China’s General Administration of Customs announced on Monday that exports for 2024 totaled $3.58 trillion, while imports were $2.59 trillion, creating a $990 billion trade surplus that easily surpassed the previous record of $838 billion in 2022.
December 2024 set a one-month record trade surplus of $104.8 billion, which the New York Times (NYT) attributed to a “rush” of exports before President-elect Donald Trump “can take office and start raising tariffs.”
The NYT suggested China’s flood of exports is not making friends among many of its trade partners, and the United States is far from the only nation to create tariff barriers to slow down the torrent of cheap Chinese goods.
“China’s exports of everything from cars to solar panels have been an economic bonanza for the country. Exports have created millions of jobs not just for factory workers, whose inflation-adjusted wages have about doubled in the past decade but also for high-earning engineers, designers and research scientists,” the report noted.
China’s trade picture is an interesting mix of industries where the Communist nation has become utterly dominant around the world, like solar panels, plus some goods that China can now produce for itself instead of importing on a massive scale, like commercial jets, and a few where China still has not managed to become self-sufficient, most notably energy other than solar power. […]
— Read More: www.breitbart.com
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