Friday January 14, 2022
590 million euros
China’s export surplus hits record high
As one of the largest economies in the world, China will reach a new high in its trade surplus in 2021: exports will increase by around 30 percent compared to the previous year. Articles needed in particular during the pandemic are driving up revenue.
China drastically increased its exports last year, achieving a record foreign trade surplus. The exports of the People’s Republic, which is the second largest economy in the world after the USA, grew by 29.9 percent in 2021 compared to the previous year, according to customs. Exports were driven by strong global demand for anti-pandemic medical products, such as masks, and electronic goods, such as home office computers.
China, where the corona virus was first detected in 2019, had followed an extremely strict policy in the fight against the pandemic. The factories there were able to reopen comparatively early and ramp up production to meet growing global demand. In 2020, Chinese exports increased by just 3.6 percent. Customs warned against excessive expectations when presenting the numbers. China is also facing several challenges at the beginning of the new year, including possible falling demand and supply problems. Experts also assume that as the pandemic subsides, demand for medical equipment in particular will decrease.
Imports to China also increased sharply last year by 30.1 percent compared to the previous year. In 2020, imports had fallen by 1.1 percent. The export surplus – the difference between exports and imports – rose to a new record of around 590 million euros. Experts estimate that China’s economy grew by eight percent last year. That would be the highest increase since 2012. Official figures are to be published next week.