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China’s trade surplus exceeds expectations, achieves $94.5bn

China's trade

Beijing, (Business News Report) – China’s trade surplus has recorded a positive figure of $94.5 billion, at a time when expectations were much lower.

According to customs data, China’s trade surplus achieved a good figure, with China’s exports rising 20.9 percent in December year on year.

Imports also jumped 19.5% during the same period.

China’s trade surplus

Analysts had expected exports to increase 20% last month, after rising 22% in November. They also expected imports to grow by 26.3%, after rising 31.7% in November.

China’s trade surplus was $94.46 billion last month, compared to expectations in the survey for a surplus of $74.50 billion.

China recorded a surplus of $71.72 billion in November.

In a related context, China’s imports of crude oil recorded the first annual decline since 2001, according to Reuters.

Official data showed that China’s oil imports totaled 512.98 million tons in 2021, compared to 542.39 million tons in the previous year.

According to Chinese customs data on Friday, imports for the month of December amounted to 46.14 million tons.

This comes as the media reported that the volume of China’s trade in 2021 amounted to 6 trillion dollars, which is the first time that the country achieved profits of this size.

In 2021, China’s foreign trade grew by 21.4%, compared to 2020, and 23.9% more than in 2019.

Also, data from the General Administration of Customs in China showed Friday, according to Reuters, that China’s trade surplus with the United States in 2021 amounted to $396.58 billion.

Reuters indicated that it amounted to $39.23 billion during last December.

Separately, China’s State Council (the Cabinet) has drawn up a plan to facilitate the development of the digital economy during the period of the 14th Five-Year Plan (2021-2025).

Meanwhile, the country aims to raise the proportion of the digital economy industries’ added value in its GDP to 10 percent in 2025, up from 7.8 percent last year, according to the plan.

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