China’s foreign trade reached a record RMB43.85 trillion ($5.98 trillion) in 2024, a 5% increase from the previous year, solidifying its position as the world’s largest goods trader, according to the country’s General Administration of Customs.
Exports surged 7.1% year-on-year, totaling RMB25.45 trillion, while imports rose by 2.3% to RMB18.39 trillion.
The rise in exports was driven by a strong performance in electromechanical products, which grew 8.7% and now account for nearly 60% of total exports. Notably, high-end equipment exports jumped by more than 40%, with key products such as electric vehicles, 3D printers, and industrial robots increasing by 13.1%, 32.8%, and 45.2%, respectively.
Trade with Belt and Road Initiative (BRI) partner countries also showed positive momentum, rising 6.4% year-on-year and making up over half of China’s total trade value.
The Association of Southeast Asian Nations (ASEAN) remained China’s largest trading partner for the fifth consecutive year, with trade growing by 9%, marking nine years of sustained growth.
Meanwhile, trade with the European Union, China’s largest source of consumer goods imports and a crucial market for electromechanical products, grew by 1.6%. Bilateral trade with the United States rose by 4.9%, further reinforcing the global reach of China’s trade networks.