Official announcements from respective governments regarding new tariff rates

China's Trade Surplus Hits Record $1 Trillion in 2024 Amid Rising Export Surge and 5% Total Trade Increase

Jan 13, 2025, 12:38 PM

China's trade surplus reached a record high of nearly $1 trillion in 2024, driven by a surge in exports that outpaced imports. The country's total exports for the year amounted to 25.45 trillion yuan ($3.58 trillion), marking a 7.1% increase from the previous year. Imports, on the other hand, grew by 2.3% to 18.39 trillion yuan ($2.59 trillion). The total value of China's imports and exports reached a new record of 43.85 trillion yuan ($5.98 trillion), up 5% year-on-year. This significant trade surplus has heightened tensions with trading partners, as countries implement tariffs to counter the influx of Chinese goods. The impending administration of U.S. President-elect Donald Trump, who has promised to escalate tariffs on Chinese imports, adds uncertainty to the global trade landscape.