Global Orders Back to China Again. China's Trade Surplus Hits A New Record of 676 Billion

Jan 20, 2022


Southeast Asian manufacturing and Chinese manufacturing companies have been competing with each other for years, while China's record-strong export momentum continued into December, pushing the annual trade surplus to a new level.

According to a statement from the General Administration of Customs, exports in December amounted to $340.5 billion and total exports for the year totaled $3.36 trillion. Imports in December were $246 billion, and the full year was $2.69 trillion, with a trade surplus of $94.5 billion for the month and a trade surplus of $676 billion for the year.

The figures confirm what has been seen throughout the year: Chinese factories make everything from electronics to garden furniture, and there is strong global demand for Chinese goods of all kinds.

But trade growth is expected to slow in the new year as the rest of the world begins to coexist with the pandemic. Demand for work-from-home technology and healthcare equipment slows and consumption shifts to services.

While the outbreak of Omicron in China has affected supply chains, so far there has been no widespread damage to industrial output or trade.

Zhang Zhiwei, chief economist at Pinpoint Asset Management, said: "December's exports again exceeded expectations reflecting the damage to the global supply chain from Omicron, and export orders may have been diverted from other developing countries to China."

It is expected that China's exports will remain strong in the first quarter of this year due to strong global demand and the continuation of the epidemic in many developing countries.

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