Beijing, Jan 13, (V7N) - China’s exports soared to an all-time high in 2024, offering a significant boost to its economy as it braces for potential new tariffs under U.S. President-elect Donald Trump’s administration.

Total exports surged 7.1% year-on-year to a record 25.45 trillion yuan ($3.47 trillion), according to state broadcaster CCTV. Imports rose by 2.3% to 18.39 trillion yuan, pushing total trade volume to a record 43.85 trillion yuan, a 5% increase from the previous year.

December exports alone jumped 10.7% year-on-year, surpassing Bloomberg’s forecast of 7.5%, while imports grew by 1%, defying expectations of a decline.

Analysts suggest the surge in exports was driven by companies stockpiling goods in anticipation of Trump's potential tariff hikes, reminiscent of his aggressive trade policies during his first term.

Despite robust trade performance, China’s broader economy continues to struggle with sluggish domestic demand and a prolonged property sector crisis. In response, Beijing introduced several aggressive policies in recent months, including easing homebuying restrictions, offering consumer subsidies, and cutting key interest rates.

President Xi Jinping remains confident that China met its 5% GDP growth target for 2024, though economists argue that stronger measures to stimulate domestic consumption are essential for sustained recovery.

The government is set to release the official 2024 economic growth data later this week.

END/BUS/RH/