China's exports accelerated in December 2024, while imports recovered, closing 2024 on a positive note.
China's exports in December 2024 increased by 10.7%
China's exports accelerated in December 2024 while imports recovered, ending 2024 on a positive note as the world's second-largest economy braces for rising trade risks ahead.
 |
| Containers and cargo ships at Qingdao port, Shandong province, China - Photo: China Daily |
US President-elect Donald Trump, who is set to take office next week, has proposed imposing significant tariffs on Chinese goods, raising fears of a new trade war between the two powers.
Adding to the challenges, unresolved disputes with the European Union over tariffs of up to 45.3% on Chinese electric vehicles threaten to hamper the country's ambitions to expand auto exports.
“ Trade growth became more pronounced in December, due to both the impact of the Lunar New Year and Donald Trump’s inauguration ,” said Xu Tianchen, senior economist at the Economist Intelligence Unit.
“ Import growth could be supported by the stockpiling of commodities such as copper and iron ore, part of China's 'buy when prices are low' strategy ,” said Xu Tianchen.
Exports in December 2024 increased by 10.7% compared to the same period last year, according to recently released customs data.
Imports unexpectedly increased by 1.0%
Imports surprised with a 1.0% increase, marking their best performance since July 2024, while economists forecast a 1.5% decline.
China's trade surplus widened to $104.8 billion last month, from $97.4 billion in November.
There is still “plenty” of room for China’s $18 trillion economy to expand imports this year, a Chinese customs spokesman said.
Export momentum remains a key factor for China's economy, which is under pressure from a protracted property market crisis and weak consumer confidence.
However, there have been signs of stabilization following China's stimulus measures in recent months.
Manufacturing activity maintained a modest expansion for a third straight month, while the services and construction sectors recovered in December, an official survey showed.
South Korea, a key indicator of China's imports, recorded an 8.6 percent increase in exports to China in December, indicating steady demand for technology products.
China's iron ore imports are set to rise for a second straight year in 2024, hitting a new record high as low prices spur buying and demand remains steady despite a prolonged property crisis that continues to weigh on steel demand.
As the world's largest agricultural importer, China also bought a record amount of soybeans last year, after importers concerned about US-China trade tensions boosted purchases of American soybeans ahead of President-elect Donald Trump's inauguration.
However, crude oil imports fell last year, marking the first decline in two decades outside of the COVID-19 pandemic-related declines, as slowing economic growth and peaking fuel consumption dented demand.
China's top leaders have pledged to ease monetary policy and take more proactive fiscal measures in 2025 to counter external pressures and boost domestic demand.
The Chinese government has set an economic growth target of around 5% for 2025, a target that has been challenging to meet in 2024.
| China's exports rose 10.7% in December from a year earlier, customs data showed on Friday, beating forecasts for 7.3% growth in a Reuters poll of economists and improving from November's 6.7% gain. |
Source: https://congthuong.vn/xuat-khau-cua-trung-quoc-tang-toc-nhap-khau-gay-bat-ngo-369345.html
Comment (0)