China’s foreign trade soared to a new height in 2024, reaching a record 43.85 trillion yuan (approximately $5.98 trillion), according to the General Administration of Customs. This achievement marks a 5 percent increase compared to the previous year, underscoring the nation’s robust economic performance amidst global challenges.
Exports surpassed the 25 trillion yuan mark for the first time, totaling 25.45 trillion yuan—a 7.1 percent increase and the eighth consecutive year of growth. Imports also saw a positive trajectory, amounting to 18.39 trillion yuan, up by 2.3 percent year-on-year.
The export product structure continued to evolve, with electromechanical product exports rising by 8.7 percent, now representing 59.4 percent of total exports. High-end equipment exports experienced a remarkable surge of over 40 percent. Specifically, exports of electric vehicles, 3D printers, and industrial robots grew by 13.1 percent, 32.8 percent, and 45.2 percent, respectively.
These figures highlight China’s ongoing efforts to optimize its trade structure and move up the value chain. The substantial growth in high-tech and high-value exports reflects the country’s focus on innovation and development of advanced manufacturing capabilities.
Analysts suggest that China’s record-breaking trade performance in 2024 demonstrates resilience and adaptability in the face of global economic uncertainties. The continuous growth in exports, particularly in the technology and machinery sectors, positions China as a key player in the global market.
Reference(s):
cgtn.com
