China's trade surplus reached an all-time high in 2024 of USD992 billion – including record shipments of integrated circuits (ICs) and cars – but the imminent second term of U.S. President-elect Donald Trump and the likely onset of higher tariffs will make similar levels of trade growth a challenge in 2025. Exports grew 5.9% year-on-year in 2024 to USD3.58 trillion, according to Customs data. Imports rose 1.1% to USD2.59 trillion, leading to a record trade surplus of USD992.1 billion.
In December alone, exports grew by 10.7%, beating the 6.7% growth recorded in November. Imports rose by 1.0% from a year earlier in December, compared to the 3.9% fall in November. This led to a trade surplus of USD104.84 billion in December, compared with USD97.44 billion in November. “China has consolidated its status as the world’s largest merchandise exporter,” said Wang Lingjun, Deputy Director of the General Administration of Customs (GAC), at a Beijing press conference held in conjunction with the data release.
Exports were a significant driver of China’s economic growth in 2024. Increases in cross-border e-commerce shipments – as well as higher overseas demand for electric vehicles (EVs), batteries and solar panels – have helped the country mitigate a slowdown in domestic activity, the South China Morning Post reports.
