China's foreign trade achieved a historic milestone in 2024, reaching 43.85 trillion yuan (approximately $5.98 trillion), reflecting a 5 percent year-on-year growth, according to the General Administration of Customs.

This remarkable expansion was predominantly fueled by robust export growth, marking the eighth consecutive year of export increase.

Exports surpassed the 25 trillion yuan threshold for the first time, amassing 25.45 trillion yuan, marking a 7.1 percent rise.

Imports reached 18.39 trillion yuan, showing a modest 2.3 percent increase.

Throughout 2024, the composition of China's export products underwent further optimization.

Exports of electromechanical products saw an 8.7 percent growth, comprising 59.4 percent of China's total exports.

Noteworthy advancements were observed in high-end equipment exports, which soared by over 40 percent.

Key export items such as electric vehicles, 3D printers, and industrial robots showed significant growth, increasing by 13.1 percent, 32.8 percent, and 45.2 percent, respectively, according to the General Administration of Customs.

An important factor in the trade expansion was China's increasing engagement with countries involved in the Belt and Road Initiative (BRI).

For the first time, the trade proportion with these countries surpassed 50 percent, with imports and exports up by 6.4 percent.

Specifically, exports to BRI nations experienced a 9.6 percent rise, while imports grew by 2.7 percent.

China's trade with the Association of Southeast Asian Nations (ASEAN) presented a continual growth trend for the ninth successive year, with ASEAN solidifying its position as China's largest trading partner over the past five years.

Simultaneously, trade with BRICS countries grew by 5.5 percent.

Additionally, growth extended to traditional markets.

Trade with the European Union, recognized as China's largest source of consumer goods imports and the prime export market for electromechanical products, increased by 1.6 percent.

Trade with the United States also rose by 4.9 percent, aligning with the overall trade growth trajectory.

A focus on stabilizing foreign trade emerged as a key factor behind this record-setting year.

Incremental policies implemented in late September 2023, including several measures to stabilize foreign trade, contributed to this success.

As a result, China's foreign trade reached a record 11.51 trillion yuan in the fourth quarter of 2024, with the growth rate accelerating by 0.4 percentage points from the previous quarter.

The surge culminated in December, where imports and exports exceeded 4 trillion yuan, marking a 6.8 percent growth rate.

Chen Xing, the chief macro analyst at Caitong Securities, attributes the foreign trade growth to several stimulus policies that bolstered domestic demand.

A particular focus on the rise in new home sales and a recovery in passenger car sales was noted.

Chen anticipates further growth in China's imports, projecting a 5 percent year-on-year increase in 2025 driven by strengthening domestic demand.