China’s exports grew 20.9% in December, year-on-year, the General Administration of Customs of the Asian country said on Friday. The result marked a deceleration compared to the 22.0% observed in November, but was above the forecast of 19.0% of economists consulted by the The Wall Street Journal.
In 2021, Chinese exports increased by 29.9% compared to 2020. The cumulative value of US$3.36 trillion surpassed the 2020 record of US$2.6 trillion.
Imports from China, in turn, increased 19.5% in December and ended 2021 with a growth of 30.1%, driven, in part, by rising commodity prices. The monthly data, however, was below the 31.7% registered in November and the market forecast of 24.2%.
With a positive balance of US$ 94.46 billion in December, the Chinese trade balance totaled a surplus of US$ 676.43 billion in 2021, above any other ever recorded. The monthly data also exceeded the expectations of economists consulted by the The Wall Street Journalwho expected a balance of US$ 77 billion.
China’s foreign trade has benefited over the past year from a rapid recovery from the 2020 coronavirus shocks. The government’s tough Covid-19 control measures have limited local infections and allowed factories and exporters to continue production and operations, despite short-term interruptions by new outbreaks.
(Dow Jones Newswires)
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