General Administration of Customs (GAC) quarterly trade report

China's Foreign Trade Reaches $5.98 Trillion in 2024, Record $992 Billion Surplus Amid Export Surge

Jan 13, 2025, 05:07 AM

China's foreign trade reached a record high in 2024, totaling 43.85 trillion yuan ($5.98 trillion), marking a 5% year-on-year increase, according to data released by the General Administration of Customs (GAC). The surge was driven by exports, which rose 7.1% to 25.45 trillion yuan, while imports increased by 2.3% to 18.39 trillion yuan. This growth in trade contributed to a record trade surplus of nearly $1 trillion, amounting to $992 billion. In US dollar terms, the trade grew by 3.8%. Exports in December accelerated by 10.7% year-over-year, surpassing market expectations, while imports in December grew by 1%. The increase in exports was partly attributed to companies rushing to ship goods ahead of potential new tariffs from the incoming U.S. administration under President-elect Donald Trump.