China 2020 Exports up despite virus, surplus surges to USD 535B

PTI, Jan 14, 2021, 12:02 PM IST

China’s exports rose in 2020 despite pressure from the coronavirus pandemic and a tariff war with Washington, boosting its politically volatile trade surplus to USD 535 billion, one of the highest ever reported.

Exports rose 3.6 per cent over 2019 to USD 2.6 trillion, an improvement over 2019’s 0.5 per cent gain, customs data showed Thursday. Imports edged down 1.1 per cent to just over USD 2 trillion.

China’s exporters benefited from the relatively early reopening of its economy and demand for masks and other Chinese-made medical supplies.

Exporters have taken market share from foreign competitors that still face curbs imposed to fight the pandemic. Exports surged 18.1 per cent in December over a year earlier to USD 281.9 billion. Imports rose 6.5 per cent to USD 203.7 billion.