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Thursday, January 14, 2021

China trade surplus with US widens 7.1pc to US$317b in 2020, says official

For the whole of 2020, China's exports rose 3.6 per cent, although imports shrank 1.1 per cent. — Reuters pic
For the whole of 2020, China's exports rose 3.6 per cent, although imports shrank 1.1 per cent. — Reuters pic

BEIJING, Jan 14 ― China's trade surplus with the United States widened last year despite a partial trade deal requiring Beijing to boost purchases, official figures showed today.

Donald Trump had made closing the trade gap with China a priority when he took office four years ago and launched a bruising trade war with Beijing.

But China's customs administration data showed the surplus climbed 7.1 per cent to US$316.9 billion (RM1.28 trillion), with outbound shipments boosted by sales of electronics goods and protective gear.

Although the world's second-largest economy sufered a record contraction in the first quarter of last year as the coronavirus essentially brought activity to a halt, it soon recovered as lockdowns in the country were eased and medical exports soared.

For the whole of 2020, China's exports rose 3.6 per cent, although imports shrank 1.1 per cent.

In December, however, both exports and imports rose more than expected at 18.1 per cent and 6.5 per cent respectively.

Customs spokesman Li Kuiwen told reporters today that “facing unprecedented difficulties and challenges, our country's imports and exports delivered a brilliant report card”, adding that the outcome was “significantly better than expected”.

Li said outbound shipments of mechanical and electrical products rose, with increases seen in notebook computers, household appliances and medical instruments and equipment.

Textile exports including masks ― which surged in demand globally during the pandemic ― rose 30.4 per cent in yuan terms, he added. ― AFP




Source: Malay Mail

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