Driven by strong exports, China’s trade surplus hit a record high in 2022. Exports powered China’s economy for most of the year until the final quarter.
Full-year exports rose 7% in 2022 to a new high of $3.59 trillion, surpassing the previous record of $3.36 trillion set in 2021, data from China’s General Administration of Customs showed on Friday.
Imports will grow by 1.1% in 2022. That means an annual trade surplus of $877.6 billion, surpassing the previous high of $676.43 billion set in 2021, according to data from Wind.
China’s exports plunged 9.9% year-on-year in December last year, the third consecutive month of decline and the largest drop since February 2020, when China was first hit by the new crown epidemic. The drop in exports was also larger than November’s 8.7 percent drop, but lower than the 8.7 percent decline accepted by The Wall Street Journal. …