Figures released by the Chinese government show that foreign trade increased 5% year on year in 2024, to a total of $5.98 trillion. In particular, exports grew by 7.1% to $3.47 trillion, and imports grew by 2.3% to hit $2.51 trillion.
The growth in trade is good news, but what indicates the healthy state of the Chinese economy is that, contrary to Western economies, percentage share of GDP of exports is below 20%. Compare it to major European economies which have followed IMF policies, depressing the domestic market and implementing an export-driven model, representing 50% or more of GDP. Those economies are exposed to external shocks, whereas China is not. Furthermore, China’s foreign trade is physical whereas some western economies have fictive components in, such as financial services.
“China remains the world’s largest trader in goods in 2024,” Global Times reports. “China has become a major trading partner for over 150 economies, and its loop of friends of foreign trade continues to expand.”
In 2024, China saw the emergence of many new high-tech products, such as electric vehicles (plus 13.1% year-on-year), 3D printers (plus 32.8%) and industrial robots (plus 45.2%).
