China’s foreign trade sets new record of 43.85 trillion yuan in 2024

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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 EU 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.

In 2024, China saw the emergence of many new products, new business models and new brands, leading to a surge in the exports of high-tech products, 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 points 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.

Liu Feilong, a member of the board of Haitian Holdings, a large Ningbo-based company specializing in foreign trade, told the Global Times on Monday that their export performance aligns with the positive trend in the nation's foreign trade.

Last year, Haitian Holdings' total exports passed $1.7 billion, a 12 percent year-on-year increase. More than half of their products are electromechanical goods, including lighting fixtures and small household appliances. The company exports primarily to the US, the EU, and Southeast Asia, with the US market showing the largest share and a 20 percent growth rate.

"This reflects the high demand for competitive Chinese products globally," Liu said, noting that their efforts to improve product quality standards and brand reputation have further strengthened customer trust overseas.

Beyond the US and European markets, they are expanding into Africa and Southeast Asia, achieving positive growth. The BRI partner countries present significant trade potential, Liu said.

Looking ahead to 2025, Liu said that "rising external uncertainties, particularly protectionist measures, pose challenges for foreign trade and increase risks to the industrial and supply chains." To address these challenges, the company is expanding into more markets, especially emerging economies, and investing in overseas ventures, including establishing overseas factories.

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.

'Overcapacity' claims baseless

China's exports growth comes as some Western politicians and media outlets are hyping claims of "overcapacity" in China. Responding to a media inquiry about the US government's assertion that China's exports face an "overcapacity issue," the deputy head of the GAC stated at Monday's press conference that Chinese manufacturing remains highly competitive and widely popular in the global market.

This success is built on a complete and continually upgrading industrial system, sustained investment in research and development, and a strong focus on innovation, Wang said.

Wang dismissed the claims of "overcapacity," describing the notion as entirely baseless from the perspective of comparative advantage or global market demand.

"With our comprehensive manufacturing industrial chains, we have ensured the stability of global production and supply chains, driving technological progress and industrial upgrading worldwide. This is an undeniable fact," Wang said.

The GAC official said that "the repeated hype from some countries is nothing more than an attempt to suppress and contain China's development. At its core, it reflects protectionism, which seriously undermines global industrial cooperation and the stability of production and supply chains."

Wang stressed that adhering to openness, cooperation, and mutual benefit represents the right path for global economic progress.

"The growth in exports is market-driven, encouraging companies to enhance competitiveness through quality improvements and supply innovations. Therefore, 'overcapacity' should not be a major concern," Zhou said.

"The assertion of 'overcapacity' appears to be framed as an economic issue, but masks an underlying intent to hinder China's industrial progress," Zhou said, noting that this strategy seeks to secure a competitive edge and greater market dominance for itself.