China's exports at a record high: What will the change in US government mean?

China's exports recovered significantly in 2024 and thus show a positive development in the country's foreign trade. Total exports amounted to around 3.58 trillion US dollars (approx. 3.5 trillion euros) and were 5.9 percent higher than the previous year. Imports also grew by 1.1 percent compared to the previous year and reached around 2.59 trillion US dollars.

Particularly noteworthy is the trade surplus, which reached a record high of almost $1 trillion. In December 2024, exports rose by 10.7 percent compared to the same month last year. In contrast, imports only increased by 1 percent in December. A possible background for this increase in exports could be the impending change of government in the USA. US President-elect Donald Trump has already announced his intention to introduce further tariffs on Chinese products, which could potentially reduce the sales prospects of Chinese goods in the US.

Economic situation and challenges

China's economy relies heavily on exports but faces various challenges. Weak domestic consumption and the consequences of a real estate crisis are putting a strain on the economic environment. These factors could significantly impact foreign trade in 2024, especially if tariffs on Chinese products increase abroad.

Similar developments were already recorded in 2023, when China's exports also experienced a recovery. According to reports, exports this year also amounted to around 3.58 trillion US dollars, 5.9 percent higher than in 2022. Then, too, imports grew by 1.1 percent and the trade surplus reached a record high of almost 1 trillion US dollars, while exports in December 2023 rose by 10.7 percent compared to the same month last year. Again, domestic consumption and the real estate crisis were significant for China's economic situation.

For more information on developments in China's foreign trade, read reports from NP Coburg and Daily Mirror.