China 2020 Exports Soar; Surplus Surges to $535 Billion

SourceAl Bawaba
SectorEconomy
CountryGulf

China’s exports rose in 2020 despite pressure from the coronavirus and a tariff war with Washington, boosting its politically volatile trade surplus to $535 billion, one of the highest ever reported.   Exports increased 3.6% over 2019 to $2.6 trillion, an improvement on the previous year’s 0.5% gain, customs data showed Thursday. Imports edged down 1.1% to just over $2 trillion, but growth was strong in the second half after China became the first major economy to revive following the pandemic, The Associated Press reported. Exports to the United States rose 7.9% over 2019 to $45.2 billion despite tariff hikes on most Chinese goods by the Trump administration in a feud with Beijing over technology and security. Imports of U.S. goods rose 9.8% to $13.5 billion, boosted by Beijing’s promise as part of a truce in that conflict to buy more American soybeans, natural gas and other exports. China’s exporters benefited from the relatively early reopening of its economy and demand for masks and other Chinese-made medical supplies. Exporters have taken market share from foreign competitors that face still anti-virus curbs, but that advantage is expected to fade as coronavirus vaccines are rolled out and other economies return to normal.

Demand for medical goods also ...read more...