China's Foreign Trade Hits New High in 2024
2025-01-31 14:00:00 | Scentswell
Sourced from Xinhua News, China's foreign trade hit a record high in total value in 2024 as the world's second-largest economy further consolidated its top position globally in goods trade.
The nation's total goods imports and exports in Chinese Yuan reached 43.85 trillion Yuan (6.1 trillion USD) last year, up 5 percent year on year, according to data released Monday by the General Administration of Customs (GAC).
Exports grew 7.1 percent year on year to 25.45 trillion Yuan last year, while imports expanded 2.3 percent from one year earlier to 18.39 trillion Yuan, the data showed.
At the same time, this record-breaking foreign trade number underscores China’s strength and resilience within the global supply chain, which means removing China from the global supply chain would be extremely difficult.
China’s advantages in manufacturing extend beyond cost and efficiency; it is also making significant strides in innovation and advanced manufacturing. However, on the other hand, China’s economic growth overly rely on exports. Even without external factors, China needs to adjust its economic structure and encourage domestic consumption.
Of course, with all the global uncertainties, this strong export performance might not last long. Chinese leaders are under pressure to keep the economy growing by increasing domestic demand. Figuring out how to do this will be crucial for the country’s long-term stability and growth.