China’s trade surplus hits record as pandemic boosts exports by Bloomberg

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© Reuters. China’s trade surplus hits record as pandemic fuels exports

(Bloomberg) – China’s exports continued to expand at a strong pace in December, helping to shore up the economy’s recovery. Import growth accelerated. Exports grew 18.1% in dollar terms in December from a year earlier, while imports rose 6.5%, the customs agency said on Thursday. That left a trade surplus of $ 78.17 billion for the month, the highest on record. Economists had predicted that exports would increase by 15% while imports would increase by 5.7% Key information Exports increased last year as the coronavirus and subsequent closures boosted demand abroad for personal protective equipment and electronic devices for the home. With the pandemic largely under control domestically, factories were able to resume production earlier than most other locations, allowing China to meet growing global demand. December shipments likely declined after a bumper month in November, while a recovery in global growth helped support the momentum, Goldman Sachs Group Inc (NYSE :). economists said before the data was released. Import growth likely rebounded due to more business days in December, they said. The new lockdowns in Europe, the United States and elsewhere could continue to boost demand for consumer goods made in China, although they will affect the global recovery. China is also battling a new wave of virus cases, with restrictions to contain infections in some areas already causing business disruptions. Still, UBS Group AG’s Wang Tao forecasts strong export growth in 2021, With more stable U.S.-China relations reducing uncertainty for trade and supply chains, he wrote in a report before the data © 2021 Bloomberg LP

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