China exports generate record trade surplus as coronavirus lockdowns return to the West

WION Web Team
NEW DELHI Updated: Dec 08, 2020, 10:01 AM(IST)

(Representative Image) Photograph:( AFP )

Story highlights

China’s global trade surplus for the first 11 months of 2020 is $460 billion, up 21.4% from this time last year, already one of the highest ever recorded.

Bringing the biggest export haul in the country’s history, China’s trade surplus soared to a record $75.4 billion in November as exports surged 21.1% over a year earlier, propelled by American consumer demand.

Also read: China's Sinovac secures $515 million to boost covid vaccine production 

This was the sixth consecutive month of export growth, with China’s factories continuing to capitalise on coronavirus lockdowns in the West.

Exports to the United States rose 46% despite lingering tariff hikes in a trade war with Washington, customs data showed Monday.
 

Total exports rose to $268 billion, accelerating from October’s 11.4% growth. Imports gained 5% to $192.6 billion, up from the previous month’s 4.7%.

China’s global trade surplus for the first 11 months of 2020 is $460 billion, up 21.4% from this time last year, already one of the highest ever recorded.

Exports to the United States rose to $51.9 billion while imports of American goods gained 33% to $14.6 billion. The trade surplus with the United States swelled 52% over a year earlier to $37.3 billion.

China's exports are beating expectations as the world's biggest manufacturing nation's overseas markets reopened from Covid-19.

The figures show China recovering steadily from the severe economic shutdown imposed by the government to combat Covid-19 and subsequent widespread lockdowns in its major markets. 

Uncertainty lies ahead, though, as coronavirus cases rise in many large economies and trade tensions between China and the US remain severe.

(With inputs from agencies)

Read in App