General Administration of Customs (GAC) reports

China's 2024 Trade Hits Record High with 5% Growth; December Exports Surge, Surplus Nears $1 Trillion

Jan 13, 2025, 03:18 AM

China's total goods imports and exports in 2024 reached a record high of 43.85 trillion yuan ($5.98 trillion), growing 5% year-on-year, according to the General Administration of Customs (GAC). Exports increased by 7.1% to 25.45 trillion yuan, while imports rose 2.3% to 18.39 trillion yuan. In December, imports grew by 1% YoY, beating estimates of a decline, and exports surged 10.7% YoY, exceeding expectations. The December trade surplus was $104.84 billion. For the year, the trade surplus widened to an unprecedented $992 billion, driven by record exports and weaker imports. Vehicle exports rose 22.8% in 2024, with electric vehicle exports up 13.1% YoY. Trade with Belt and Road Initiative partner countries grew 6.4% YoY, accounting for over 50% of China's total trade value for the first time. Trade with ASEAN increased by 9%, marking nine consecutive years of growth. China remains the world's largest trader in goods and has become a major trading partner for more than 150 economies. Imports of US agricultural products, energy products, pharmaceuticals, and aircraft increased.