China’s Foreign Trade Reaches Record High in 2024, With Exports and Imports Growing 5%

China’s foreign trade reached a new milestone in 2024, with total exports and imports growing by 5% year-on-year to 43.85 trillion yuan ($5.98 trillion), according to Xinhua news agency. Exports rose by 7.1% to 25.45 trillion yuan ($3.47 trillion), while imports increased by 2.3% to 18.39 trillion yuan ($2.5 trillion).

China’s trade surplus reached an all-time high of 7.27 trillion yuan ($992 billion). The country’s total trade volume grew by 2.1 trillion yuan ($286.4 billion), equivalent to the annual trade of a medium-sized economy.

Exports of electric vehicles increased by 3.1%, while 3D printer exports surged 32.8%, and industrial robot exports grew by 45.2%. Trade between China and ASEAN grew by 9%, marking nine consecutive years of growth. China’s trade with the US also rose by 4.9%, with a mutual benefit in the trade of agricultural products, energy products, pharmaceuticals, and aircraft.