China’s Trade Surplus Reaches a Record of Nearly $1 Trillion

China’s vast exports in 2024 exceeded its imports on a scale seldom seen anywhere except during or immediately after the two world wars.


BYD electric cars waiting to be loaded onto a ship at Taicang Port in Suzhou, China. China’s exports of everything from cars to solar panels have been an economic bonanza for the country. Agence France-Presse — Getty Images

By Keith Bradsher
Keith Bradsher, who began covering China trade issues in 1991, reported from Beijing.
Published Jan. 12, 2025
Updated Jan. 13, 2025, 4:57 a.m. ET

China announced on Monday that its trade surplus reached almost $1 trillion last year as its exports swamped the globe, while the country’s own businesses and households spent cautiously on imports.

When adjusted for inflation, China’s trade surplus last year far exceeded any in the world in the past century, even those of export powerhouses like Germany, Japan or the United States. Chinese factories are dominating global manufacturing on a scale not experienced by any country since the United States after World War II.

The outpouring of goods from Chinese factories has drawn criticism from an ever-lengthening list of China’s trade partners. Industrialized and developing countries alike have erected tariffs, attempting to slow the tide. In many instances, China has retaliated in kind, bringing the world closer to a trade war that could further destabilize the global economy.

President-elect Donald J. Trump, who will take office next week, has threatened to escalate already aggressive American trade policies aimed at China.

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Keith Bradsher is the Beijing bureau chief for The Times. He previously served as bureau chief in Shanghai, Hong Kong and Detroit and as a Washington correspondent. He has lived and reported in mainland China through the pandemic. More about Keith Bradsher