China’s foreign trade reached a record high of 43.85 trillion yuan (about $5.98 trillion) in 2024, a 5 percent year-on-year increase, the General Administration of Customs said Monday.
Exports exceeded 25 trillion yuan for the first time, reaching 25.45 trillion yuan and increasing 7.1 percent increase, marking eight consecutive years of growth. Imports totaled 18.39 trillion yuan, up 2.3 percent.
In 2024, China’s export product structure saw continued optimization, with electromechanical product exports rising by 8.7 percent, accounting for 59.4 percent of total exports. Notably, high-end equipment exports surged by more than 40 percent. Key exports such as electric vehicles, 3D printers, and industrial robots grew by 13.1 percent, 32.8 percent, and 45.2 percent, respectively, according to data released by the General Administration of Customs.
The proportion of China’s trade with countries participating in the Belt and Road Initiative (BRI) surpassed 50 percent for the first time, with imports and exports with these nations increasing by 6.4 percent. This trade accounted for 50.3 percent of China’s total trade, with exports up by 9.6 percent and imports rising by 2.7 percent.
China’s trade with ASEAN continued its growth streak for the ninth consecutive year, and the region has been China’s largest trading partner for five years. The BRICS countries also saw a 5.5 percent increase in trade with China.
Growth was also maintained in traditional markets. Bilateral trade with the EU, China’s largest source of consumer goods imports and its largest export market for electromechanical products, rose by 1.6 percent. China’s trade with the United States increased by 4.9 percent, in line with the overall trade growth.
A series of incremental policies introduced in late September last year, including measures to stabilize foreign trade, helped propel China’s foreign trade to a record high of 11.51 trillion yuan in the fourth quarter of 2024. The growth rate in the fourth quarter was 0.4 percentage point higher than in the third quarter of 2024, and December saw imports and exports exceed 4 trillion yuan for the first time, with a 6.8 percent growth rate.
Chen Xing, chief macro analyst at Caitong Securities, attributed the growth in foreign trade to a series of stimulus policies boosting domestic demand, including a rise in new home sales and a rebound in passenger car sales. Chen expects China’s imports to continue growing in 2025, forecasting a 5 percent year-on-year increase driven by stronger domestic demand.
(Cover via CFP)