CHINA’S imports and exports grew by 5 percent year on year in 2024 to reach 43.85 trillion yuan ($5.98 trillion), with the total foreign trade volume setting a new record high, according to data released by the General Administration of Customs (GAC) on Monday.
In 2024, China’s total exports grew by 7.1 percent year on year to reach 25.45 trillion yuan. Imports grew by 2.3 percent to hit 18.39 trillion yuan, the customs data showed.
China remains the world’s largest trader in goods in 2024. China has become a major trading partner for over 150 economies, and its circle of foreign trade partners continues to expand, according to the GAC.
China’s trade growth last year reached 2.1 trillion yuan, matching the annual trade volume of a medium-sized economy, Wang Lingjun, deputy head of the GAC, said at a press conference on Monday.
High-quality development
China’s role as a major trading partner with global partners was highlighted. For example, China’s trade volume with Belt and Road Initiative (BRI) partner countries grew by 6.4 percent year on year, accounting for more than 50 percent of the nation’s total trade for the first time.
For nine consecutive years, trade with Asean recorded growth, and both sides remained each other’s largest trading partners for five consecutive years in 2024. Trade under the Brics cooperation framework grew by 5.5 percent with member and partner countries.
Moreover, China and the European Union maintained close economic and trade ties, further strengthening their shared interests. Bilateral trade grew by 1.6 percent in 2024.
China-US trade grew by 4.9 percent, aligning closely with China’s overall trade growth.
Wang said that China imported agricultural products, energy, pharmaceuticals and aircraft from the US while exporting clothing, consumer electronics and household appliances, achieving mutual benefits and win-win outcomes.
“In 2024, China’s foreign trade achieved both reasonable quantitative growth and effective qualitative improvement, representing genuine high-quality development,” Wang said.
China has continuously optimized and upgraded its export product structure, the GAC stated. Last year, exports of mechanical and electrical products increased by 8.7 percent, raising their share of total exports by 0.9 percentage point to 59.4 percent, with high-end equipment exports growing by more than 40 percent, according to the GAC.
In 2024, new products, business models and brands emerged rapidly, raising the technological content of foreign trade. Exports of high-tech products such as electric vehicles grew by 13.1 percent, 3D printers jumped by 32.8 percent, and industrial robots surged by 45.2 percent. Cross-border e-commerce imports and exports reached 2.63 trillion yuan, up by 1 trillion yuan from 2020.
Commenting on the main drivers of the foreign trade growth last year, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Sunday that the exports data demonstrates strong global demand for Chinese products.
“The data indicates that China’s products continue to rise in competitiveness in terms of quality and price… these high-quality products are playing an important role in supporting global industries’ upgrades, economic recovery and inflation mitigation,” Zhou said.
Reflecting on the positive trade data, Ding Yandong, general manager of Rollmax shutter component Co, a manufacturer in Ningbo, east China’s Zhejiang province, told the Global Times on Monday that his company’s exports last year represented a roughly 12-percent year-on-year increase.
As a direct sales manufacturer, Ding’s company mainly exports products like electric windows to regions including the EU, Australia and the Middle East. At the same time, they have explored emerging markets such as Brazil and Argentina, with positive results.
“Last year’s export growth was supported by government policies, such as the expansion of visa-free policies,” Ding said, noting that several foreign customers from visa-exempt countries visited them in Ningbo directly to make purchases, which facilitated cooperation and trade.
Since late last year, China introduced policies to boost foreign trade, setting a solid foundation for continued growth, Zhu Keli, founding director of the China Institute of New Economy, told the Global Times on Monday, noting that measures such as optimizing cross-border e-commerce imports and expanding trade pilot areas fueled new trade models.
This year, facing external pressures and uncertainties, the nation needs to further optimize trade structure, enhance product value and competitiveness, strengthen global trade ties and diversify markets, Zhu said.
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