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China, according to its own data, is still the world's largest exporter. As announced by the country's customs authorities, Chinese exports in 2024 reached a total volume of about 3.4 trillion euros, which means that China set a new record for goods exports last year. According to official figures, exports increased by 5.9 percent in the last 12 months (compared to 2023), while the largest increase was towards the end of the year.
As for imports, they also increased in 2024 – by 1.1% compared to the previous year. The fact that the volume of exports increased significantly in December last year shows that Chinese foreign trade is currently one of the few pillars on which China's national economy can rely.
Economic woes in the Far East
In other sectors, things are not going so well. Since the end of the coronavirus pandemic, China's economy has been recovering slowly. Domestic consumption remains weak, there is uncertainty about industrial production, and the real estate market remains in crisis - despite a series of economic measures adopted by the Chinese government in the fall of 2024.
The National Institute of Statistics is expected to release final data on economic growth for 2024 later this week. In March last year, the party and state leadership set a GDP growth target of around five percent for 2024.
What does the World Bank predict?
President Xi Jinping hinted in his New Year's address that this goal can be achieved. In December, the World Bank revised its forecast for economic growth in China to 4.9 percent of GDP. But there will also be new challenges in 2025, because on January 20, the new US President Donald Trump comes to power, who has warned of increasing tariffs on Chinese products. Meanwhile, increasing economic volume is also important for Germany, because many German companies are connected to the Chinese market. / DW
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