China’s total exports, imports rise 5 percent in 2024
Date
1/13/2025 8:11:15 AM
(MENAFN) China’s foreign trade reached a new milestone in 2024, with total exports and imports increasing by 5 percent year-on-year to 43.85 trillion yuan (USD5.98 trillion), according to the state-run Xinhua news agency on Monday.
Exports grew by 7.1 percent to 25.45 trillion yuan (USD3.47 trillion), while imports rose by 2.3 percent to 18.39 trillion yuan (USD2.5 trillion). This resulted in a record trade surplus of 7.27 trillion yuan (USD992 billion).
China’s trade volume increased by 2.1 trillion yuan (USD286.4 billion) last year, a figure comparable to the annual trade of a medium-sized economy, noted Wang Lingjun, deputy head of the General Administration of Customs (GAC), during a press conference.
Key export sectors saw notable growth, including electric vehicles, which rose by 3.1 percent year-on-year. Exports of 3D printers and industrial robots saw even sharper increases, surging by 32.8 percent and 45.2 percent, respectively.
Trade between China and ASEAN expanded by 9 percent in 2024, marking nine consecutive years of growth. ASEAN remained China’s largest trading partner for the fifth consecutive year.
Additionally, trade with the United States grew by 4.9 percent, closely mirroring China’s overall trade growth rate. Wang highlighted the mutual benefits of this trade, with China importing agricultural products, energy, pharmaceuticals, and aircraft from the US while exporting clothing, consumer electronics, and household appliances.
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