China's Foreign Trade Performance Soars in 2024, With Chip Exports Leading the Way

China's Foreign Trade Performance Soars in 2024, With Chip Exports Leading the Way

China's General Administration of Customs has released its annual import and export data for 2024, revealing a strong performance in the country's foreign trade. According to official statistics, China's total exports reached $35772.2 billion, up 5.9% year-on-year, while imports totaled $25850.7 billion, an increase of 1.1%. The trade surplus has broken records, nearing $10 trillion.

Despite the complex and volatile international environment, China's foreign trade remained resilient, unaffected by significant external shocks. In terms of export products, different categories showed varying performances, forming a striking contrast.

In terms of export rankings, chips took the top spot for the first time, with total exports reaching $1594.991 billion (approximately 11.56 trillion yuan). This milestone marks the rapid development of China's high-tech industry and the country's increasing competitiveness in the global chip market.

Following closely behind were textiles and garments, which have long been a strong suit for China but saw their exports dip slightly to $1591.427 billion (approximately 11.53 trillion yuan). For the first time, they relinquished the top spot to chips.

Traditional textile products, such as yarns and fabrics, ranked third with total exports of $1419.598 billion (approximately 10.29 trillion yuan). Mobile phones came in fourth with exports totaling $1343.625 billion (approximately 9.735 trillion yuan), despite seeing a slight decline of 3.1% due to the transfer of some production capacity overseas.

Automobiles, meanwhile, turned heads with total exports reaching $1173.531 billion (approximately 8.503 trillion yuan), up 15.5%. This rapid growth has propelled China into one of the world's largest automobile exporters.

In terms of growth rates, chips took the top spot with an increase of 17.4%, underscoring the vitality of China's semiconductor industry. In contrast, textile and garment exports saw a mere 0.3% growth rate, reflecting the challenges faced by traditional manufacturing sectors in upgrading to higher-end industries.

The rapid growth of the automotive sector also provided strong evidence for China's shift towards high-tech manufacturing.

Notably, the rise of the chip industry is not only a major breakthrough in global trade but also a bold response to continued US pressure. Chinese chip companies have repeatedly broken through technological barriers and boosted production capacity, this trend likely to profoundly reshape the global chip industry landscape. With its complete industrial chain and cost advantages, China's chip sector will be a force to reckon with on the global market, posing unprecedented pressure on American chip manufacturers.