China Reports Record Current Account Surplus in Fourth Quarter 2024
China’s current account surplus in Q4 2024 was $163.8 billion, the highest on record, driven by a significant goods surplus of $249.8 billion. The services deficit narrowed, but the primary income deficit widened. For the full year, the surplus rose to $423.9 billion from $263.4 billion in 2023.
In the fourth quarter of 2024, China reported a current account surplus of $163.8 billion, exceeding the revised surplus of $58.5 billion noted in the same quarter last year. However, this figure was below the preliminary estimate of $180.7 billion. This quarterly surplus represents the largest on record, primarily due to a significant increase in goods surplus, which rose to $249.8 billion from $151.2 billion, bolstered by an 11.1% increase in exports.
Additionally, the services deficit for the quarter was reduced to $47.4 billion, a decrease from $57.7 billion recorded a year prior. Conversely, the primary income deficit experienced a slight increase to $43.3 billion, up from $39.9 billion. The secondary income surplus remained relatively stable at $4.7 billion, compared to $4.9 billion from the previous period.
For the entire year of 2024, the current account surplus for China reached $423.9 billion, marking a notable increase from the $263.4 billion surplus reported in 2023.
In summary, China achieved the largest quarterly current account surplus in its history during Q4 2024, largely attributed to a robust goods surplus driven by increased exports. While the services deficit narrowed, the primary income deficit slightly widened. Overall, the annual surplus for 2024 demonstrated substantial growth compared to 2023, reflecting China’s strong economic performance.
Original Source: www.tradingview.com
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