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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.
© InstaFintech Group
