Chine Balance Commerciale

China's trade surplus soared to USD 104.84 billion in December 2024, up from USD 75.31 billion in the same period a year earlier, surpassing expectations of USD 99.80 billion. It was the largest trade surplus since February, driven by a surge in exports. Sales jumped 10.7% yoy, exceeding forecasts of 7.3%, and accelerating from a 6.7% rise in November, as manufacturers front-loaded orders in anticipation of further tariffs from the incoming US administration. Meanwhile, imports unexpectedly rose by 1.0%, rebounding from a 3.9% fall in November and easily beating estimates of a 1.5% drop, as factory managers rushed to secure tech products in anticipation of tighter semiconductor export controls from the US. The trade surplus with the US narrowed to USD 33.5 billion in December from USD 34.9 billion in November. For the full year of 2024, the trade surplus was at USD 992.16 billion, with exports advancing 5.9% to USD 3.58 trillion while imports rose at a softer 1.1% to USD 2.59 trillion.