Chinese exports to the rest of the world surged by 10.7% in December 2024 compared to the same month in the previous year, as businesses brace for the possibility of new tariffs against China in the U.S. once President-elect Donald Trump takes office.
According to customs data tracked by The New York Times, exports from China into the U.S. specifically increased by more than 15% year-over-year in December, while exports into the EU went up by nearly 9%. That's consistent with a November survey of 2,112 U.S. adults released by The Guardian, which revealed that 44% of consumers were planning purchases ahead of the Trump presidency in anticipation of possible tariffs. Another 62% said that they believe they'll have to adjust their financial plans in 2025 to account for the new levies.
China's trade surplus for 2024 also reached nearly $1 trillion, marking an increase of roughly $200 billion over 2023, and almost doubling its total from 2020. December 2024's surplus of $104.8 billion was also the highest mark for a single month China has ever seen. According to the United Nations Industrial Development Organization, China now produces roughly a third of the world's manufactured goods.
In the months ahead, it's unclear how President-elect Trump's proposed tariffs might affect China's status as a manufacturing giant. Trump has previously threatened to hit China with duties anywhere between 60% and 100% for all exports into the U.S., and has vowed to crack down on loopholes that have allowed China to dodge previous levies by moving goods through countries like Mexico.
