Diversification can help cushion possible tariff impacts

China's foreign trade continued to demonstrate resilience last year.

Demands from emerging markets continue to rise, with the Association of Southeast Asian Nations and Latin America being the key regions giving China's exports a boost. From January to November 2024, driven by the deepening cooperation under the Belt and Road Initiative, China's exports to ASEAN and Latin America recorded year-on-year growth rates of 12 percent and 13 percent respectively.

Exports of automobiles and auto parts achieved year-on-year growth of 15.4 percent and 5.8 percent, respectively, in 2024. Additionally, the value of China's cumulative exports of integrated circuits increased by 16.7 percent year-on-year. Overseas restocking demand saw exports of home appliances grow by 12.8 percent year-on-year in 2024.