China saw booming exports in 2024 as Trump tariffs loom.

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China’s exports reached a record high in 2024, providing a much-needed boost to the country’s economy. This surge in exports comes as the nation prepares for potential tariffs imposed by US President-elect Donald Trump.

The country’s customs data revealed that exports exceeded 25 trillion yuan for the first time, representing a 7.1% increase from the previous year. Total imports also rose by 2.3%, while combined trade reached a record 43.85 trillion yuan.

Experts attribute the export growth to companies stockpiling goods ahead of Trump’s presidency, fearing a trade war. Economists expect shipments to remain strong in the coming months but warn that exports may decline later in the year if Trump imposes tariffs.

China’s economy, which has struggled with sluggish domestic consumption and a property sector crisis, is likely to have grown 5% in 2024. However, experts argue that more policy support is needed to stimulate domestic consumption and ensure sustainable economic growth.

The Chinese government has implemented various measures to boost the economy, including canceling restrictions on homebuying, providing subsidies for household items, and cutting interest rates. These efforts aim to kickstart the economy, which has yet to achieve a full post-pandemic recovery.

Exports have historically been a key driver of China’s economic growth. However, the country’s economic health remains a concern, with low inflation rates and a potential increase in real interest rates.

Economists warn that the new US tariffs could reduce export volumes by about 3% and shave off around 0.5% of China’s GDP. The International Monetary Fund has predicted a slowdown in China’s economic growth to 4.5% in 2025.

The Chinese government is set to release its 2024 economic growth data, which is expected to confirm the 5% growth target. President Xi Jinping has expressed confidence in achieving this target, but experts remain cautious about the country’s economic outlook.

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