China's exports experienced a significant increase in December 2024, rising by 10.7% compared to the previous year, driven by heightened factory production in anticipation of US President-elect Donald Trump's return to office.
Official statistics indicate that China's trade surplus expanded by $104.8 billion, with total exports for 2024 reaching $3.58 trillion, marking a 5.9% rise over 2023. Imports, however, only increased by 1%, defying expectations of a decline.
In December alone, exports to Germany rose by 12.5%, while imports from Germany fell by 9.6%, contributing to Germany's growing trade deficit with China. This shift is attributed to a global decrease in demand for German automobiles, especially as Chinese electric vehicles (EVs) gain market share, with Chinese EV exports rising by 13% worldwide.
For the entirety of 2024, China's exports to Germany increased by 6.5%, while imports from Germany dropped by 10.7%. Under President Xi Jinping, China's manufacturing focus has shifted towards high-end electronic goods, with electronic equipment exports increasing by 9% last year and advanced equipment exports soaring by over 40%.
E-commerce also played a significant role in boosting exports, with online retailers like Temu, Shein, and Alibaba generating approximately 2.6 trillion yuan ($350 billion), double their earnings during the pandemic year of 2020.
However, analysts caution that this rapid export growth may decelerate in 2025 if Trump follows through on his promise to impose high tariffs on Chinese goods. Exports to the US surged by 15.6% in 2025, with Trump prioritizing the trade deficit with China as a major concern.
Overall, China's import and export operations registered an impressive 43.9 trillion yuan (nearly $6 trillion) in 2024, according to government reports.