The Chinese exports experienced significant growth, reaching $1.71 trillion in the first half of 2024, with a trade surplus of $99 billion in June 2024.
- Chinese exports grew by 3.8% year-on-year in the first half of 2024, reaching $1.71 trillion, contributing to concerns about global trade imbalances and potential industry displacement abroad.
- China’s trade surplus hit a record $99 billion in June 2024, driven by surging exports and reduced imports amid weak domestic demand, prompting worries about tariffs and trade restrictions impacting foreign direct investment in key sectors such as electric vehicles.
- The value of Chinese exports to the world rose by 35.2% between 2019 and 2023, with notable growth in several countries, including Zimbabwe, the Republic of Congo, and Belarus, raising further concerns about potential industry displacement and trade imbalances.
In the first half of 2024, Chinese companies exported goods and services worth $1.71tn, up from $1.64tn in the same period a year earlier and 46% higher than the $1.17tn recorded in H1 2019, according to fDi calculations of figures from Trade Data Monitor (TDM). In June 2024, China’s trade surplus with the world reached a monthly record of $99bn, driven by surging exports and reduced imports due to weaker domestic demand.
This growth has raised concerns about trade imbalances and potential displacement of domestic industries and jobs in other countries.
China’s widening trade surplus has led to tariffs and trade restrictions, particularly in sectors like electric vehicles. Despite these challenges, Chinese exports have seen remarkable growth, with the value rising by 35.2% between 2019 and 2023.
The top 20 countries by growth in Chinese exports include Zimbabwe, the Republic of Congo, and Belarus, among others. The increase in Chinese exports has also prompted Chinese companies to set up production facilities in countries like Mexico and Turkey to bypass tariffs.
Chinese EV makers such as BYD have signed deals to establish manufacturing plants in countries like Thailand, Mexico and Turkey.
