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China posts record trade surplus in 2022

Workers assemble machine parts at the plant of SMC China, a tire engineering joint venture with Japan, in Beijing on January 10, 2023. (AP Fhoto/Andy Wong)
Workers assemble machine parts at the plant of SMC China, a tire engineering joint venture with Japan, in Beijing on January 10, 2023. (AP Fhoto/Andy Wong)

BEIJING (AP) — China posted a record trade surplus of $877.6 billion in 2022 thanks to a 7% increase in its exports despite weakening demand in the United States and Europe, and COVID-19 controls. which temporarily paralyzed Shanghai and other industrial centers.

Exports increased to 3.95 trillion dollars, an amount that contrasts with its explosive increase of 29.9% in 2021, according to customs figures released on Friday.

Imports rose 1.1% to $2.7 trillion, a very small increase from 30.1% a year earlier due to a slowdown in the world’s second-largest economy.

China’s trade surplus, a politically sensitive issue, rose 29.7% from the 2021 record, 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 told a press conference.

Lu warned that “downward pressure on the world economy is increasing” and exports could face “many difficulties and challenges.”

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