On Friday, the General Administration of Customs released data showing that China's total goods trade value reached a historic high of 43.85 trillion yuan in 2024, a 5% year-on-year increase. Despite facing multiple challenges, China's foreign trade achieved remarkable growth and scale.

At a press conference held by the State Council Information Office, Wang Lingjun, Deputy Commissioner of the General Administration of Customs, highlighted that a series of measures introduced since late September 2024 to stabilize foreign trade contributed to a record-breaking fourth quarter. Quarterly trade reached 11.51 trillion yuan, the highest on record, with December alone surpassing 4 trillion yuan in trade value, marking a 6.8% growth rate and ensuring a strong finish to the year.

Export and import performance

Exports in 2024 totaled 25.45 trillion yuan, up 7.1% year-on-year, with the export structure shifting towards higher-value products. Exports of mechanical and electrical products grew by 8.7%, accounting for 59.4% of total exports. Imports reached 18.39 trillion yuan, up 2.3%, driven by strong demand for consumer goods such as clothing, fruits, and wine, which rose by 5.6%, 8.6%, and 38.8%, respectively. December imports hit a 21-month high due to increased consumption ahead of New Year’s and Spring Festival.

Trade partners and regional highlights

China’s trade with Belt and Road Initiative (BRI) partner countries totaled 22.07 trillion yuan, a 6.4% increase, accounting for over half of the country’s total trade for the first time. Trade with ASEAN grew by 9%, solidifying the mutual status of China and ASEAN as each other's largest trading partners for the fifth consecutive year.

In regional terms, eastern China continued to be the cornerstone of the country’s trade, contributing 79.7% of the total. Meanwhile, northeastern China achieved record-breaking trade levels for the fourth consecutive year, reaching 1.25 trillion yuan in 2024.

Shenzhen: driving force behind China's trade

The final customs declaration of 2024, highlighted during the press conference, came from Shenzhen. It detailed a shipment of translation headsets exported to Japan, symbolizing the culmination of a year marked by robust trade activity. Wang Lingjun emphasized that the mention of Shenzhen was both coincidental and significant, reflecting the global appeal of Shenzhen-made products.

Shenzhen has emerged as China’s most comprehensive manufacturing hub, producing everything from large-scale equipment to consumer electronics. Known for its product quality and variety, Shenzhen is well-positioned to meet international production and consumption demands, underscoring its status as a key driver of China’s foreign trade.

In 2024, Shenzhen achieved a historic milestone, with foreign trade exceeding 4 trillion yuan for the first time. According to Shenzhen Customs, the city’s imports and exports reached 4.11 trillion yuan in the first 11 months, a year-on-year increase of 17.4%, outpacing national and provincial growth rates and setting a new record.

Shenzhen's robust trade performance and diversified manufacturing capabilities continue to solidify its reputation as a vital engine of China’s economic growth and global trade network.

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