China's export growth accelerated significantly in 2024, driven by supportive policies that enhance both existing and incremental trade, allowing the country to reach an unprecedented export scale of over 25 trillion yuan (around 3.4 trillion U.S. dollars), according to the General Administration of Customs (GAC) on Monday.
China's total goods export reached 25.45 trillion yuan last year, marking a 7.1 percent increase year on year and sustaining growth for eight consecutive years, and showing strong momentum and vitality, said Lyu Daliang, GAC spokesman and director of the GAC's Department of Statistics and Analysis while unveiling China's 2024 export data at a government press conference in Beijing
Addressing questions about whether the recent acceleration in export growth was driven by seasonal factors or "rush to export" effects, Lyu explained that the fourth quarter of 2024 saw a 9.2 percent increase in exports, up 2.9 percentage points compared to the first three quarters.
"We believe this is both a continuation of the long-term positive trend and a reflection of the effectiveness of policy implementation. In particular, the package of stock and incremental policies introduced by the Political Bureau of the Communist Party of China (CPC) Central Committee on September 26 has continued to release its effects, providing stronger support for exports. At the same time, there are also factors related to companies adjusting their export rhythms. According to companies, the postponement of shipping schedules after the typhoon in September last year, the earlier Spring Festival holiday this year, and the potential escalation of trade protectionism have all disrupted normal production and operations," said Lyu.
At the same press conference, in response to questions from Bloomberg News about China's growing trade surplus, which reached 7 trillion yuan in 2024, GAC Deputy Director Wang Lingjun talked about concerns over potential exacerbation of trade protectionism.
"First, China does not pursue a trade surplus. The specific scales of export, import, and trade imbalances are the results of comprehensive factors such as international supply and demand relationships, industrial division of labor, and market competition; they are not artificially created. Second, China's trade surplus as a percentage of GDP remains within a reasonable range and has significantly decreased from historical highs, and it is lower than that of other major exporting countries. Third, some countries misuse export controls to limit exports to China. I want to import more, but you prevent me from doing so, while you are overly anxious about the trade surplus, which is inherently contradictory," said Wang.
China actively expands imports, hosting the China International Import Expo for seven consecutive years, steadily expanding unilateral opening up, broadening market access, proactively lowering tariffs, and pushing import values to record highs, said Wang.
Regardless of the external environment changes, China will steadfastly expand its openness, firmly oppose trade protectionism, and use a determination for openness and pragmatic measures to build bridges for communication, sharing opportunities, discussing cooperation, and promoting development with all countries, Wang added.
Favorable policies drive China's record-breaking export growth in 2024
