China’s exports grew 3.6% in 2020
China‘s exports registered a year-on-year growth of 3.6% in 2020, to 2 trillion 590,646 million dollars, considering only products.
On the contrary, Chinese imports totaled 2 trillion 055.612 million dollars in the same year, a decrease of 1.1%, at an annual rate, according to data from the General Administration of Customs of China.
Consequently, this Asian country reached a total trade of 4 trillion 646,257 million dollars, an advance of 1.5 percent.
China’s exports are ranked first globally, while its imports are the second largest, surpassed by the United States.
Context
World trade in goods (outside the EU) recovered strongly in the third quarter of 2020 from a strong and widespread contraction in the first half of the year.
According to the European Commission, momentum is expected to have slowed since then due to the impact of renewed containment measures on global demand and hampered global supply chains.
While the new export orders component of the global manufacturing PMI was firmly above 50 points in the fourth quarter, it fell close to the stagnation threshold in January.
Looking ahead, the European Commission expects growth in world trade in goods (excluding the EU) to pick up in line with global economic activity and should continue to benefit from the strong rebound in manufacturing activity.
By contrast, the recovery in trade in services, after a sharp contraction in the first half of 2020, has moderated and is expected to remain so until restrictions on tourism activities and travel are lifted.
Global trade tensions and trade policy uncertainty are likely to continue to weigh on trade over the forecast horizon.
Overall, the European Commission expects global imports of goods and services (excluding the EU) to grow 7.5% in 2021, followed by 4.9% in 2022.
China exports
China’s trade surplus stood at $ 78.17 billion in December 2020, an all-time high.
While China’s exports grew 18% in December at an annual rate, imports climbed 6.5 percent.
