Cargo ships are seen sending out containers at Guoyuan Port in Chongqing, China on January 11, 2025. China’s trade surplus grew to an unprecedented level in 2024, buoyed by a rapid expansion of exports. -- Photo: AFP
HONG KONG: Buttressed by robust export figures – particularly an all-time high for shipments of integrated circuits (ICs) and cars – China’s trade surplus in 2024 broke records, though the imminent second term of US president-elect Donald Trump and the likely onset of higher tariffs will make similar levels of trade growth a challenge in 2025.
Exports grew 5.9 per cent year on year in 2024 to US$3.58 trillion, according to customs data released on Monday, one week before Trump takes office. Imports for the same period – with a year-on-year rise of 1.1 per cent to US$2.59 trillion – were not enough to narrow the gap, leading to a record trade surplus of US$992.1 billion.
