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MNI BRIEF: China 2024 Trade Outlook Remains Resilient

MNI (Beijing)

China's foreign trade will remain competitive and resilient in 2024 as positive factors outweigh negatives, Wang Ling Jun, vice minister for the General Administration of Customs (GACC) said at a press conference on Friday.

China's exports registered a 4.6% y/y decline in 2023, compared with the 10.5% growth made in 2022, the first yearly decrease in seven years, data released by Customs on Friday showed.

Wang said, despite predictions of sluggish global growth and increasing trade protectionism, China would retain its competitive edge due to strong production capabilities, policy support and continued opening up.

Regarding the Red Sea situation, Lu Daliang, director of Statistics Department at GACC, said the situation had added instability and uncertainty to international trade and that GACC would monitor the situation closely.

A trade policy advisor recently told MNI, China’s international trade will rebound in 2024 despite the strengthening yuan and Red Sea shipping disruptions, as the world economy stabilises, geo-political tensions cool, and Beijing diversifies its trading partnerships. (See MNI INTERVIEW: China Trade To Hit CNY44-45 Trillion In 2024 )

MNI Beijing Bureau |
MNI Beijing Bureau |

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