China's politically volatile global trade surplus surged to $676.4 billion in 2021, likely the highest ever recorded by any country, as exports jumped 29.9% over a year earlier despite semiconductor shortages that disrupted manufacturing.
The country's trade surplus in December swelled 20.8% over a year earlier to a monthly record of $94.4 billion, customs data showed Friday.
China piled up a series of monthly export surpluses in 2021 but they prompted less criticism from the United States and other trading partners than in earlier years while they focused on containing coronavirus infections.
Exports rose to $3.3 trillion in 2021 despite shortages of processor chips for smartphones and other products as global demand rebounded from the pandemic. Manufacturers also were hampered by power rationing imposed in some areas.
The surplus with the United States, one of the irritants behind a lingering U.S.-Chinese trade war, rose 25.1% in 2021 over a year earlier to $396.6 billion. Trade envoys have talked since President Joe Biden took office in January but have yet to announce a date to resume face-to-face negotiations.
Exports to the United States gained 27.5% over 2020 to $576.1 billion despite higher tariffs imposed by Biden's predecessor, Donald Trump, that still are in place on many goods. Chinese imports of American goods rose 33.1% to $179.5 billion.
Chinese imports in 2021 rose 30.1% to $2.7 trillion as the world's second-largest economy rebounded from the pandemic.
Economic growth weakened in the second half of the year as Beijing carried out a campaign to reduce what it sees as dangerously high debt in the real estate industry, but consumer spending was above pre-pandemic levels.
The country's global trade surplus was a 26.4% increase over 2020, which economists said earlier was among the highest ever reported by any economy. They said the only comparison as a percentage of the economy was likely Saudi Arabia and other oil exporters during the 1970s, but their total revenues were smaller. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
English (US)