Chinese Exports Rise To Record Ahead Of Looming Trump Tariffs

By Bloomberg News

Jan 12, 2025 (Bloomberg) —Chinese exports hit a record high as companies rushed to get goods out the door to make up for sluggish demand at home and ahead of the return of President-elect Donald Trump to the White House.

Exports rose 7.1% to 25.5 trillion yuan ($3.5 trillion) last year, China Central Television reported on Monday, citing customs data. Imports rose 2.3%, leaving an unprecedented trade surplus of 7.1 trillion yuan.

The value of shipments rose almost every month last year, pushing it above the highs during the pandemic. Strong demand from overseas has helped provide growth for a domestic economy that has struggled due to a continuing housing crisis and weak consumption.

But this may be one of the last high points for Chinese trade, at least directly with the US, with Trump promising to impose even higher tariffs on Chinese goods when he takes office next week. Punitive levies may push Chinese firms to divert their exports, flooding other markets with cheap goods and widening trade tensions.

Export prices have been falling for more than a year as deflation inside China worsens and pushes down the cost of goods. The result is that the growth in the volume of Chinese trade has outpaced value, with total export volumes rising 7.3% through November according to the Ministry of Transport, faster than the 5.4% rise in values in US dollars.

That can be seen in Shanghai port, which last year became the first anywhere in the world to handle the equivalent of more than 50 million 20-foot shipping containers. The port processed 51.5 million boxes last year, almost 5% more than in 2023 and 19% more than in 2019, the year before the pandemic.

© 2025 Bloomberg L.P.

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