Skip to content
Menu
Menu

China’s trade surplus in 2024 reached almost US$1 trillion

Exports in China grew by almost 6 percent year-on-year, while imports rose by only around 1 percent, official figures show
  • Analysts believe US President-elect Donald Trump’s threat to impose tariffs has prompted exporters to rush shipments ahead of potential imposts

ARTICLE BY

PUBLISHED

ARTICLE BY

PUBLISHED

UPDATED: 13 Jan 2025, 5:01 pm

China’s trade last year hit a record-breaking surplus of US$992.1 billion, according to government data cited by multiple media outlets. Year-on-year, the figure represents an increase of 21 percent, and was the result of strong export numbers and weak domestic demand. 

China’s exports last year totalled US$3.58 trillion, an increase of 5.9 percent in comparison to 2023. By comparison, imports hit a value of US$2.59 trillion, a rise of only 1.1 percent year-on-year. 

For the month of December, exports registered an increase of 10.7 percent in comparison to the same period last year, while imports grew by 1 percent over December 2023. As a result, the trade surplus for that month reached a figure of US$104.84 billion. 

Overall, China’s trade in 2024 reached a total value of 43.85 trillion yuan (approximately US$6 trillion), an increase of 5 percent year-on-year. 

[See more: China is at risk of deflation, with the consumer price index falling to a worrying low]

During a press conference today, the deputy head of the General Administration of Customs, Wang Lijun said “China has consolidated its status as the world’s largest merchandise exporter.” 

Some of China’s most popular exports include electric vehicles (EVs), batteries and solar panels, which have helped the country to drive some growth in spite of the economy’s many headwinds, including a sluggish property market and record youth unemployment. 

Analysts are wary about the country’s economic future, however, with Bloomberg’s David Qu noting that “this may be one of the last high points for Chinese trade, at least directly with the US.” 

He noted that the incoming Trump administration could result in China facing more tariffs that could lead to Chinese businesses exporting to other markets, “flooding” them “with cheap goods and widening trade tensions.”

UPDATED: 13 Jan 2025, 5:01 pm

Send this to a friend