(NBS) China posted a trade surplus of $676.43 billion in 2021, up from $523.99 billion in the prior year and the highest on the series record since 1950.
In the last month of 2021, the trade surplus hit $94.46 billion, the highest since August 1994. The surplus was higher than $71.72 billion in November and surpassed estimates of $74.50 billion.
China’s trade surplus with the US was $39.23 billion in December, an increase from $36.95 billion in November, although it was less than a yearly high of $42 billion posted in September.
Chinese exports, which exceeded expectations for most of 2021, rose 20.9% in December from the prior year, more than the expected 20% increase.
Senior economist at Capital Economics Julian Evans-Pritchard expects exports to slow in the coming months due to increasing disruptions at ports amid Covid-19 outbreaks. Pinpoint Asset Management chief economist Zhang Zhiwei says Chinese exports could still benefit from Omicron impacts in other countries.
Imports rose by 19.5% in December from the prior year, less than the forecasted 26.3%, reflecting domestic weaknesses and property sector woes.
Overall, China’s exports grew by 29.9% in 2021, up from a 3.6% increase in 2020. Imports improved by 30.1%, compared to a decline of 1.1% in 2020.
CSI 300 is down -0.82%, USDCNY is down -0.19%.
