China’s GDP in 2024 reached 134,908.4 billion yuan, compared to 129,427.2 billion yuan in 2023, reflecting a nominal growth rate of about 4.23%. With real GDP growing by 5%, this suggests that overall prices saw a drop, with the GDP deflator for 2024 at 99.27.
In 2024, the rise in the goods surplus accounted for 23% of China’s GDP growth.
China’s exports to the EU are up by 3% in 2024, while imports are down by 5%.
For every dollar China imports from the EU, it exports two in return.
China’s exports to the U.S are up by 5% in 2024, while imports are flat.
For every dollar China imports from the U.S, it exports three in return.
China’s exports to ASEAN surged over 12% while imports barely rose 2%, leveraging the bloc as a channel to funnel goods to the U.S., dodging tariffs and restrictions
Watching the figures… Xi’s trade narrative during his latest Latin America tour falls apart.
Despite the repeated promises and a more pronounced decline in exports to South Africa compared to imports, China continues to generate a substantial surplus from Africa, equivalent to one-fifth of its total trade with the continent
Car exports increased by 19% in 2024, but while exports of combustion cars rose by 23%, exports of e-cars grew at a much lower rate of 6.7%
In 2024, the total value of electric car imports—including pure electric, plug-in hybrids, and non-plug-in hybrids—dropped by 18%. Pure electric vehicles accounted for 79% of the import value, down from 90% in 2023, with their value declining by 28%. Plug-in hybrids maintained a 10% share but saw an 8% drop in value. Non-plug-in hybrids were the only segment to grow, with their import value surging eightfold, increasing their share to 11% from just 1% the previous year.
Acting as hubs for funnelling goods into the U.S. may come to a halt with the Trump administration.
Following its usual playbook, China’s trade surplus with Morocco has exceeded 80% of its exports for over a decade, siphoning nearly $40 billion. To sweeten this trade imbalance, China has invested in Morocco’s sectors of strategic interest for China, such as lithium and hydrogen.
CBP processes over 4 million de minimis shipments into the U.S. daily, with half originating from China. In fact, low-cost goods represent China’s third-largest export category to the U.S., following smartphones and laptops. In 2024, these shipments were valued at $22 billion based on FOB China prices.
In his 2014 Work Report, the late Premier Li emphasized the need for China to intensify efforts to boost domestic demand, presenting it as a cornerstone for driving economic growth and advancing structural reforms.
Premier Li highlighted priorities such as boosting consumption and fostering a more integrated market. He assured that the government aimed to stimulate spending by increasing incomes and refining policies. Additionally, he announced that preferential policies would be eliminated in industries burdened by severe overcapacity.
With perfect hindsight, the trajectory appears diametrically opposed to Li’s ambitions.