China's Foreign Trade 2024: Resilient Growth and Future Prospects
////
Trade Performance in 2024
ONE
China's foreign trade showed remarkable resilience in 2024 despite global challenges. According to the General Administration of Customs (GAC), total trade value reached 39.79 trillion yuan ($5.45 trillion) in the first 11 months, a year-on-year increase of 4.9%. Exports rose by 6.7% to 23.04 trillion yuan, surpassing the 2.4% growth in imports. General trade exports accounted for 65.3% of the total, up by 0.7 percentage points, while private enterprises contributed 64.3% of export value. Mechanical and electrical product exports grew by 8.5%, fueling overall export performance.
////
Key Export Drivers
TWO
China's robust export growth was driven by easing global inflation, inventory restocking in major economies, and strong manufacturing output. Leading sectors included transportation equipment, electronics, and emerging product categories, while traditional labor-intensive exports declined. Cross-border e-commerce and bonded repair services also supported growth.
////
Challenges: Protectionism and Policy Risks
THREE
China's robust export growth was driven by easing global inflation, inventory restocking in major economies, and strong manufacturing output. Leading sectors included transportation equipment, electronics, and emerging product categories, while traditional labor-intensive exports declined. Cross-border e-commerce and bonded repair services also supported growth.
////
Global Market Engagement
FOUR
China's initiatives to expand market access, such as the China International Import Expo (CIIE) and zero-tariff policies for least developed countries (LDCs), spurred a 12.4% increase in imports from LDCs in 2024. Products like Rwandan honey and Afghan pine nuts gained traction through e-commerce and CIIE promotions. Officials from countries like Bangladesh lauded these policies for opening new trade opportunities.
////
Outlook for 2025
FIVE
Despite ongoing uncertainties, experts hold cautious optimism for 2025. Recommendations include further opening trade, fostering green and digital trade, encouraging innovation, and strengthening multilateral cooperation. With adaptability and innovation at its core, China is poised to maintain its role as a stabilizing force in global trade.
First, please LoginComment After ~