China's Exports Reach Record High of $3.36 Trillion Last Year, Up 30% Year-on-Year...

[Image source=AP Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] China's export volume last year surged nearly 30% year-on-year to reach a record high of $3.36 trillion (approximately 3,996 trillion KRW). Despite concerns over economic slowdown due to the impact of COVID-19, external exports are interpreted as having driven the Chinese economy.

On the 14th, China's General Administration of Customs announced that China's export volume last month reached $340.5 billion, a 20.9% increase compared to the previous year. As a result, China's total export volume for last year was recorded at $3.36 trillion, up 29.9% year-on-year, achieving an all-time high. Last year's import volume also increased by 30.1% from the previous year to $2.6875 trillion.

China's trade surplus last year also set a record high at $676.4 billion. In particular, the trade surplus with the United States was $396.58 billion, marking a surplus for the second consecutive year following 2020, driving the overall trade surplus. It is analyzed that a special export boom occurred as Chinese manufacturing factories, which have pursued a 'zero COVID' policy amid the impact of COVID-19, were almost the only ones operating close to normal levels.

However, as countries' economies recover thanks to the development and increased distribution of COVID-19 treatments and improved vaccination rates, the COVID-related export boom is gradually weakening. The dominant analysis is that China's export growth rate this year will return to the usual level of around 10%.

At a recent press conference, Zhu Haibin, Chief Economist at JP Morgan, predicted, "With exports, which have been the engine of economic growth for the past two years, expected to weaken in 2022, there is a need to more strongly stimulate consumption."

This content was produced with the assistance of AI translation services.