China's 2024 Trade Surges to Record High, Powered by Export Growth
China's robust export market boosts foreign trade to a historic peak, with notable gains in electromechanical and high-end equipment sectors.
China's foreign trade reached an unprecedented high of 43.85 trillion yuan ($5.98 trillion) in 2024, reflecting a 5% year-on-year increase, according to data released by the General Administration of Customs on Monday.
This milestone marks another year of growth driven by soaring exports and a solid import sector.
Exports reached a new pinnacle, surpassing 25 trillion yuan for the first time, thanks to a 7.1% increase compared to the previous year.
This marks the eighth consecutive year of export expansion.
Meanwhile, imports saw a 2.3% rise, totaling 18.39 trillion yuan.
The structural optimization of China's export portfolio continued in 2024. Electromechanical exports rose 8.7%, comprising 59.4% of total exports.
High-end equipment exports notably surged by more than 40%.
Significant year-on-year growth was witnessed in key export categories including electric vehicles (13.1%), 3D printers (32.8%), and industrial robots (45.2%).
A remarkable development in 2024 was the increased trade with countries involved in the Belt and Road Initiative (BRI), which for the first time accounted for over half of China's total trade.
Imports and exports with BRI nations grew by 6.4%, contributing to 50.3% of China's overall trade, with exports up 9.6% and imports rising by 2.7%.
Trade with the ASEAN region marked its ninth consecutive year of growth, maintaining its position as China's largest trading partner for five years.
The BRICS nations also experienced a 5.5% increase in trade with China.
In traditional markets, trade remained robust.
China-EU bilateral trade rose by 1.6%, maintaining the EU as China's primary source for consumer goods and largest export market for electromechanical products.
Trade with the United States increased by 4.9%, mirroring the broader trend of growth.
The final quarter of 2024 was particularly strong, with foreign trade reaching a record high of 11.51 trillion yuan.
This quarter saw a slight acceleration, with the growth rate being 0.4 percentage points higher than the third quarter.
December alone saw imports and exports exceed 4 trillion yuan for the first time, marking a 6.8% growth rate.
The surge in trade figures can be partly attributed to a series of supportive policies implemented in late September of the previous year.
These included measures designed to stabilize foreign trade, which fueled a rise in both import and export activities.
Chen Xing, chief macro analyst at Caitong Securities, credited the growth to stimulus policies that bolstered domestic demand, such as increased home and passenger car sales.
Chen forecasts continued growth in imports for 2025, predicting a further 5% year-on-year increase driven by stronger domestic demand.
This milestone marks another year of growth driven by soaring exports and a solid import sector.
Exports reached a new pinnacle, surpassing 25 trillion yuan for the first time, thanks to a 7.1% increase compared to the previous year.
This marks the eighth consecutive year of export expansion.
Meanwhile, imports saw a 2.3% rise, totaling 18.39 trillion yuan.
The structural optimization of China's export portfolio continued in 2024. Electromechanical exports rose 8.7%, comprising 59.4% of total exports.
High-end equipment exports notably surged by more than 40%.
Significant year-on-year growth was witnessed in key export categories including electric vehicles (13.1%), 3D printers (32.8%), and industrial robots (45.2%).
A remarkable development in 2024 was the increased trade with countries involved in the Belt and Road Initiative (BRI), which for the first time accounted for over half of China's total trade.
Imports and exports with BRI nations grew by 6.4%, contributing to 50.3% of China's overall trade, with exports up 9.6% and imports rising by 2.7%.
Trade with the ASEAN region marked its ninth consecutive year of growth, maintaining its position as China's largest trading partner for five years.
The BRICS nations also experienced a 5.5% increase in trade with China.
In traditional markets, trade remained robust.
China-EU bilateral trade rose by 1.6%, maintaining the EU as China's primary source for consumer goods and largest export market for electromechanical products.
Trade with the United States increased by 4.9%, mirroring the broader trend of growth.
The final quarter of 2024 was particularly strong, with foreign trade reaching a record high of 11.51 trillion yuan.
This quarter saw a slight acceleration, with the growth rate being 0.4 percentage points higher than the third quarter.
December alone saw imports and exports exceed 4 trillion yuan for the first time, marking a 6.8% growth rate.
The surge in trade figures can be partly attributed to a series of supportive policies implemented in late September of the previous year.
These included measures designed to stabilize foreign trade, which fueled a rise in both import and export activities.
Chen Xing, chief macro analyst at Caitong Securities, credited the growth to stimulus policies that bolstered domestic demand, such as increased home and passenger car sales.
Chen forecasts continued growth in imports for 2025, predicting a further 5% year-on-year increase driven by stronger domestic demand.
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