China’s trade surplus surges to record $676.4B in 2021

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China’s politically volatile global trade surplus rose to $676.4 billion in 2021, possibly the most recorded by any country, as exports rose nearly 30% from a year ago despite semiconductor shortages, leading to Manufacturing disrupted.

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BEIJING — China’s politically volatile global trade surplus rose to $676.4 billion in 2021, possibly the most recorded by any country, as exports jumped 29.9% from a year earlier, despite a shortage of semiconductors interrupted manufacturing.

The country’s trade surplus in December rose 20.8% from a year earlier to a monthly record of $94.4 billion, customs data showed on Friday.

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China piled up a series of monthly export surpluses in 2021, but drew less criticism from the United States and other trading partners than in years before they focused on coronavirus infections.

Exports rose to $3.3 trillion in 2021 despite a shortage of processor chips for smartphones and other products, as global demand resumed from the pandemic. The rationing of electricity in some areas also caused problems for the manufacturers.

Chinese imports rose 30.1% to $2.7 trillion in 2021, as the world’s second-largest economy recovered from the pandemic.

Economic growth weakened in the second half of the year as Beijing launched a campaign to reduce what it sees as dangerously high debt in the real estate industry, but consumer spending was well above pre-pandemic levels. .

The country’s global trade surplus was an increase of 26.4% compared to 2020, which economists previously said was the highest ever reported by any economy. He said the only comparison as a percentage of the economy was Saudi Arabia and other oil exporters during the 1970s, but their total revenue was low.

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