China's imports and exports in 2024 reach new record levels
China's foreign trade achieved an unprecedented milestone of 43.85 trillion yuan (approximately $5.98 trillion) in 2024, marking a 5 percent increase compared to the previous year, as reported by the General Administration of Customs on Monday.
TroibNews 
In 2024, China's foreign trade achieved a remarkable milestone, reaching 43.85 trillion yuan, reflecting a 5 percent increase compared to the previous year, according to the General Administration of Customs.
For the first time, exports surpassed 25 trillion yuan, hitting 25.45 trillion yuan and representing a year-on-year growth of 7.1 percent, marking eight consecutive years of expansion. Meanwhile, imports amounted to 18.39 trillion yuan, an increase of 2.3 percent.
The year witnessed an ongoing optimization in China's export product structure, with electromechanical product exports rising by 8.7 percent, which accounted for 59.4 percent of total exports. Particularly noteworthy was the more than 40 percent surge in high-end equipment exports. Key export categories—including electric vehicles, 3D printers, and industrial robots—registered growth rates of 13.1 percent, 32.8 percent, and 45.2 percent, respectively, as reported by the General Administration of Customs.
Significantly, trade with countries involved in the Belt and Road Initiative exceeded 50 percent of China's total trade for the first time, with a 6.4 percent increase in imports and exports to these nations. This trade represented 50.3 percent of China's overall trade, with exports climbing 9.6 percent and imports increasing by 2.7 percent.
China's trade with ASEAN continued to rise for the ninth consecutive year, maintaining its status as the country’s largest trading partner for five years. Additionally, trade with BRICS nations saw a 5.5 percent increase.
Growth was also observed in traditional markets. Bilateral trade with the EU, China's primary source for consumer goods imports and its top market for electromechanical products, rose by 1.6 percent. Trade with the United States increased by 4.9 percent, mirroring the overall trade growth.
A set of incremental policies implemented in late September of the previous year, aimed at stabilizing foreign trade, contributed significantly to achieving a record high of 11.51 trillion yuan in foreign trade for the fourth quarter of 2024. The growth rate for this quarter was 0.4 percentage points higher than in the third quarter, with December marking the first time imports and exports exceeded 4 trillion yuan, showcasing a growth rate of 6.8 percent.
Chen Xing, chief macro analyst at Caitong Securities, indicated that the growth in foreign trade is largely attributable to a series of stimulus policies aimed at enhancing domestic demand, including increases in new home sales and a rebound in passenger car sales. Chen anticipates that China's imports will continue to rise in 2025, predicting a 5 percent year-on-year increase driven by stronger domestic demand.
Ian Smith for TROIB News
For the first time, exports surpassed 25 trillion yuan, hitting 25.45 trillion yuan and representing a year-on-year growth of 7.1 percent, marking eight consecutive years of expansion. Meanwhile, imports amounted to 18.39 trillion yuan, an increase of 2.3 percent.
The year witnessed an ongoing optimization in China's export product structure, with electromechanical product exports rising by 8.7 percent, which accounted for 59.4 percent of total exports. Particularly noteworthy was the more than 40 percent surge in high-end equipment exports. Key export categories—including electric vehicles, 3D printers, and industrial robots—registered growth rates of 13.1 percent, 32.8 percent, and 45.2 percent, respectively, as reported by the General Administration of Customs.
Significantly, trade with countries involved in the Belt and Road Initiative exceeded 50 percent of China's total trade for the first time, with a 6.4 percent increase in imports and exports to these nations. This trade represented 50.3 percent of China's overall trade, with exports climbing 9.6 percent and imports increasing by 2.7 percent.
China's trade with ASEAN continued to rise for the ninth consecutive year, maintaining its status as the country’s largest trading partner for five years. Additionally, trade with BRICS nations saw a 5.5 percent increase.
Growth was also observed in traditional markets. Bilateral trade with the EU, China's primary source for consumer goods imports and its top market for electromechanical products, rose by 1.6 percent. Trade with the United States increased by 4.9 percent, mirroring the overall trade growth.
A set of incremental policies implemented in late September of the previous year, aimed at stabilizing foreign trade, contributed significantly to achieving a record high of 11.51 trillion yuan in foreign trade for the fourth quarter of 2024. The growth rate for this quarter was 0.4 percentage points higher than in the third quarter, with December marking the first time imports and exports exceeded 4 trillion yuan, showcasing a growth rate of 6.8 percent.
Chen Xing, chief macro analyst at Caitong Securities, indicated that the growth in foreign trade is largely attributable to a series of stimulus policies aimed at enhancing domestic demand, including increases in new home sales and a rebound in passenger car sales. Chen anticipates that China's imports will continue to rise in 2025, predicting a 5 percent year-on-year increase driven by stronger domestic demand.
Ian Smith for TROIB News
