China posted a record current account surplus of $180.7 billion in the final quarter of 2024, up from $56.2 billion in the same period a year earlier and $148 billion in Q3, according to preliminary estimates.
China current account surges to record high
The goods surplus surged to $249.6 billion from $153.6 billion the previous year, as weakened domestic consumption and expanded production capacity pushed manufacturers to depend more on foreign demand. Consequently, exports jumped 11% to $936.4 billion, while imports dipped 0.4% to $686.8 billion.
Services deficit narrows
Meanwhile, the services deficit narrowed to $47.3 billion from $61 billion, and the primary income account deficit shrank to $26.3 billion from $41.8 billion. The secondary income account remained relatively stable at $4.6 billion.
