China’s foreign trade has reached a record high, with the total value of imports and exports reaching 43.85 trillion yuan ($5.98 trillion) in 2024, marking a 5 percent year-on-year growth. But beneath the surface of this impressive feat lies a complex web of implications that warrant closer examination.
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.
GAC’s statement highlights that China remains the world’s largest trader of goods in 2024. China has become a major trading partner for over 150 economies, and its loop of friends in foreign trade continues to expand.
Speaking at a press conference on Monday, Wang Lingjun, deputy head of the GAC, said, and I quote: “China’s trade growth last year reached 2.1 trillion yuan, matching the annual trade volume of a medium-sized economy.”
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In 2024, China saw the emergence of many new products, business models, and brands, leading to a surge in the exports of high-tech products, Wang added.
The GAC data also shows that China’s exports of electric vehicles grew by 13.1 percent year-on-year, 3D printer exports increased by 32.8 percent, and industrial robot exports grew by 45.2 percent.
The country’s imports and exports via cross-border e-commerce reached 2.63 trillion yuan last year, marking a 1-trillion yuan increase from 2020 levels. The exports of China’s domestic brands made up 21.8 percent of the total export volume, up 0.8 percentage point on a yearly basis, according to the GAC.
Wang Lingjun added that China’s total import and export volume with the Belt and Road Initiative partner grew by 6.4 percent.
Wang Lingjun said: “In 2024, China’s total import and export volume with the Belt and Road Initiative partner countries grew by 6.4 percent year-on-year, accounting for over 50 percent of the country’s total trade value for the first time.
On China-US foreign trade, Wang Lingjun said, and I quote: “In 2024, China-US foreign trade grew by 4.9 percent year-on-year, aligning closely with the country’s overall trade growth rate.
“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,” Wang Lingjun added.
Speaking at the press conference, Lü Daliang, spokesperson of the GAC, added, “In 2024, China’s consumer market showed stable growth, driven by strong imports of essential consumer goods.
The country’s imports of consumer goods reached 167.8 billion yuan ($ 22.89 trillion) in December 2024, reaching its highest level in 21 months, Lü Daliang added.
On the other hand, China’s record Foreign Trade in 2024, driven by a surge in exports, particularly in integrated circuits and cars, raises concerns about the potential consequences of this growth. The impending second term of US President-elect Donald Trump and the likely onset of higher tariffs may pose a significant challenge to China’s trade growth in 2025, threatening to disrupt the delicate balance of the global economy.
Moreover, China’s over-reliance on foreign trade, which accounts for a significant portion of its GDP, makes it vulnerable to external shocks and fluctuations. The country’s trade growth is also heavily dependent on a few key industries, such as electronics and automotive, which may not be sustainable in the long term. This raises important questions about diversifying and developing a more robust and resilient economy.
