China Posts Record Trade Year Despite Subdued US Exports

[beijingwalker]

China Posts Record Trade Year Despite Subdued US Exports​

By Enda Curran
2023年1月16日 GMT+8 20:00

When China’s Vice Premier Liu He attends the World Economic Forum’s annual meeting in Davos this week, it will mark the first time a senior Chinese official has attended since the pandemic began.

Recall that three years ago this week at a White House, China and the US signed off on a “phase one” trade deal that intended to rebalance commerce between the world’s two biggest economies, mostly by China buying more American farm produce.

Needless to say, a lot has changed since then.

Instead of China hoovering up US goods, the pandemic supercharged Chinese exports amid insatiable demand by cashed-up American for products made in China.

And even as the trade boom cooled in the second half of last year, for the full year in 2022 China still posted a trade surplus of $878 billion, a record high, according to government figures released Friday. (Click here for more.)

Yet trade with the US was fairly subdued: For the full year, exports grew just 1.2% from the year prior to $582 billion while imports from the US fell 1.1% to $178 billion.

Record Year for US-China Trade​

Chinese exports to the US grew slightly in 2022, while imports softened

To be sure, Covid outbreaks distorted global trade in extraordinary ways and the US-China trade deal was caught up in that.

But with China finally reopening its economy as it adjusts to living with the virus, trade with the US remains as uneven as critics argued it was before the pandemic began.

If Liu He crosses paths with US Treasury Secretary Janet Yellen during Davos, both sides will have lot to discuss — including Washington’s long-running complaints of unbalanced trade and Chinese demands that tariffs be removed from their goods.

It’s almost as though the great trade deal of early 2020 never happened.

China Posts Record Trade Year Despite Subdued US Exports

When China’s Vice Premier Liu He attends the World Economic Forum’s annual meeting in Davos this week, it will mark the first time a senior Chinese official has attended since the pandemic began.

www.bloomberg.com

 

[beijingwalker]

for the full year in 2022 China posted a trade surplus of $878 billion, a record high

So China's trade surplus almost doubled in 2022 from 2021, and China only overtook Germany in overall trade surplus from 2020

Trade Balance by Country

www.macrotrends.net

 

[beijingwalker]

 

[StraightEdge]

Trade surplus is as big as US defence budget. That says a lot.

 

[Han Patriot]

800bil$. Fck......if that's collapse, then collapse me baby.

 

[beijingwalker]

800bil$. Fck......if that's collapse, then collapse me baby.

$878 billion surplus, almost $900, this year could surpass 1 trillion, put this in perspective, very few countries in the world have their total GDP over 1 trillion dollars,