China’s Trade Surplus Exceeds $1 Trillion for the First Time in 2024 Due to Export Growth

In 2024, China recorded a trade surplus in goods that exceeded $1 trillion for the first time in history. According to data from the country’s customs administration, the surplus in monetary terms reached $1.076 trillion over the eleven months of the current year, which pertains only to goods transactions and does not include the services sector.

This is reported by AgroReview

Trends in China’s Exports and Imports

For the entire year of 2024, China’s goods surplus was slightly less than $1 trillion, but the country has already achieved a new record. The growth in exports was significantly influenced by agreements between Washington and Beijing, which established an annual truce in October, helping to reduce tensions in trade relations.

In November, China’s exports rose by 5.9% compared to the same period last year, marking a recovery after an unexpected decline in October—the first such decline since tariffs were implemented by U.S. President Donald Trump. Imports in the same month increased by 1.9%, resulting in a monthly surplus of $112 billion.

Reactions from International Partners and the Role of Exports in China’s Economy

The significant difference between China’s exports and imports has drawn criticism from trading partners. During a recent visit to China, French President Emmanuel Macron noted that such imbalances are “intolerable” for the global market.

“The large gap between China’s exports and imports has attracted criticism from its trading partners, with French President Emmanuel Macron pointing out the ‘intolerable’ imbalances during his visit to the country last week.”

The Chinese government, under the leadership of Xi Jinping, is actively focusing on exports as a primary driver of economic activity. This is linked to weak domestic demand and a prolonged slowdown in the real estate market, which has been ongoing for five consecutive years.