Indicators
Chinese Trade Surplus Soars to $1 Trillion Ahead of Trump Return
- Exports hit record in 2024 as threats of US tariffs loom
- Steep US levies may hurt the key growth driver for economy
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China’s trade surplus soared to a record last year, driven by strong exports that boosted the economy but may soon be threatened by the incoming Trump administration.
The surplus jumped to an unprecedented $992 billion in 2024, according to a statement from the customs administration on Monday, 21% higher than the previous year. That was the result of record exports but also the continued weakness of imports, which have been dragged down by sluggish domestic consumption and falling commodity prices.