Rise in exports expected to increase tensions with US and other trade partners
China’s trade surplus with the rest of the world reached a record of almost $1tn in 2024, official data showed on Monday, just a week before Donald Trump is set to take office with a vow to impose punitive tariffs on the US’s biggest economic rival. The $992bn Chinese trade surplus, more than a third of which was with the US, is expected to fuel further tensions with Washington and other trade partners, which have pushed back on a surge of Chinese exports this year.
5 per cent decline, respectively. In November, exports rose 6.7 per cent year on year, while imports shrank 3.9 per cent. Thanks to a big policy push from President Xi Jinping — who has vowed to invest in “new productive forces”, or cutting-edge industries — China has also been a leading producer of green-energy products such as solar panels and batteries for electric vehicles.
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