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AlwaysFree: China’s Annual Trade Tops $6 Trillion Despite Virus-Related Disruptions

Author: SSESSMENTS

Official customs data showed China’s trade topped $6 trillion for the first time in 2021 despite disruptions caused by the COVID-19 pandemic. In US dollar terms, China’s foreign trade grew by $1.4 trillion from 2020 to $6.15 trillion in 2021. In yuan terms, trade expanded 21.4% to CNY39.1 trillion last year. Exports were up 21.2% to CNY21.73 trillion, and imports were up 21.5% to CNY17.37 trillion. In US dollar terms, exports soared 29.9% to $3.42 trillion for the whole of 2021, while imports expanded 30.1% to $2.73 trillion.

Private businesses booked CNY19 trillion ($2.99 trillion) in trade last year, a rise of 26.7% from 2020. Foreign-invested companies tallied CNY14.03 trillion ($2.21 trillion) in trade, an increase of 12.7%. Meanwhile, state-owned enterprises registered a 27.7% increase to CNY5.94 trillion ($934.22 billion). The world’s second-largest economy posted a record trade surplus of $676.43 billion in 2021, up from $523.99 billion in 2020.

China’s trade maintained robust resilience despite severe fallout from COVID-19 outbreaks at home and overseas, analysts said. China’s economic growth is projected to slow down this year, but trade is expected to remain strong in the first quarter thanks to resilient global demand and despite uncertainty caused by the coronavirus Omicron variant.

Tags: All Products,AlwaysFree,Asia Pacific,China,English,NEA

Published on January 17, 2022 10:15 AM (GMT+8)
Last Updated on January 17, 2022 10:15 AM (GMT+8)