China posts record trade surplus for 2022 despite slowing demand

CHINA’S annual trade surplus hit a record high in 2022 in yuan terms, as surging exports through the first half of the year offset a global drop-off in demand that worsened in the final quarter.

The surplus widened to 5.87 trillion yuan (S$1.15 trillion) last year, according to Bloomberg calculations based on data released by the General Administration of Customs on Friday (Jan 13). That easily surpassed the previous year’s record of 4.3 trillion yuan.

Exports fell about 0.6 per cent in yuan terms in December, according to Bloomberg calculations based on year-to-date data. That compared to a 0.7 per cent increase in November.

Imports increased about 1.5 per cent from a year earlier.

For all of 2022, exports in yuan terms surged 10.5 per cent from the prior year, while imports rose 4.3 per cent.

China is expected to publish single-month data, along with the value of trade in US dollars, at a later time. BLOOMBERG