Discover the latest developments in China’s international trade as 2024 reveals remarkable growth, evolving trade structures, and innovative strategies. This in-depth review examines the performance of China’s imports and exports over the first 10 months of 2024 and the implications for global trade in 2025.
October 2024: Record-breaking Export Growth
China’s export performance exceeded expectations in October, marking its largest year-on-year expansion (12.7% in USD terms) since March 2023. Key contributors included:
• Recovery from disruptions: The resolution of global shipping issues and weather-related delays.
• Cross-border e-commerce surge: A 15.2% increase in exports during the first three quarters, driven by digital trade innovation.
• U.S. demand resilience: Strong economic trends in the U.S. supported export growth.
• Favorable comparison base: October 2023’s export decline (-7.5%) provided a low benchmark for this year’s growth.
October’s trade surplus reached RMB 679.1 billion (US$95 billion), reinforcing China’s role as a key driver of global trade.
2024 Year-to-Date Performance: Sustained Growth Amid Challenges
From January to October, China’s total trade hit RMB 36.02 trillion (US$5.05 trillion), reflecting a 5.2% year-on-year increase:
• Exports: RMB 20.8 trillion (US$2.89 trillion), up 6.7%.
• Imports: RMB 15.22 trillion (US$2.09 trillion), up 3.2%.
• Trade surplus: Expanded by 17.6% to RMB 5.58 trillion (US$770 billion).
Evolving Trade Methods Highlight New Opportunities
China’s trade structure reflects a shift toward more efficient and diverse practices:
• General trade leads: Accounting for 64.1% of total trade, this segment grew 3.9%, supported by steady global demand.
• Processing trade growth: Up 4%, showcasing continued demand for China’s manufacturing capabilities.
• Bonded logistics boom: This sector grew by 14%, reaching RMB 5.09 trillion (US$0.71 trillion). Enhanced supply chain efficiency and logistics innovation drove this growth.
Challenges and Strategic Adjustments
Despite robust growth, October saw a 1.2% month-on-month decline in total trade due to:
• Weak domestic demand.
• Cautious import decisions by businesses.
• Falling commodity prices.
China’s counter-cyclical policies and external demand resilience have helped stabilize market confidence, ensuring progress toward annual economic goals.
What This Means for 2025
China’s import-export trends emphasize the importance of digital trade, logistics advancements, and adaptability to global challenges. With steady growth in general trade, processing trade, and e-commerce, businesses can leverage China’s evolving trade environment for long-term opportunities.
Stay informed about China’s trade performance to capitalize on these developments as the country strengthens its position in global markets.
