China Exports In 2021 Touches $3.36 Trillion, Trade Surplus At A Record $676.4 Billion Even As Imports Grew by 32.7%

by Swarajya Staff - Jan 14, 2022 02:05 PM +05:30 IST
China Exports In 2021 Touches $3.36 Trillion, Trade Surplus At A Record $676.4 Billion Even As Imports Grew by 32.7%
lianyungang port china
Snapshot
  • China's trade surplus reached a record $676.4 billion in 2021, the country's General Administration of Customs said today (Jan 14).

    Driven by an uptick in shipments of mechanical and electronic products, China’s total exports in 2021 touched $3.36 trillion, representing a 29.9 per cent higher than the 2020 number. With China's imports also increasing by 30.1 % to $2.69 trillion, the country's overall foreign trade stood at $6.05 trillion in 2021.

China's trade surplus reached a record $676.4 billion in 2021, the country's General Administration of Customs said today (Jan 14)

Driven by an uptick in shipments of mechanical and electronic products, China’s total exports in 2021 touched $3.36 trillion, representing a 29.9 per cent higher than the 2020 number.

With China's imports also increasing by 30.1 % to $2.69 trillion, the country's overall foreign trade stood at $6.05 trillion in 2021.

The country's export performance was boosted by a strong showing in December with exports clocking $340.5 billion.

After a brief period in 2019 when Trumpian trade wars clobbered bilateral imports and exports., the trade between China and the US is back on track. It surged by 28.7 percent year-on-year in 2021, amounting to a staggering number of $755.6 billion. Consequently U.S trade deficit with China further widened.

While China's export to the US increased by 27.5 percent over the whole year in 2021, while imports grew by 32.7 percent.

The spokesperson of General Administration of Customs Li Kuiwen however appeared to strike cautious note acknowledging that the economy "faces triple pressures of demand contraction, supply shock and weakening expectations".

"China's trade landscape faces rising uncertainty, instability and imbalance amid recurrent waves of the pandemic, meaning the country's relevant advantage in taking the lead in economic rebound might be weakening", Li said, noting however that the country's resilience and strong economic fundamentals over the long run won't change, thereby vigorously underpinning a push to stabilize trade.

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