China Exports Continue To Expand In December
14 January 2022 - 1:22PM
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China's exports continued to log robust growth in December
taking the overall trade surplus for 2021 to a record high, data
from the General Administration of Customs revealed on Friday.
Exports grew 20.9 percent on a yearly basis in December after
rising 22.0 percent in November. The annual growth was forecast to
slow to 20.0 percent.
At the same time, annual growth in imports eased more sharply to
19.5 percent from 31.7 percent in the previous month. The expected
rate was 26.3 percent.
Consequently, the trade surplus rose to $94.46 billion in
December from $71.7 billion in November, and remained above the
expected level of $74.5 billion.
There is limited scope for a rise in exports volumes this year
given that ports are already stretched to capacity, Julian
Evans-Pritchard and Sheana Yue, economists at Capital Economics,
said.
Further ahead, the bigger problem for exports is that foreign
demand is likely to drop back as shifts in global consumption
patterns due to the pandemic unwind and backlogs of orders are
gradually cleared, the economists noted.
Regarding the outlook for imports, the economists said although
policy easing will drive a rebound in home sales, constraints on
developer financing mean that slowing property construction is
likely to continue to weigh on China's commodity imports for some
time.
For the full year of 2021, exports logged an annual growth of
29.9 percent and imports advanced 30.1 percent. As a result, the
trade surplus rose to a record $676 billion, data showed.
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