2024 China's Foreign Trade ‘Three quantities’ Rise, Positively Affecting the Iron Household Industry

In 2024, China's foreign trade made remarkable achievements, realizing the ‘three quantities’ of total volume, incremental volume and quality. In terms of total volume, China's foreign trade crossed the 42 and 43 trillion mark in a row, and in 2024, the total value of imports and exports for the year reached 43.85 trillion yuan, a year-on-year increase of 5 per cent, a new record high. From the incremental point of view, the scale of China's foreign trade growth in 2024 reached 2.1 trillion yuan, equivalent to the total foreign trade of a medium-sized country in a year. From the quality point of view, the structure of import and export products is constantly optimised and upgraded, high-tech products are increasing well, the export of independent brands has hit a record high, and new trade modes such as cross-border e-commerce are developing vigorously.

In recent years, China's foreign trade ‘circle of friends’ is getting bigger and bigger, and it has become the main trading partner of more than 150 countries and regions. 2024, whether it's for new friends or old partners, foreign trade has a bright performance. For the first time, the proportion of China's imports and exports accounted for more than 50% of the total value of imports and exports of countries that have jointly built the ‘Belt and Road’. 2024, China's imports and exports to the countries that have jointly built the Belt and Road grew by 6.4% accounting for 50.3% of the total value of imports and exports of China, with exports and imports growing by 9.6% and 2.7%, respectively.

I. China's foreign trade ‘three quantities’ rise, on all walks of life, especially the household goods industry has brought a positive impact.

1. Growth in total foreign trade: market demand is rising

The growth of total foreign trade means that the international market demand for products made in China continues to expand. As a traditional advantageous category made in China, iron houseware will gain more export opportunities in the international market under the rising demand due to its price advantage, quality stability and diversified designs.

Key Market Expansion: There is a strong demand for high quality iron household products in Europe and America, and the demand for economical iron household products such as Wire Countertop Fruit Storage baskets and aluminium Bathroom Shower Caddy in emerging markets (e.g. Southeast Asia and Africa) is also increasing rapidly.

2. Incremental rise in foreign trade: increased orders bring prosperity to the industry

The rise in incremental foreign trade reflects the increased ability to develop new markets and customers. Through policy support (e.g. Belt and Road Initiative and RCEP) and optimisation of logistics and supply chain, the penetration of iron household products in emerging markets will increase rapidly, with orders growing significantly.

Regional market opportunities: the growth in demand for home furnishings brought about by rapid urbanisation in Southeast Asia and the Middle East is an important source of incremental growth for China's iron home furnishings exports.

3. Quality improvement in foreign trade: enhanced brand value

Improving the quality of foreign trade means that China's export commodities are transforming from low-end OEM to high value-added, high technology content and strong sense of design. Iron household goods industry also benefits from this transformation, began to focus on design aesthetics, functionality and environmental protection concepts, to meet the international market demand for high-end products.

Product upgrading: Iron home furnishings will be more integrated into the modern style (such as industrial style, minimalist style), and through innovative design to enhance the added value of the product.

II. Development trends

1. Green environmental protection becomes core competitiveness

As global consumers are increasingly concerned about sustainable development, the iron household products industry will gradually adopt environmentally friendly materials and technologies, such as low-carbon production, environmentally friendly paints and recycled materials, in order to meet the international market's demand for green household products.

Cope with international environmental standards: export products need to comply with the strict environmental regulations in Europe and the United States (such as REACH and RoHS standards).

2. Branding and high-end development

As the quality of foreign trade improves, iron household goods enterprises will pay more attention to brand building, shifting from OEM mode to own-brand development, and obtaining higher market premium through high-end positioning.

Design-driven: increase investment in original design and launch products that meet international aesthetic trends, such as iron furniture incorporating smart home features.

3. Rapid growth of cross-border e-commerce and digital sales

Cross-border e-commerce platforms (e.g., Amazon, Sizzle) and social media marketing (e.g., TikTok, Instagram) provide iron home furnishings companies with a direct channel to international consumers. Businesses can increase sales efficiency and user reach through digitalisation.

Online customisation services: support consumers to customise iron household products (size, colour, style) through e-commerce platforms.

4. Personalisation and diversification demand growth

Diversification of aesthetic and functional needs of the international market for home furnishings, promoting iron household goods towards personalisation, functionality, modular direction. For example: industrial style and minimalist style iron home furnishings have become the trend in the European and American markets.

Multi-functional home storage products (such as foldable, expandable) in small households to increase demand.

5. Intelligent and technological innovation

Iron home furnishings will be more combined with modern technology, such as embedded smart home modules to enhance the experience. For example: smart bookshelf, remote control locker, etc..

In 2024, China's foreign trade ‘three quantities’ rise on the iron household goods industry has a significant role in promoting. Under the trend of global consumer demand upgrading, China's iron household goods industry will usher in a broader development prospects.