China's foreign trade hits record $5.98T in 2024

ISTANBUL

China’s foreign trade reached a new record in 2024, with total exports and imports growing by 5% year-on-year to hit 43.85 trillion yuan ($5.98 trillion), according to state-run Xinhua news agency on Monday.

Total exports rose by 7.1% to 25.45 trillion yuan ($3.47 trillion), while imports increased by 2.3% to 18.39 trillion yuan ($2.5 trillion).

The country's trade surplus reached 7.27 trillion yuan ($992 billion), which is an all-time-high number.

China’s trade volume grew by 2.1 trillion yuan ($286.4 billion) last year, a figure comparable to the annual trade of a medium-sized economy, Wang Lingjun, deputy head of the General Administration of Customs (GAC), said at a press conference.

Exports of electric vehicles rose by 3.1% year-on-year, while 3D printer exports surged 32.8%, and industrial robot exports increased by 45.2%.

Trade between China and ASEAN expanded by 9% annually in 2024, marking nine consecutive years of growth and solidifying their position as each other’s largest trading partners for the fifth straight year.

China’s trade with the US also grew by 4.9% in 2024, closely aligning with the country’s overall trade growth rate, Wang noted.

“China imported agricultural products, energy products, pharmaceuticals, and aircraft from the US, while exporting clothing, consumer electronics, and household appliances to the US, which demonstrates mutual benefit and win-win,” he said.