China's record trade surplus as tariffs loom under Trump
The Chinese economy concluded 2024 with a record trade surplus nearing one trillion dollars. In December alone, China's exports amounted to approximately $336 billion, and its trade surplus was $100 billion, surpassing the previous high figures from the pandemic period.
In December 2024, Chinese exports hit $336 billion, marking a 10.7% increase compared to the previous year, according to the Associated Press. This rise was also attributed to actions by Chinese factories that intensified orders ahead of Donald Trump's inauguration as U.S. President (scheduled for 12:00 GMT on 20 January – note). The Republican has openly planned to impose additional tariffs on goods from China.
China with a trade record. Wanted to act before Trump
Exporters likely anticipated the possibility of a trade war in 2025. According to Zhiwei Zhang, the chief economist at Pinpoint Asset Management, they sped up shipments to avoid future tariff increases. He emphasized that the key factors to watch in the coming weeks are Washington's policies and Beijing's political responses.
The growth in Chinese exports for December (10.7%) clearly exceeded economists' expectations, who forecasted a growth of 7.3%. Imports also rose by 1% to $231 billion, even though a decline was anticipated in this area.
Shanghai as a symbol of record trade turnover
As a result, China recorded a record trade surplus of nearly one trillion dollars ($992 billion) for 2024. The value of shipped orders continued to rise until the end of the year, surpassing the previous record from 2022 during the pandemic period.
The port in Shanghai became a symbol of the strength of Chinese exports last year. According to Bloomberg, in 2024, it was the largest transhipment port globally - handling the equivalent of more than 50 million shipping containers.
December was also a record month for Chinese exports to the USA, reaching nearly $49 billion (a 15.6% increase year-on-year), and for the entire year - $525 billion.
