Automotive industry reports

China's 2024 Foreign Trade Hits Record 43.85 Trillion Yuan, Driven by 7.1% Export Growth and EV Sales

Jan 13, 2025, 02:20 AM

China's foreign trade in 2024 expanded by 5% year-on-year, reaching a record total of 43.85 trillion yuan (approximately $5.98 trillion), according to the General Administration of Customs. The country's exports grew by 7.1% to 25.45 trillion yuan, marking the eighth consecutive year of growth, while imports increased by 2.3% to 18.39 trillion yuan. In December, exports in USD terms surged by 10.7% year-on-year, surpassing expectations of a 7.5% increase, while imports rose by 1% against a forecast of a 1% decline. The trade with Belt and Road Initiative partner countries grew by 6.4%, accounting for over 50% of China's total trade value for the first time. Additionally, trade with ASEAN increased by 9%, marking the fifth consecutive year of China and ASEAN being each other's largest trading partners. The automotive sector also saw significant growth, with the Chinese car market expanding by 5.3%, driven by record sales of electric vehicles (EVs) and hybrids, which rose by 40.7% and made up 47.2% of total car sales. Chinese used-car exports surged by 45%, with approximately 400,000 vehicles shipped abroad, fueled by strong demand for EVs in Russia.