China’s total imports and exports rose by 5 percent year-on-year in 2024, reaching a record-breaking 43.85 trillion yuan ($5.98 trillion), according to the General Administration of Customs (GAC). This milestone cements China’s position as the world’s largest trader in goods and highlights the continued expansion of its global trade network, now encompassing over 150 economies.
Exports surged by 7.1 percent to 25.45 trillion yuan, while imports grew by 2.3 percent, hitting 18.39 trillion yuan. The annual trade growth of 2.1 trillion yuan equals the total trade volume of a medium-sized economy, said Wang Lingjun, deputy head of the GAC, during a press conference.
A key driver of this growth has been the rapid export expansion of high-tech products. Official GAC data reveals notable increases in exports of electric vehicles (up 13.1 percent), 3D printers (up 32.8 percent), and industrial robots (up 45.2 percent). These trends reflect China’s embrace of innovation and the success of emerging business models and brands in boosting its global trade competitiveness.
Cross-border e-commerce also played a significant role, with imports and exports in this sector reaching 2.63 trillion yuan, marking a 1-trillion yuan increase compared to 2020. Domestic brands accounted for 21.8 percent of total export volume in 2024, an increase of 0.8 percentage points from the previous year.
The Belt and Road Initiative (BRI) continues to strengthen China’s trade partnerships. Total trade volume with BRI partner countries grew by 6.4 percent year-on-year, surpassing 50 percent of China’s total trade value for the first time. Meanwhile, trade with ASEAN countries rose by 9 percent, marking the ninth consecutive year of growth and solidifying ASEAN’s status as China’s largest trading partner for the fifth straight year.
Sino-US trade also expanded, growing by 4.9 percent in 2024. China imported agricultural products, energy, pharmaceuticals, and aircraft from the US while exporting clothing, consumer electronics, and household appliances. “This demonstrates mutual benefit and win-win outcomes,” noted Wang.
China’s domestic consumer market has shown resilience, driven by increased imports of essential goods. December 2024 alone saw imports of consumer goods reach 167.8 billion yuan, the highest level in 21 months, according to GAC spokesperson Lü Daliang.
Looking ahead, the GAC foresees substantial room for growth in China’s imports, with expectations that cumulative imports from developing countries alone will exceed $8 trillion by 2030. China’s expanding domestic demand and commitment to opening its economy are set to create new opportunities for global businesses.
“China’s massive market offers not only greater opportunities but also broader choices for the global economy,” said Lü. With its record-setting trade figures and sustained growth momentum, China remains a cornerstone of global trade and economic development.
