeast Asian Nations (ASEAN) continued its nine-year growth streak. ASEAN has remained China’s largest trading partner for five consecutive years. Additionally, trade with BRICS countries saw a 5.5% increase.
Traditional markets also maintained growth. Bilateral trade with the European Union, China’s largest source of consumer goods imports and a major export market for electromechanical products, rose by 1.6%. Trade with the United States increased by 4.9%, aligning with overall trade growth.
A series of incremental policies introduced in late September last year, aimed at stabilizing foreign trade, helped propel these record figures. The fourth quarter of 2024 alone saw foreign trade reach 11.51 trillion yuan, with a growth rate 0.4 percentage points higher than the third quarter. December was particularly noteworthy, with imports and exports exceeding 4 trillion yuan for the first time—a 6.8% growth rate.
Chen Xing, chief macro analyst at Caitong Securities, attributed the robust foreign trade growth to stimulus policies boosting domestic demand, including increased new home sales and a rebound in passenger car sales. Looking ahead, Chen expects China’s imports to continue growing in 2025, forecasting a 5% year-on-year increase driven by stronger domestic demand.
Reference(s):
cgtn.com
