China's Trade Surplus Hits Record $1 Trillion with Exports Surging 10.7% Ahead of Trump's Return

Jan 13, 2025, 07:31 AM

China's trade surplus soared to a record of nearly $1 trillion in 2024, driven by record exports totaling $3.6 trillion as companies rushed to ship goods ahead of U.S. President-elect Donald Trump's return to the White House and potential new tariffs. Exports grew 10.7% year-on-year in December to $336 billion, beating estimates and marking an acceleration from previous months. The surge was propelled by strong demand for vehicles, with vehicle exports rising 22.8% in 2024 to 6.41 million units. Production and sales of new energy vehicles (NEVs) both exceeded 12 million units, accounting for over 40% of total vehicle sales and maintaining the world's leading position for the tenth consecutive year. China's total trade reached $6.2 trillion in 2024. Imports remained weak due to cautious spending by businesses and households, contributing to the record surplus. Analysts warn that the unprecedented surplus could heighten trade tensions with the U.S. as Trump's promised tariffs threaten to dampen export growth.