China's Foreign Trade Surges to Record Highs in 2024 Amid Strong Export Growth
China's trade reaches new heights, supported by thriving export sectors and strengthened ties with global partners.
In a landmark achievement, China's foreign trade swelled to an unprecedented 43.85 trillion yuan (approximately $5.98 trillion) in 2024, marking a 5 percent increase from the previous year, according to data released by the General Administration of Customs on Monday.
This record-breaking figure underscores the nation's robust export-led growth trajectory, as exports swelled to over 25 trillion yuan for the first time, reaching 25.45 trillion yuan—a year-on-year increase of 7.1 percent and the eighth consecutive year of export growth.
Imports also registered a notable rise, totaling 18.39 trillion yuan—a climb of 2.3 percent compared to the previous year.
Central to this surge is the continued optimization and diversification of China's export product structure, significantly driven by the electromechanical sector.
Exports of electromechanical products climbed by 8.7 percent, making up 59.4 percent of all exports.
Particularly noteworthy was the remarkable rise in high-end equipment exports, which shot up by over 40 percent, with key products such as electric vehicles, 3D printers, and industrial robots experiencing growth rates of 13.1 percent, 32.8 percent, and 45.2 percent, respectively.
Illustrating the global footprint of China's trade network, trade with countries involved in the Belt and Road Initiative (BRI) surpassed 50 percent of China's total foreign trade for the first time.
Imports and exports with these nations grew by 6.4 percent, with exports surging 9.6 percent while imports increased by 2.7 percent.
In parallel, China's trade relationship with ASEAN countries continued to strengthen, marking the ninth consecutive year of growth and securing ASEAN's status as China’s largest trading partner for five consecutive years.
Trade with BRICS nations and traditional Western markets also sustained growth, as evidenced by a 5.5 percent rise in trade with BRICS countries.
Meanwhile, China's trade with the European Union—a critical partner—grew by 1.6 percent, reflecting the EU's role as a key source of consumer goods imported by China and as China's primary export market for electromechanical products.
Trade with the United States also contributed positively, registering a 4.9 percent increase, aligning closely with the overall trade expansion.
The impressive growth in China's trade figures is partially attributed to strategic policy measures introduced in late September 2023 aimed at stabilizing foreign trade.
These policies propelled China's foreign trade to new heights in the fourth quarter of 2024, reaching 11.51 trillion yuan, a growth rate 0.4 percentage points higher than in the third quarter of the same year.
December alone witnessed an unprecedented milestone as imports and exports exceeded 4 trillion yuan, marking a 6.8 percent growth.
Chen Xing, chief macro analyst at Caitong Securities, highlighted the role of these policies, noting that they stimulated domestic demand.
Significant contributors included a recent uptick in new home sales and a resurgence in passenger car sales, which are expected to further bolster China's imports in 2025, with Chen projecting a sustained 5 percent growth driven by reinforced domestic demand.
This record-breaking figure underscores the nation's robust export-led growth trajectory, as exports swelled to over 25 trillion yuan for the first time, reaching 25.45 trillion yuan—a year-on-year increase of 7.1 percent and the eighth consecutive year of export growth.
Imports also registered a notable rise, totaling 18.39 trillion yuan—a climb of 2.3 percent compared to the previous year.
Central to this surge is the continued optimization and diversification of China's export product structure, significantly driven by the electromechanical sector.
Exports of electromechanical products climbed by 8.7 percent, making up 59.4 percent of all exports.
Particularly noteworthy was the remarkable rise in high-end equipment exports, which shot up by over 40 percent, with key products such as electric vehicles, 3D printers, and industrial robots experiencing growth rates of 13.1 percent, 32.8 percent, and 45.2 percent, respectively.
Illustrating the global footprint of China's trade network, trade with countries involved in the Belt and Road Initiative (BRI) surpassed 50 percent of China's total foreign trade for the first time.
Imports and exports with these nations grew by 6.4 percent, with exports surging 9.6 percent while imports increased by 2.7 percent.
In parallel, China's trade relationship with ASEAN countries continued to strengthen, marking the ninth consecutive year of growth and securing ASEAN's status as China’s largest trading partner for five consecutive years.
Trade with BRICS nations and traditional Western markets also sustained growth, as evidenced by a 5.5 percent rise in trade with BRICS countries.
Meanwhile, China's trade with the European Union—a critical partner—grew by 1.6 percent, reflecting the EU's role as a key source of consumer goods imported by China and as China's primary export market for electromechanical products.
Trade with the United States also contributed positively, registering a 4.9 percent increase, aligning closely with the overall trade expansion.
The impressive growth in China's trade figures is partially attributed to strategic policy measures introduced in late September 2023 aimed at stabilizing foreign trade.
These policies propelled China's foreign trade to new heights in the fourth quarter of 2024, reaching 11.51 trillion yuan, a growth rate 0.4 percentage points higher than in the third quarter of the same year.
December alone witnessed an unprecedented milestone as imports and exports exceeded 4 trillion yuan, marking a 6.8 percent growth.
Chen Xing, chief macro analyst at Caitong Securities, highlighted the role of these policies, noting that they stimulated domestic demand.
Significant contributors included a recent uptick in new home sales and a resurgence in passenger car sales, which are expected to further bolster China's imports in 2025, with Chen projecting a sustained 5 percent growth driven by reinforced domestic demand.
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