“China’s Foreign Trade Hits Record High in 2024”
China’s foreign trade reached a record high in 2024, with total imports and exports growing by 5% year-on-year to 43.85 trillion yuan ($5.98 trillion), according to the General Administration of Customs (GAC). Exports increased by 7.1% to 25.45 trillion yuan, while imports rose by 2.3% to 18.39 trillion yuan, showcasing steady growth in the country’s trade activities.
World’s Largest Trader in Goods
China maintained its position as the world’s largest trader in goods, becoming a key trading partner for over 150 economies. Wang Lingjun, deputy head of the GAC, highlighted that the trade growth of 2.1 trillion yuan in 2024 equaled the annual trade volume of a medium-sized economy.
Innovation Driving Export Growth
In 2024, China saw significant growth in the export of high-tech products and new business models. Exports of electric vehicles rose by 13.1%, 3D printers by 32.8%, and industrial robots by 45.2%, reflecting the country’s focus on innovation and advanced manufacturing.
Cross-Border E-Commerce and Domestic Brands
China’s cross-border e-commerce trade reached 2.63 trillion yuan in 2024, marking a substantial increase of 1 trillion yuan compared to 2020. Exports of domestic brands accounted for 21.8% of total export volume, up 0.8 percentage points year-on-year, signaling a growing global demand for Chinese brands.
Belt and Road Initiative Boosts Trade
Trade with Belt and Road Initiative (BRI) partner countries grew by 6.4% in 2024, accounting for over 50% of China’s total trade for the first time. This highlights the success of the BRI in fostering economic cooperation and trade connectivity.
Strengthening ASEAN and US Trade Relations
China and ASEAN remained each other’s largest trading partners for the fifth consecutive year, with trade increasing by 9% year-on-year. Similarly, trade with the US grew by 4.9%, with China importing agricultural products, energy, and pharmaceuticals, while exporting clothing, consumer electronics, and household appliances.
Consumer Market Shows Resilience
China’s consumer market demonstrated stable growth in 2024, driven by strong imports of essential consumer goods. In December alone, imports of consumer goods reached 167.8 billion yuan, the highest level in 21 months. This indicates robust domestic demand and consumer confidence.
Future Trade Prospects
Looking ahead, China’s expansive market capacity and diverse consumer demands present significant growth potential for imports. By 2030, China’s cumulative imports from developing countries are expected to exceed $8 trillion. The country’s commitment to expanding domestic demand and its orderly opening-up policy will provide greater opportunities for global economic collaboration.
A Bright Outlook for Global Trade
China’s record-breaking foreign trade in 2024 underscores its pivotal role in the global economy. With innovation, strategic partnerships, and a focus on high-tech exports, the country is well-positioned to continue driving global trade growth.
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