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 loop of friends of foreign trade 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.
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.
Official GAC data showed that the country’s exports of electric vehicles grew by 13.1 percent year-on-year, 3D printer exports increasing by 32.8 percent and industrial robot exports growing 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.
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, Wang said.
China and ASEAN remained each other’s largest trading partners for the fifth consecutive year in 2024, as their trade grew by 9 percent year-on-year, marking nine consecutive years of growth, the official said.
In 2024, China-US foreign trade grew by 4.9 percent year-on-year, aligning closely with the country’s overall trade growth rate, Wang said.
“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 said.
In 2024, China’s consumer market showed stable growth, driven by strong imports of essential consumer goods, Lü Daliang, spokesperson of the GAC, said at the same conference on Monday.
He said the country’s imports of consumer goods reached 167.8 billion yuan in December 2024, reaching its highest level in 21 months.
Looking ahead, there is still plenty of room for growth in the country’s imports this year. China’s expansive market capacity and diverse consumer demands indicate significant growth potential. More importantly, China actively expands imports and shares with the world opportunities brought about by China’s economic development, Lü said.
By 2030, China’s cumulative imports from the developing countries alone are expected to exceed $8 trillion. With the expansion of China’s domestic demand on all fronts and expanding the opening-up policy in an orderly fashion, China’s massive market will offer greater opportunities and broader choices to the global economy, the official said.
GT
