China’s trade surplus soars to record of nearly $1 Trillion ahead of Trump return

China’s trade surplus with all nations reached a new record of nearly $1 trillion in 2024, according to multiple reports.

China’s trade surplus grew to $104.84 billion in December, and nearly $1 trillion for the year, at $992.2 billion, according to multiple reports. President-elect Donald Trump introduced various trade restrictions against Beijing during his first term, setting off a contentious trade war with China.

The president-elect, who takes office next week, has proposed imposing sweeping tariffs on goods from foreign countries, including China, Mexico and Canada. Trump’s tariff proposals include pledging to enact a 10% tariff on all Chinese goods and a 25% tariff on imports from Mexico and Canada.

Trade tensions between the U.S. and China have been escalating ahead of Trump’s impending return to the Oval Office. The U.S. introduced new export restrictions in December aimed at curbing China’s ability to produce advanced-node semiconductors, a move which Beijing swiftly retaliated against by banning exports to the U.S. of some rare metals and minerals.

During his first presidential term, Trump imposed tariffs on various Chinese goods, including a 15% tariff on Chinese imports such as tools, apparel and electronics in 2018 as well as enacting tariffs on steel and aluminum.

A new analysis from the Boston Consulting Group projects that China’s trade with the Global South, which broadly comprises countries including Cuba and Columbia, will surge by $1.25 trillion by 2033.

China’s trade surplus with the U.S. grew to $33.5 billion in December up from $29.81 billion a month prior, according to Reuters. In September 2024, the total value of the U.S. trade in goods with China amounted to about $54.33 billion, according to Statista.

China is currently the world’s largest car exporter, accounting for almost a third of all cars produced in 2023, according to Visual Capitalist. China has largely dominated the electric vehicle (EV) market, with the country accounting for 70% of global EV and hybrid sales in the first 11 months of 2024. From January to November 2024, 15.2 million EVs were sold globally, with over half of those sales—9.7 million—originating from China, according to the research firm Rho Motion.

Chinese companies also dominate global solar manufacturing. The country’s share in all the manufacturing stages of solar panels exceeds 80%, and it also houses the world’s ten top suppliers of solar PV manufacturing equipment, according to the International Energy Agency.

Notably, Beijing has faced a slew of economic struggles in recent years, including escalating debt, an ongoing real estate crisis and massive economic losses sustained during its stringent COVID-19 lockdowns. Chinese President Xi Jinping said in December that his country would enact more proactive economic policies in 2025, Reuters reported.

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