China’s foreign trade surplus rose to a record high of nearly $1.2 trillion (almost CZK 25 trillion) last year despite US tariffs. The slowdown in exports to the United States due to higher tariffs was offset by exports to other countries. This was reported today by Reuters, citing data from the Chinese customs office. In 2024, the trade surplus amounted to more than USD 992 billion.
Exports are growing, imports are stagnating
Exports for the whole of last year rose by 5.5 percent to USD 3.77 trillion. Chinese car manufacturers and other manufacturers expanded into markets around the world. Imports stagnated at USD 2.58 trillion.
Pressure from politicians on Chinese companies to expand their activities outside the United States and focus on Southeast Asia, Africa, and Latin America has mitigated the impact of US tariffs and intensifying trade, technology, and geopolitical disputes that followed Donald Trump’s return to the White House last year.
New markets, new risks
“The Chinese economy remains extremely competitive,” said HSBC economist Fred Neumann. He added that the solid data reflects not only the growth in productivity and technological sophistication of Chinese manufacturers, but also weak domestic demand and the associated excess capacity. However, the growing surplus could also cause tension with trading partners, especially those that are themselves dependent on exports, he warned.
Exports to the US fell by 20 percent last year, while imports fell by 14.6 percent. Chinese companies have been successful in penetrating other markets. Exports to Africa rose by 25.8 percent, exports to the ASEAN bloc in Southeast Asia by 13.4 percent. Exports to the EU rose by 8.4 percent.
Source: ÄŒTK
