China's Foreign Trade Reaches Record High in 2024
China solidifies its position as the world's leading goods trader with a 5% increase in total foreign trade value.
In 2024, China's foreign trade achieved unprecedented heights, reinforcing its stature as the primary global trader in goods.
The General Administration of Customs (GAC) reported that the total value of the nation’s goods imports and exports soared to 43.85 trillion yuan (approximately 6.1 trillion USD), marking a 5% year-on-year increase.
Exports swelled by 7.1%, totaling 25.45 trillion yuan, while imports saw a 2.3% rise to 18.39 trillion yuan.
At a press briefing in Beijing, Wang Lingjun, the GAC deputy head, stated that China's foreign trade exhibited rapid growth compared to major global economies.
Total imports and exports in December alone surpassed 4 trillion yuan, setting a new monthly record and reflecting a year-on-year increase of 6.8%.
The fourth quarter witnessed trade values of 11.51 trillion yuan, with growth accelerating by 0.4 percentage points from the previous quarter.
Wang highlighted China's cemented status as the biggest goods trader, accounting for 14.5% and 10.5% of global exports and imports respectively, according to World Trade Organization data.
He attributed these achievements to strategic policies enhancing trade stability and a suite of 16 measures introduced to optimize business environments at ports.
Significant advancements were noted in the structure of traded goods.
High-tech and machinery exports increased by 8.7%, representing 59.4% of total exports.
Innovations in industries such as electric vehicles, 3D printing, and robotics bolstered this growth.
Cross-border e-commerce flourished, reaching 2.63 trillion yuan, a substantial increase from 2020.
Amid this expansion, China made strides in green trade, with notable exports of wind and solar energy equipment contributing to global climate initiatives.
The export of railway electric locomotives and electric vehicles continued on an upward trajectory, highlighting China's commitment to green technology.
China's role as a primary importer also bolstered global trade partners, with electronic components, semiconductor equipment, and computer parts imports rising significantly.
Nevertheless, import growth was tempered by reductions in commodity prices, such as crude oil and iron ore, alongside geopolitical factors influencing trade conditions.
A pivotal development saw China eliminate tariffs on goods from the least developed countries that maintain diplomatic relations with Beijing, spurring an 18.1% import growth from these nations in December.
China's extensive trade network now includes over 150 countries, with comprehensive engagement in initiatives such as the Belt and Road, which accounted for over half of China’s foreign trade value.
Exports and imports with ASEAN and BRICS nations saw steady increases, bolstering regional economic integration and cooperation.
Amid this thriving landscape, China's trade relationships with traditional partners, such as the EU and the United States, continued to flourish, with the EU maintaining its role as a primary source for imported consumer goods.
The global outlook for 2025 remains optimistic, with expectations for sustained growth in goods trade, fueled by China's diverse product range and adaptive market strategies.
The General Administration of Customs (GAC) reported that the total value of the nation’s goods imports and exports soared to 43.85 trillion yuan (approximately 6.1 trillion USD), marking a 5% year-on-year increase.
Exports swelled by 7.1%, totaling 25.45 trillion yuan, while imports saw a 2.3% rise to 18.39 trillion yuan.
At a press briefing in Beijing, Wang Lingjun, the GAC deputy head, stated that China's foreign trade exhibited rapid growth compared to major global economies.
Total imports and exports in December alone surpassed 4 trillion yuan, setting a new monthly record and reflecting a year-on-year increase of 6.8%.
The fourth quarter witnessed trade values of 11.51 trillion yuan, with growth accelerating by 0.4 percentage points from the previous quarter.
Wang highlighted China's cemented status as the biggest goods trader, accounting for 14.5% and 10.5% of global exports and imports respectively, according to World Trade Organization data.
He attributed these achievements to strategic policies enhancing trade stability and a suite of 16 measures introduced to optimize business environments at ports.
Significant advancements were noted in the structure of traded goods.
High-tech and machinery exports increased by 8.7%, representing 59.4% of total exports.
Innovations in industries such as electric vehicles, 3D printing, and robotics bolstered this growth.
Cross-border e-commerce flourished, reaching 2.63 trillion yuan, a substantial increase from 2020.
Amid this expansion, China made strides in green trade, with notable exports of wind and solar energy equipment contributing to global climate initiatives.
The export of railway electric locomotives and electric vehicles continued on an upward trajectory, highlighting China's commitment to green technology.
China's role as a primary importer also bolstered global trade partners, with electronic components, semiconductor equipment, and computer parts imports rising significantly.
Nevertheless, import growth was tempered by reductions in commodity prices, such as crude oil and iron ore, alongside geopolitical factors influencing trade conditions.
A pivotal development saw China eliminate tariffs on goods from the least developed countries that maintain diplomatic relations with Beijing, spurring an 18.1% import growth from these nations in December.
China's extensive trade network now includes over 150 countries, with comprehensive engagement in initiatives such as the Belt and Road, which accounted for over half of China’s foreign trade value.
Exports and imports with ASEAN and BRICS nations saw steady increases, bolstering regional economic integration and cooperation.
Amid this thriving landscape, China's trade relationships with traditional partners, such as the EU and the United States, continued to flourish, with the EU maintaining its role as a primary source for imported consumer goods.
The global outlook for 2025 remains optimistic, with expectations for sustained growth in goods trade, fueled by China's diverse product range and adaptive market strategies.
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