China's exports grew by 10.7 percent year-on-year, imports grew by 1.1 percent, confirming a record trade surplus. The change of government in the US in January may have been a precondition for this.
Transmits to UNN with reference to MilanoFinanza.
Chinese exports and imports exceeded expectations in December 2024, and the trade surplus of the large Asian economy grew more than expected.
Chinese exports grew 10.7% year-on-year in December 2024, exceeding forecasts of 7.3% and accelerating from +6.7% in November.
Exports amounted to about USD 3.58 trillion (5.9% higher than in 2023). Imports grew by only 1.1%, or to USD 2.59 trillion. This resulted in a trade surplus that reached a record high of just under one trillion USD.
Imports grew by 1.1%, according to the Chinese customs service, surpassing forecasts of a 1.5% drop and marking the first increase in three months.
The reason for this could be the change of government in the United States next week, before which Chinese companies wanted to get rid of their goods. This is because US President-elect Donald Trump has announced further tariffs on Chinese products, which could reduce sales opportunities in the US and further worsen trade relations between the world's two largest economies.
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