Recently, the China Customs revealed impressive trade statistics for 2024, showcasing that China’s total foreign trade imports and exports reached a staggering ¥43.8 trillion, marking a 5% increase compared to the previous yearExports alone accounted for ¥25.4 trillion, demonstrating a growth of over 7%, while imports tallied at ¥18.4 trillion, reflecting a modest rise of 2.3%. Notably, China recorded a trade surplus that surpassed ¥7 trillion – approximately $992 billion – nearing the monumental $1 trillion mark, setting a new world record.

For many, the concept of a $1 trillion trade surplus might seem abstractHowever, historical context reveals that only three other nations have previously set such records in international trade: the United States at $130 billion, Japan exceeding $200 billion, and Germany surpassing $320 billionThe trade surplus achieved by China in 2024 exceeds the historical figures set by the United States, Japan, and Germany during their peaks combinedThis data significantly undermines the Western narrative of decoupling from China's economy, as it demonstrates China's robust position in global trade.

In terms of export markets, the top three regions for Chinese goods are ASEAN (the Association of Southeast Asian Nations), the United States, and the European UnionNotably, in 2024, China's exports to ASEAN skyrocketed to $586.5 billion, an impressive increase of 12%. Among ASEAN countries, Vietnam emerged as the largest destination for Chinese exports, receiving $161.8 billion, marking a remarkable 17.7% year-on-year growth and accounting for 27.6% of total exports to ASEANThis surge can be attributed to Vietnam's role as an intermediary in trade relations between China and the United States.

Beyond ASEAN, the United States has become China's second-largest export destinationIn recent years, trade between China and the United States had been on a downward trend

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However, in 2024, trade volume steadily increased to $688.2 billion, surpassing the figures from 2023. Exports to the U.S. amounted to $524.6 billion, reflecting a near 5% increase, while imports from the U.S. dipped slightly by 0.1% to $163.6 billionThe trade surplus with the U.S. thus rose to an impressive $361 billionAdditionally, China's exports to the European Union were recorded at $516.5 billion, marking a 3% growth.

This raises an intriguing question: how has China managed to achieve a nearly $1 trillion trade surplus amidst a backdrop of waning global trade demand?

One answer lies in China's comprehensive industrial system, which encompasses a wide range of consumer goods, alongside advanced products such as chips, vehicles, and shipsThis extensive range allows global purchasers to source virtually all kinds of goods and components in China, thus streamlining their procurement processesMoreover, international businesses benefit not only from the variety of available products but also from China's capability of large-scale manufacturing to meet significant demand from global buyersIt is not an exaggeration to assert that Chinese exports are in high demand worldwide.