China's Trade Surplus Reaches $535 Billion Last Year, Highest Since 2015
Surge in Exports of Medical Supplies and Electronics Including Masks, COVID-19 Windfall
US Trade Surplus Also Hits $316.9 Billion
[Asia Economy Beijing=Special Correspondent Jo Young-shin] Despite the COVID-19 pandemic, China recorded a historic trade surplus.
According to the General Administration of Customs of China on the 14th, China's exports last year amounted to $2,590.65 billion, an increase of 3.6% compared to the previous year.
On the other hand, China's imports last year were $2,055.61 billion, a decrease of 1.1% compared to the previous year.
As a result, China achieved a trade surplus of $535.03 billion last year, the largest scale in five years since 2015.
Li Kuiyuan, spokesperson for the General Administration of Customs, stated, "China is the only country in the world with a net increase in goods trade," adding, "This has further solidified its position as the world's number one."
He cited World Trade Organization (WTO) statistics, noting that from January to October last year, China's share of global exports and imports reached 12.8%, setting a record high.
Analysts suggest that the sharp increase in China's exports last year, leading to a large trade surplus, was largely influenced by the global COVID-19 pandemic.
Bloomberg reported, "The coronavirus and continued lockdowns fueled demand for overseas epidemic prevention supplies and home-use electronic devices, causing a surge in China's exports."
In fact, China's exports of medical devices and home appliances last year were $12.9 billion and $53.5 billion respectively, surging 40.5% and 23.5% compared to the previous year.
Despite the US-China Phase One trade agreement, China's exports to the US also increased above average.
Hot Picks Today
Samsung Electronics Introduces New "Special Performance Bonus" for Semiconductors, Paid Entirely in Company Shares
- "Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- "US-Iran: Patch-Ups More Likely Than Settlement... Unlikely to Resolve Within 6 Months" [Economic Policy Zoom-In]
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
Last year, China's exports to and imports from the US were $451.81 billion and $13.491 billion respectively, up 7.9% and 9.8% compared to 2019. The US trade surplus was $316.9 billion.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
