China's exports up 7%

2024: Surge as firms ramp up stockpiles fearing Trump trade war

- 

China's exports surged to a record high in 2024, providing a much-needed boost for the economy as the prospect of biting tariffs imposed by US president-elect Donald Trump looms.

Overseas shipments represented a rare bright spot for Beijing last year as sluggish domestic consumption and a prolonged crisis in the property sector dragged on growth.

But Trump, who imposed sweeping tariffs on China during his first term in office, has threatened even heftier levies when he returns to the White House next week.

Observers said a recent surge in China's exports has likely been boosted by companies ramping up stockpiles ahead of Trump's second term amid fears of a painful trade war.

"In 2024, China's total exports exceeded 25 trillion yuan for the first time, reaching 25.45 trillion yuan (about R65.5 trillion), an increase of 7.1% year-on-year," Lu Daliang, spokesperson for the General Administration of Customs, said.

Total imports, meanwhile, rose 2.3% to 18.39 trillion yuan, Lu said.

Combined trade swelled 5% to reach a record 43.85 trillion yuan, said Wang Lingjun, vice minister of the customs administration.