China achieve a record monthly trade surplus of US$99 billion in June 2024
China’s export performance soared in H1 2024, climbing 6.9 percent to RMB 12.13 trillion (US$1.67 trillion). The surge was fueled by strong showings from high-tech sectors like integrated circuits and automobiles.
landscape has shifted notably
Nevertheless, geopolitical tensions and domestic economic pressures will temper an optimistic outlook. Additionally, the trade landscape has shifted notably, with increased trade volumes with ASEAN and Latin America, while exports to the EU, the US, Japan, and Australia have decreased.
2,978 vessels
It is noteworthy that during the first six months of 2024 China exported some 2,978 vessels at a total value of RMB146.8 billion ($20.5 billion) increases of 29.4% and 91.1%, respectively.
Whereas significant jumps in volumes of newbuildings both in terms of number and value were seen across the major sectors of tankers, container ships, and dry cargo
RMB66.26 billion
In the first half of the year China exported 100 liquid cargo carriers, an increase of 66.7%, with a total valued of RMB15.55 billion.
The volume of container ship newbuilds exported amounted to 166 vessels with a total value of RMB66.26 billion, an increase of 140.6% and 175.8% respectively. A large volume of container ships ordered at the peak of the market during the pandemic has started to be delivered in the first half of this year.
Top four vessel types
The number of bulk carriers exported was 261 at a total value of RMB35.84 billion, representing growth of 85.1% and 42% respectively.
The top four vessel types the Chinese shipyards delivered in the first half of 2024 were bulk carriers, containerships, oil tankers and gas carriers.
Trade dynamics
Understanding these trends is essential for grasping the broader economic and trade dynamics, as well as the international reactions to China’s evolving trade policies
Overview of China’s export performance in H1 2024
On the other hand China’s export performance has been a subject of considerable interest and analysis, particularly given its impressive growth trajectory over recent years. Between 2019 and 2023, the value of China’s exports to the world rose by 35.2 percent, reaching a substantial US$3.38 trillion.
Dominant position
This upward trend extended into the first half of 2024, with exports increasing by 3.8 percent year-on-year in dollar terms, reaching a total of US$1.71 trillion. This period also saw China achieve a record monthly trade surplus of US$99 billion in June 2024, according to fDi Intelligence, underscoring its dominant position in global trade
| China Trade Data Breakdown, January-June 2024 | ||||||
| Period | Total trade value (Billion, US$) | Export value ( Billion, US$) | Import value (Billion, US$) | YoY change in total trade (%) | YoY change in export (%) |
YoY change in import (%) |
| January-February | 930.86 | 528.01 | 402.85 | 5.5 | 7.1 | 3.5 |
| March | 500.81 | 279.68 | 221.13 | -5.1 | -7.5 | -1.9 |
