Exports from China rose sharply by 10.7% year-on-year in December 2024, exceeding market expectations of 7.3% and accelerating from a 6.7% increase in November.
China exports surge 10.7% in December
This marked the ninth consecutive month of shipment growth and the highest value in three years, as some manufacturers expedited orders ahead of anticipated tariffs, particularly from the US under Donald Trump's second administration. Exports increased to the US (15.6%), South Korea (4.0%), Taiwan (14.1%), the EU (8.8%), and ASEAN countries (18.9%). For the entire year of 2024, exports grew by 5.9% to USD 3.58 trillion, driven by gains in agricultural products (4.1%), plastic products (5.4%), textiles (5.7%), unwrought aluminum and aluminum materials (15.2%), rare earths (6%), furniture and parts (5.8%), and mechanical and electrical products (7.5%).
China's exports rise in Asia, fall in US & EU
Over the same period, exports expanded to Hong Kong (35.8%), South Korea (12.4%), Taiwan (9.3%), Canada (6.1%), Africa (6.9%), and ASEAN (2.0%) but declined to the US (-0.1%) and the EU (-4.4%).
