Asian dragon breaks global trade records in 2024 with high-tech exports as it faces criticism and challenges myths of overcapacity
China’s imports and exports grew 5% in 2024 compared to the previous year, reaching 43.85 trillion yuan ($5.98 trillion), setting a new record in total foreign trade volume, according to released data by the General Customs Administration (GAC) this Monday.
China’s total exports grew by 7.1% in 2024, reaching 25.45 trillion yuan. Imports rose 2.3 percent to 18.39 trillion yuan, customs data showed.
China maintained its position as the world’s largest trader of goods in 2024. The country has become a significant trading partner for more than 150 economies, and its circle of foreign trade partners continues to expand, according to GAC.
China’s trade growth last year was 2.1 trillion yuan, equivalent to the annual trade volume of a medium-sized economy, said Wang Lingjun, deputy head of GAC, at a press conference on Monday.
High quality development
China’s role as a leading global trading partner was highlighted. For example, China’s trade volume with Belt and Road Initiative (BRI) partner countries grew 6.4% year-on-year, accounting for more than 50% of the country’s total trade for the first time.
For the ninth consecutive year, trade with ASEAN recorded growth, and both sides remained each other’s largest trading partners for five consecutive years until 2024. Under the BRICS cooperation framework, trade grew by 5.5% with member countries and partners.
Furthermore, China and the European Union have maintained close economic and trade ties, strengthening their shared interests, with bilateral trade expected to grow by 1.6% in 2024.
China-US trade grew 4.9%, closely aligning with China’s overall trade growth.
Wang said China has imported agricultural products, energy, medicine and aircraft from the US, while exporting clothing, consumer electronics and household appliances, achieving mutual benefits.
“In 2024, China’s foreign trade has achieved reasonable quantitative growth and effective qualitative improvement, representing genuinely high-quality development,” disse Wang.
New products, business models and brands have emerged rapidly in 2024, boosting exports of high-tech products, according to Wang.
The structure of China’s export products has been continuously optimized and improved, GAC said. Last year, exports of mechanical and electrical products grew 8.7%, increasing their share of total exports by 0.9 percentage points, to 59.4%. Exports of high-tech equipment grew by more than 40%.
In 2024, products such as electric vehicles grew 13.1%, 3D printers increased 32.8% and industrial robots increased 45.2%. Cross-border e-commerce imports and exports reached 2.63 trillion yuan, an increase of 1 trillion yuan since 2020.
“Overcoming challenges and myths”
Wang refuted claims of “excess capacity” in Chinese exports, describing them as unfounded, both from the perspective of comparative advantage and global demand.
“With our comprehensive and constantly evolving industrial chains, we ensure the stability of global production, driving technological progress and global industrial modernization. This is an undeniable fact,” disse Wang.
He also criticized what he described as attempts by some countries to “contain China’s progress” through protectionism, warning that such strategies undermine global industrial cooperation and the stability of production and supply chains.
Wang highlighted that openness, cooperation and mutual benefits remain the right path to global economic progress.
With information from News Agencies*
Source: https://www.ocafezinho.com/2025/01/15/comercio-exterior-da-china-conquista-recorde-de-us-598-tri-em-2024/
