BEIJING ( Associated Press) – China posted a record trade surplus of $877.6 billion in 2022, fueled by a 7% increase in its exports despite weak demand in the United States and Europe and COVID-19 controls that have hit Shanghai and other industrial hubs. Temporarily paralyzed the centers.
According to customs data released on Friday, exports rose to $3.95 trillion, a sharp contrast to the explosive growth of 29.9% in 2021.
Imports rose 1.1% to $2.7 trillion, a much smaller increase from 30.1% a year earlier, due to a slowdown in the world’s second-largest economy.
China’s trade surplus, a politically volatile affair, is set to grow by a record 29.7% for 2021, the largest of any economy in history.
“China’s foreign trade and exports have shown strong resilience in the face of many difficulties and challenges,” customs spokesman Lu Daliang said at a press conference.
Export growth slowed at the end of the year after the Federal Reserve and other central banks raised interest rates to cool economic activity and drive inflation to a record.
In December, exports fell for the third month and reached $306.1 billion, down 10.1% from a year earlier. Imports declined by 7.3% to $228.1 billion.
In 2022, exports to the United States are projected to rise 1% from 2021 to $581.8 billion, despite President Joe Biden’s predecessor, Donald Trump, ordering tariff increases that are in effect on many items.
Chinese imports of US goods fell 1% to $177.6 billion.
China’s annual trade surplus with the United States, one of the sticking points for which Trump raised tariffs, rose 1.8% from the previous year to $404.1 billion.