China’s export scene reached unprecedented heights last year as manufacturers accelerated shipments to compensate for tepid domestic demand and brace for potential policy shifts with Donald Trump’s return to the White House.
According to a local report from Chinese media on January 13, exports surged by 7.1% to 25.5 trillion yuan in 2024, with imports increasing by 2.3%, culminating in an unmatched trade surplus of 7.1 trillion yuan.
This exceptional export growth, fueled by robust international demand, has served as a vital buoy for China’s economy, facing hurdles from a protracted housing crisis and subdued consumer spending. Monthly export values soared throughout last year, surpassing pandemic-era highs and significantly contributing to economic momentum.
However, this export boom might face headwinds as Trump signals intentions to escalate tariffs on Chinese products, potentially prompting Chinese exporters to seek alternative markets and intensifying global trade frictions.
Amid escalating deflationary pressures within China, continually declining export prices have aided in making Chinese goods more competitive internationally. Consequently, the growth rate of export volume overtook that of value, with total shipment volumes climbing 7.3% up to November, outstripping the 5.4% rise in value in US dollar terms, according to the Ministry of Transport. A case in point is Shanghai port, which achieved a milestone by processing over 51.5 million 20-foot shipping containers in 2023, marking a nearly 5% rise from 2022 and an impressive 19% increase from pre-pandemic levels in 2019.
