(Yicai) Jan. 13 -- China's foreign trade in Chinese yuan terms jumped 5 percent to CNY43.85 trillion last year, setting a new record high, according to the latest official data.

Exports soared 7.1 percent to CNY25.45 trillion in 2024 from the previous year, growing for the eighth consecutive year and exceeding the CNY25 trillion mark for the first time, the General Administration of Customs said today. Imports rose 2.3 percent to CNY18.39 trillion, generating a trade surplus of CNY7.06 trillion (USD962.9 billion), up 22 percent.

In US dollar terms, China's foreign trade inched up 3.8 percent to USD6.16 trillion in the period, with imports and exports up 1.1 percent and 5.9 percent to USD2.59 trillion and USD3.58 trillion, respectively. The trade surplus surged nearly 21 percent to USD992.1 billion.

According to the World Trade Organization, China's import growth rate in the first three quarters of last year exceeded the global average by 1 percentage point, Lv Daliang, spokesperson of the GAC, said at a press conference today. It is expected that China will continue to retain its position as the world's second-largest importer this year, he added.

About the exports, Lv noted that last year's achievement is not only a continuation of a long-term positive trajectory but also a reflection of the effective implementation of policies, especially the ones introduced to support the economic recovery at the end of September.

The overcapacity issue has been address multiple times by different departments, said Wang Lingjun, deputy director of the GAC. From the perspective of comparative advantage and global market demand, the so-called 'Chinese overcapacity issue' does not exist and is a purely false proposition, he added.

Editor: Futura Costaglione