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Trade relations between US and China gathering pace despite headwinds

Trade relations between US and China gathering pace despite headwinds

According to estimates from China's General Administration of Customs, the country's trade turnover with the United States increased by 3.7% by the end of 2024.

The trade relations between Washington and Beijing are gaining momentum. Last year, the trade turnover between China and the US grew by 3.7%, reaching a staggering $688.28 billion.

At present, the United States remains China's largest trading partner, as evidenced by the high export and import figures. Over the past year, Chinese exports to the US grew by 4.9%, reaching $524.66 billion. However, there is a slight downside: imports from the US to China inched down by 0.1%, amounting to $163.62 billion.

China’s authorities import agricultural products, semiconductors, machinery, hydrocarbons, and metals from the United States. In parallel, China exports smartphones, computers, lithium-ion batteries, household appliances, footwear, children's toys, and more.

A separate report reads that China imported 553.415 million tons of crude oil in 2024. As for natural gas, imports for the same period totaled 131.69 million tons.

 


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