Growth in Trade Data Between China and Its Major Global Trading Partners, 2022–2024

Overall Outlook for China's Foreign Trade (2022–2024)

(I) Overall Trade Volume and Growth

From 2022 to 2024, China's foreign trade demonstrated resilient growth amid global economic fluctuations. In 2024, the total value of China's goods trade reached RMB 43.85 trillion, representing a year-on-year increase of 5%.

This comprised exports of RMB 25.45 trillion (+7.1%) and imports of RMB 18.39 trillion (+2.3%), resulting in a trade surplus of RMB 7.06 trillion.

Although certain trade figures adjusted in 2023 due to weak global demand (e.g., China's total imports and exports with Asia decreased from USD 3,167.432 billion in 2022 to USD 2,936.017 billion in 2023), a significant rebound was achieved in 2024.

(II) Positioning in Global Trade

In 2024, global merchandise trade totalled US$49.18 trillion, representing a year-on-year increase of 2.1%. China maintained its position as the world's largest trading nation with a trade volume of RMB 43.85 trillion (approximately US$6.2 trillion), accounting for over 12% of global trade.

This share substantially exceeded that of major economies such as the United States (US$5.42 trillion, +4.6%), establishing China as one of the core drivers of global trade growth.

Comparison of Trade Growth Between China and Its Major Trading Partners

Selecting ASEAN, the European Union, the United States, and South Korea as China's four principal trading partners, the comparative trade data for 2022–2024 is as follows (2022 figures for certain countries are estimates; 2024 data shall be subject to official release):

Belt and Road Initiative Partner Countries: New Engines for Growth

From 2021 to 2024, China's goods trade with Belt and Road partner countries grew from US$2.7 trillion to US$3.1 trillion, representing an average annual increase of 4.7%. This trade share rose from 45.3% to 50.7% of China's total trade.

The growth rate is projected to reach 6.8% in 2024, significantly outpacing that of traditional developed partners. Trade growth with Central Asian nations has been particularly robust: Kazakhstan's trade with China increased by 1.9% in 2023, while Tajikistan's trade grew by 13.4%.

Africa, as a significant source of resource imports for China, has witnessed divergent trade growth patterns. In 2024, South Africa (US$52.454 billion), the Democratic Republic of the Congo (US$25.93 billion), and Nigeria (US$21.88 billion) ranked as China's top three trading partners in Africa.

Key Conclusions

Growth resilience has become increasingly evident: Over the past three years, China's foreign trade growth rate (5% in 2024) has consistently outpaced the global average (2.1% in 2024). Its contribution to growth has been particularly pronounced in trade with ASEAN and Belt and Road partner countries, establishing itself as a stabilising force against global economic downturns.

Deep Structural Adjustment: Growth among traditional developed partners (EU, US) has slowed, reducing their share of trade. Emerging markets and developing countries now account for over 50% of China's trade, becoming the core engine of its trade growth, with a more balanced geographical distribution.

Marked Structural Differences: Trade with ASEAN and the US is primarily export-driven, while trade with South Korea and Africa is predominantly import-driven. This reflects China's dual role within global industrial chains: importing intermediate goods and exporting final products.