Record-high exports bolster China's economy ahead of Trump’s tariff threats

China’s exports soared to a historic peak in 2024, offering a critical lift to the nation’s economy despite challenges from weak domestic consumption and a prolonged property sector slump.

Overseas shipments represented a rare bright spot for Beijing last year as sluggish domestic consumption and a prolonged crisis in the property sector dragged on growth, News.Az reports citing AFP.

But Trump, who imposed sweeping tariffs on China during his first term in office, has threatened even heftier levies when he returns to the White House next week.

Exports have historically represented a key driver of activity for the world's number two economy, which officials say is likely to have grown five percent last year.

"In 2024, China's total exports exceeded 25 trillion yuan for the first time, reaching 25.45 trillion yuan ($3.47 trillion), an increase of 7.1 percent year-on-year," Lu Daliang, spokesman for the General Administration of Customs, said at a news conference.

Total imports, meanwhile, rose 2.3 percent to 18.39 trillion yuan, Lu said.

Combined trade swelled five percent to reach a record 43.85 trillion yuan, said Wang Lingjun, vice minister of the customs administration.

"China's position as the world's largest goods trading nation has become even more secure," Wang added.

Official customs data showed Monday that exports in December jumped 10.7 percent year-on-year, comfortably outperforming a forecast of 7.5 percent in a Bloomberg survey of economists.

Imports last month grew one percent year-on-year, compared with a Bloomberg forecast of a one percent decline.

Observers have pointed out that exports were likely boosted by companies ramping up stockpiles ahead of Trump's second term amid fears of a painful trade war.

News.Az