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E-mail China.org.cn, February 24, 2025
National Business Daily:
We have noticed some suggestions that the recent export growth rate, which is higher than the seasonal growth forecast, is mainly due to an expected increase of tariff. What are your views on this opinion? What is your evaluation of the export performance for the entire year of 2024? And what are the prospects for exports this year? Thank you.
Lyu Daliang:
Thank you to this journalist for the questions. The three questions you asked pertain to last year's export performance, this year's export situation, and the so-called "rush to export" issue that has attracted widespread attention.
Let me begin by presenting the export situation over the course of last year. In 2024, China's exports surpassed 25 trillion yuan for the first time, reaching 25.45 trillion yuan, which represents a year-on-year increase of 7.1%. This growth has been sustained for eight consecutive years, demonstrating strong momentum and vitality. Specifically, there are three notable characteristics:
First, there is a wide variety of products. China is the world's largest manufacturing hub and the foremost exporter of manufactured goods. In 2024, the manufacturing sector represented 98.9% of our country's total exports. Exports from the equipment manufacturing sector reached 14.69 trillion yuan, while consumer goods manufacturing exports totaled 5.43 trillion yuan, and raw materials manufacturing exports amounted to 3.12 trillion yuan. We are now capable of producing a wide range of items, from large-scale ocean engineering equipment to smaller products like the translation earphones listed in the last customs declaration form we just showed. Our products are of reliable quality and fully meet the production and consumption demands of the international market.
Second, the transformation of growth drivers has been rapid. In recent years, we have been able to meet the needs of the international market, offering a range of products from epidemic prevention supplies to items for the "stay-at-home economy," and now expanding into the "new trio," namely, electric vehicles, lithium-ion batteries, and photovoltaic products. This success is primarily attributed to our well-established and continuously upgraded production and supply chain. Innovative, high-quality and competitive Chinese manufacturing and creativity are continually emerging, facilitating an orderly transformation of drivers and sustained boost in export growth. In 2024, our country's exports of integrated circuits increased by 18.7%, flat panel display modules rose by 18.1%, and ships and marine engineering equipment surged by 60.1%.
Third, there is a broad scope for market expansion. In 2024, our country's exports to over 160 countries and regions increased, with overall growth of 9.6% to BRI countries, 13.4% to ASEAN, 23.3% to Brazil, 19.2% to the UAE, and 18.2% to Saudi Arabia. Furthermore, exports to traditional markets such as the European Union and the United States grew by 4.3% and 6.1%, respectively.
Regarding the recent acceleration in export growth, it's clear that there has been an uptick. In the fourth quarter of last year, exports grew by 9.2%, accelerating by 2.9 percentage points compared to the first three quarters. We believe this not only reflects a continuation of the long-term positive trend but also demonstrates the effectiveness of our implemented policies. In particular, during its meeting on Sept. 26, the Political Bureau of the CPC Central Committee introduced a package of coordinated incremental and existing policies. These measures have consistently generated positive effects and offered stronger support for exports.
At the same time, that is due to factors that some companies have adjusted their export schedules. According to feedback from companies, several factors have disrupted normal production and business activities, including scheduling delays of fleet following the typhoon last September, the earlier Spring Festival holiday this year compared to last year, and the potential escalation of trade protectionism.
Regarding this year's export trends, there are indeed growing external challenges and uncertainties. However, as I just mentioned, our country's exports are characterized by a wide range of products, flexible transformation of growth drivers and stable, diverse markets. We can be certain that our exports will continue to demonstrate resilience and vitality. Thank you.
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