News from AP said that the upward trend in China’s trade surplus continues. The world’s second-largest economy saw a trade surplus of $8.776 billion last year. This is 29.7 percent higher than the record level of 2021. It is also the highest since counting began in 1950. China’s trade surplus is more than any country in the world. The country set such a record despite the temporary shutdown of Shanghai and other industrial areas due to weak demand in the US and Europe and the Covid-19 pandemic.
According to the General Administration of Customs (GAC) data released yesterday, on Friday, China’s exports in 2022 increased by 7% compared to the previous year to reach 395 billion dollars. Export growth rate is much slower than 29.9% in 2021. During this period, the import increased by 1.1% to 270 thousand billion dollars. Import growth is also much slower than 30.1% in 2021. Imports have slowed as the country’s consumer spending has weakened.
Meanwhile, economists have predicted that China’s export growth rate will weaken due to the increased risk of recession in Western economies. Some economists also fear that China’s exports may shrink this year. Julian Evans-Pritchard of economics research firm Capital Economics said in a report this week that China’s exports are likely to contract by the middle of this year.