Hey there! Have you ever thought about how countries buy and sell things with each other? It’s called trade, and in 2024, China had a record-breaking year!
What’s the Big News?
China’s total trade (that’s imports and exports combined) reached a whopping 43.85 trillion yuan (about $5.98 trillion)! That’s a lot of zeros! 😲 It was a 5% increase from the year before.
Exports and Imports 🌐
Exports are goods that China sells to other countries. In 2024, China’s exports were over 25 trillion yuan for the first time ever, which is a 7.1% increase. That’s eight years in a row that exports have grown!
Imports are goods that China buys from other countries. They totaled 18.39 trillion yuan, up 2.3% from the previous year.
Cool Gadgets and Machines ⚙️🤖
China’s exports include lots of electromechanical products (that’s a fancy word for electronic and mechanical gadgets). These exports went up by 8.7% and made up nearly 60% of all exports!
Even cooler, exports of high-tech equipment like electric vehicles (cars that run on electricity), 3D printers, and industrial robots zoomed up by 13.1%, 32.8%, and 45.2%, respectively! 🚗🖨️🤖
Trading with Friends 🤝
China trades with many countries involved in something called the Belt and Road Initiative (BRI). In 2024, more than half of China’s trade was with these countries! Trade with BRI countries increased by 6.4%.
Trade with the Association of Southeast Asian Nations (ASEAN) kept growing for the ninth year in a row. ASEAN has been China’s biggest trading partner for five years!
China also traded more with the EU (European Union) and the United States. Trade with the EU went up by 1.6%, and with the United States by 4.9%.
Why Did This Happen?
Experts say that new government policies helped. They encouraged people to buy more things at home, like houses and cars. This made companies make and sell more products.
Looking Ahead 🚀
Chen Xing, a smart analyst from Caitong Securities, thinks that China’s imports will keep growing in 2025, maybe by another 5%! This means even more trading and new opportunities.
Isn’t it amazing how countries work together by trading? Maybe one day you’ll be part of this global connection too!
Reference(s):
cgtn.com
