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China's Trade Highlights for December 2024

13 Jan 2025

China's Trade Highlights for December 2024

Keywords

China Trade
In December 2024, China's total import and export value reached $566.42 billion, representing a month-on-month increase of 7.5% and a year-on-year growth of 6.5%.
For the period from January to December 2024, China's total trade value amounted to $6,162.29 billion, marking a year-on-year growth of 3.8%.
China's Trade Highlights for December 2024
Import Overview
In December 2024, China's total imports amounted to $230.79 billion, reflecting a 7.5% month-on-month increase and a 1.0% year-on-year increase. For the entire year (January–December), total imports reached $2,585.07 billion, growing 1.1% year-on-year.
Key Import Sources for China in December 2024
1. Association of Southeast Asian Nations (ASEAN)
 - Total import value in December: $37.70 billion
 - Cumulative import value (Jan–Dec): $395.81 billion
 - Year-on-year growth: +2.0%
 - Imports from Malaysia:
 - December: $10.47 billion
 - Jan–Dec: $110.57 billion
 - Year-on-year growth: +7.4%
 - Imports from Vietnam:
 - December: $9.54 billion
 - Jan–Dec: $98.76 billion
 - Year-on-year growth: +7.2%
2. European Union
 - Total import value in December: $22.86 billion
 - Cumulative import value (Jan–Dec): $269.36 billion
 - Year-on-year growth: -4.4%
 - Imports from Germany:
 - December: $7.85 billion
 - Jan–Dec: $94.83 billion
 - Year-on-year growth: -10.7%
3. Latin America
 - Total import value in December: $19.30 billion
 - Cumulative import value (Jan–Dec): $241.47 billion
 - Year-on-year growth: -1.1%
 - Imports from Brazil:
 - December: $7.91 billion
 - Jan–Dec: $116.09 billion
 - Year-on-year growth: -5.3%
4. South Korea
 - Total import value in December: $17.33 billion
 - Cumulative import value (Jan–Dec): $181.72 billion
 - Year-on-year growth: +12.4%
5. Japan
 - Total import value in December: $15.92 billion
 - Cumulative import value (Jan–Dec): $156.25 billion
 - Year-on-year growth: -3.5%
6. United States
 - Total import value in December: $15.33 billion
 - Cumulative import value (Jan–Dec): $163.62 billion
 - Year-on-year growth: -0.1%
7. Australia
 - Total import value in December: $11.87 billion
 - Cumulative import value (Jan–Dec): $140.57 billion
 - Year-on-year growth: -10.0%
8. Africa
 - Total import value in December: $9.67 billion
 - Cumulative import value (Jan–Dec): $116.80 billion
 - Year-on-year growth: +6.9%
 - Imports from South Africa:
 - December: $2.07 billion
 - Jan–Dec: $30.64 billion
 - Year-on-year growth: -4.2%
Key Imported Commodities for China in December 2024
1. Mechanical and Electrical Products
 - Import value in December: $93.74 billion
 - Cumulative import value (Jan–Dec): $985.02 billion
 - Year-on-year growth: +6.2%
2. High-Tech Products
 - Import value in December: $72.81 billion
 - Cumulative import value (Jan–Dec): $752.98 billion
 - Year-on-year growth: +10.7%
3. Crude Oil
 - Import value in December: $25.43 billion
 - Cumulative import value (Jan–Dec): $324.80 billion
 - Year-on-year growth: -3.9%
4. Agricultural Products
 - Import value in December: $18.19 billion
 - Cumulative import value (Jan–Dec): $215.16 billion
 - Year-on-year growth: -7.9%
5. Iron Ores and Concentrates
 - Import value in December: $10.99 billion
 - Cumulative import value (Jan–Dec): $132.22 billion
 - Year-on-year growth: -2.5%
6. Medicinal Materials and Pharmaceuticals
 - Import value in December: $4.33 billion
 - Cumulative import value (Jan–Dec): $51.62 billion
 - Year-on-year growth: -0.3%
7. Primary Plastics
 - Import value in December: $3.97 billion
 - Cumulative import value (Jan–Dec): $43.80 billion
 - Year-on-year growth: -3.2%
8. Wood Pulp
 - Import value in December: $2.01 billion
 - Cumulative import value (Jan–Dec): $22.39 billion
 - Year-on-year growth: -5.6%
9. Refined Petroleum Products
 - Import value in December: $1.97 billion
 - Cumulative import value (Jan–Dec): $29.29 billion
 - Year-on-year growth: +4.6%
10. Natural and Synthetic Rubber (Including Latex)
- Import value in December: $1.58 billion
- Cumulative import value (Jan–Dec): $12.87 billion
- Year-on-year growth: +10.0%
11. Cosmetics and Personal Care Products
- Import value in December: $1.28 billion
- Cumulative import value (Jan–Dec): $16.33 billion
- Year-on-year growth: -9.0%
12. Logs and Sawn Timber
- Import value in December: $1.03 billion
- Cumulative import value (Jan–Dec): $13.02 billion
- Year-on-year growth: -1.5%
13. Steel Products
- Import value in December: $1.02 billion
- Cumulative import value (Jan–Dec): $11.51 billion
- Year-on-year growth: -9.2%
14. Textile Yarns, Fabrics, and Products
- Import value in December: $977 million
- Cumulative import value (Jan–Dec): $10.83 billion
- Year-on-year growth: -7.8%
15. Fertilizers
- Import value in December: $439 million
- Cumulative import value (Jan–Dec): $4.57 billion
- Year-on-year growth: -17.8%

Export Overview
China's December exports totaled $335.63 billion, a 7.6% month-on-month increase and a 10.7% year-on-year increase. For the full year, exports reached $3,577.22 billion, growing 5.9% year-on-year.
Key Export Destinations for Chinese Goods in December 2024
1. Association of Southeast Asian Nations (ASEAN)
 - Total export value in December: $59.71 billion
 - Cumulative export value (Jan–Dec): $586.52 billion
 - Year-on-year growth: +12.0%
 - Exports to Vietnam:
 - December: $15.72 billion
 - Jan–Dec: $161.89 billion
 - Year-on-year growth: +17.7%
 - Exports to Malaysia:
 - December: $10.73 billion
 - Jan–Dec: $101.46 billion
 - Year-on-year growth: +16.1%
 - Exports to Thailand:
 - December: $8.63 billion
 - Jan–Dec: $86.04 billion
 - Year-on-year growth: +13.6%
2. United States
 - Total export value in December: $48.83 billion
 - Cumulative export value (Jan–Dec): $524.66 billion
 - Year-on-year growth: +4.9%
3. European Union
 - Total export value in December: $46.50 billion
 - Cumulative export value (Jan–Dec): $516.46 billion
 - Year-on-year growth: +3.0%
 - Exports to Germany:
 - December: $9.70 billion
 - Jan–Dec: $107.05 billion
 - Year-on-year growth: +6.5%
4. Latin America
 - Total export value in December: $23.44 billion
 - Cumulative export value (Jan–Dec): $277.00 billion
 - Year-on-year growth: +13.0%
 - Exports to Brazil:
 - December: $5.57 billion
 - Jan–Dec: $72.08 billion
 - Year-on-year growth: +22.0%
5. Africa
 - Total export value in December: $19.14 billion
 - Cumulative export value (Jan–Dec): $178.76 billion
 - Year-on-year growth: +3.5%
 - Exports to South Africa:
 - December: $2.05 billion
 - Jan–Dec: $21.81 billion
 - Year-on-year growth: -7.8%
6. South Korea
 - Total export value in December: $13.61 billion
 - Cumulative export value (Jan–Dec): $146.37 billion
 - Year-on-year growth: -1.8%
7. Japan
 - Total export value in December: $12.53 billion
 - Cumulative export value (Jan–Dec): $152.02 billion
 - Year-on-year growth: -3.5%
8. India
 - Total export value in December: $10.46 billion
 - Cumulative export value (Jan–Dec): $120.48 billion
 - Year-on-year growth: +2.4%

Key Exported Commodities in December 2024
1. Electromechanical Products
 - Export value in December: $199.11 billion
 - Cumulative export value (Jan–Dec): $2,125.50 billion
 - Year-on-year growth: +7.5%
2. High-Tech Products
 - Export value in December: $80.34 billion
 - Cumulative export value (Jan–Dec): $882.36 billion
 - Year-on-year growth: +4.8%
3. Clothing and Apparel Accessories
 - Export value in December: $14.93 billion
 - Cumulative export value (Jan–Dec): $159.14 billion
 - Year-on-year growth: +0.3%
4. Textile Yarns, Fabrics, and Related Products
 - Export value in December: $13.13 billion
 - Cumulative export value (Jan–Dec): $141.96 billion
 - Year-on-year growth: +5.7%
5. Agricultural Products
 - Export value in December: $10.54 billion
 - Cumulative export value (Jan–Dec): $103.00 billion
 - Year-on-year growth: +4.1%
6. Plastic Products
 - Export value in December: $10.30 billion
 - Cumulative export value (Jan–Dec): $106.09 billion
 - Year-on-year growth: +5.4%
7. Steel
 - Export value in December: $7.13 billion
 - Cumulative export value (Jan–Dec): $83.63 billion
 - Year-on-year growth: -1.1%
8. Furniture and Parts
 - Export value in December: $7.06 billion
 - Cumulative export value (Jan–Dec): $67.88 billion
 - Year-on-year growth: +5.8%
9. Footwear
 - Export value in December: $4.73 billion
 - Cumulative export value (Jan–Dec): $46.87 billion
 - Year-on-year growth: -4.9%
10. Toys
- Export value in December: $3.32 billion
- Cumulative export value (Jan–Dec): $39.87 billion
- Year-on-year growth: -1.7%
11. Bags and Similar Containers
- Export value in December: $3.18 billion
- Cumulative export value (Jan–Dec): $34.54 billion
- Year-on-year growth: -3.2%
12. Refined Petroleum Products
- Export value in December: $2.55 billion
- Cumulative export value (Jan–Dec): $41.88 billion
- Year-on-year growth: -13.3%
13. Ceramic Products
- Export value in December: $2.41 billion
- Cumulative export value (Jan–Dec): $21.99 billion
- Year-on-year growth: -15.6%
14. Fertilizers
- Export value in December: $699.6 million
- Cumulative export value (Jan–Dec): $8.71 billion
- Year-on-year growth: -11.5%
15. Traditional Chinese Medicines and Preparations
- Export value in December: $139.7 million
- Cumulative export value (Jan–Dec): $1.33 billion
- Year-on-year growth: -0.3%
Disclaimer: Blooming reserves the right of final explanation and revision for all the information.
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