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China's Exports Surge to Record $992 Billion Surplus in 2024, Up 10.7% in December Amid U.S. Tariff Threat

Jan 13, 2025, 03:39 AM

China's exports surged to a record high in 2024, reaching 25.45 trillion yuan ($3.47 trillion), marking a 7.1% year-on-year increase, according to the General Administration of Customs (GAC). Imports also grew, totaling 18.39 trillion yuan, up by 2.3% from the previous year, leading to a total trade value of 43.85 trillion yuan ($5.98 trillion), a 5% increase year-on-year. In December alone, exports rose by 10.7% year-on-year, surpassing market expectations of a 7.3% increase, while imports grew by 1%, contrary to forecasts of a decline. This surge in exports was driven by Chinese companies accelerating shipments ahead of anticipated tariffs from the incoming U.S. administration under President-elect Donald Trump. The trade surplus for December reached $104.84 billion, and for the full year, it hit a record nearly $1 trillion, reflecting China's continued dominance in global manufacturing amidst looming trade tensions. The annual trade surplus of $992 billion underscores the impact of U.S. tariffs threat on China's record exports.