China sets record trade surplus before Trump's inauguration
Kyiv • UNN
China's exports grew by 10.7% and imports by 1.1% in December 2024, exceeding analysts' expectations. The trade surplus reached a record high of almost USD 1 trillion on the eve of the US presidential election.
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.
Recall
Trump and China spoke about the prospects for US-China cooperation.
Chinese automakers achieved record sales in 2024, but expect a challenging 2025. Market growth will slow to 2% due to trade tensions and fierce competition.
Xi Jinping will send a representative to Trump's inauguration instead of attending in person. The Chinese envoy will hold talks with the team of the US president-elect to reduce tensions between the countries.
