Chinese exports rose to a new record level in 2024. The country’s exports were fueled in the year’s final months by companies expanding their inventories ahead of US President Donald Trump’s second term.
Trump imposed higher import duties on China during his first term and has threatened even heavier duties when he returns to the White House next week.
Total exports rose 7.1 percent last year, exceeding 25 trillion yuan for the first time. Export growth is a bright spot for the ailing Chinese economy, struggling with an ongoing real estate crisis and low consumer confidence, causing Chinese people to spend less money.
China is trying to boost domestic consumption with support measures. Total imports grew by 2.3 percent to 18.4 trillion yuan in 2024, partly as a result. In December, imports rose by 1 percent, while exports rose by 10.7 percent. Both figures were higher than economists had expected.