Foreign trade
Strong recovery in China’s exports
For China as an export nation, foreign trade is an important economic support. But the growth driver of the People’s Republic is facing a difficult year. This is also due to the change of power in the USA.
China’s exports recovered significantly last year. The total exports amounted to around 3.58 trillion US dollars (equivalent to 3.5 trillion euros), 5.9 percent above the value for 2023, as the customs authorities in Beijing announced. Imports only grew by 1.1 percent or a value of around 2.59 trillion US dollars. This meant that the trade surplus was at a record high of almost one trillion US dollars.
Exports in December rose more than analysts expected, rising by 10.7 percent compared to the same month last year. Imports only increased by one percent. The background could be the change of government in the USA next week, in view of which Chinese companies wanted to get rid of their goods. US President-elect Donald Trump has announced further tariffs on Chinese products, which would reduce their sales opportunities in the United States and further worsen trade relations between the world’s two largest economies.
Exports are an extremely important pillar of the Chinese economy. The surcharges on Chinese products abroad would severely impact foreign trade this year and would be a further setback for the country, which is still struggling with weak domestic consumption and the fallout from a years-long real estate crisis.
dpa
Source: Stern
