Beijing (TDI): China’s imports and exports grew by 5% 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 on Monday.
In 2024, China’s total exports went up by 7.1% year-on-year to reach 25.45 trillion yuan.
Imports grew by 2.3% to hit 18.39 trillion yuan, the customs data showed.
China remained the world’s largest trader in goods last year.
It has become a major trading partner for more than 150 economies, and its loop of friends of foreign trade continues to expand, according to the GAC.
Also Read: Kazakhstan, Afghanistan Discuss China Trade Routes
China’s trade growth in 2024 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 media conference on Monday.
In 2024, China witnessed the emergence of many new products, new business models and new brands, causing an increase in the exports of high-tech products, Wang said.
Also Read: Kyrgyzstan-China Trade Hits $11b
Official GAC data showed that China’s exports of electric vehicles went up by 13.1 percent year-on-year, 3D printer exports surged by 32.8 percent and industrial robot exports increasing by 45.2 percent.
The country’s imports and exports via cross-border e-commerce hit 2.63 trillion yuan in 024, marking a 1-trillion yuan increase from 2020 levels.
Exports of China’s Domestic Brands
The exports of China’s domestic brands made up 21.8% 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.
