The trade surplus soared to a record $877.6 billion last year as China increased imports of cheap Russian crude and increased exports, sending negative signals to currency markets.
The China Customs Service said on the 13th that last year exports increased 7% year-on-year to $3.95 trillion, while imports increased 1.1% to $2.7 trillion, slowing from an explosive 29.9% increase in 2021.
"China's foreign trade and exports have shown strong resilience in the face of many difficulties and challenges," said Lu Daliang, spokesman for China Customs, at a press conference. said.
China bought about 20% of Russia's crude oil exports in 2021 and increased more than this last year, Reuters reported on the 14th.
China's imports rose 1.1 per cent to 2.7 trillion, showing a cooling from the 30.1 per cent increase in imports in the previous year (2021) as slowing economic growth and weakening consumer spending.
Last year, when the conflict with the United States increased, China's exports to the United States increased by 1% compared to 2021 to $ 581.8 billion, despite the tariff increase by Republican Trump, the predecessor of President Biden of the Democratic Party. is a dollar
China's annual trade surplus with the United States, which is the background of Republican Trump's tariff hike strategy, has been counterproductive as it expands to $404.1 billion, up 1.8% from 2021.
Exports to the EU from the 27 EU countries fell 39.5% to $43.6 billion, while imports fell 31.3% to $24 billion.
In December of last year under the control of the’Russian oil cap’ led by the US and EU Japan, imports of Russian oil and gas to China increased by 8.3% year-on-year to record $9 billion.
Regarding China's massive trade surplus, economists say that the only absolute case in which the trade surplus accounted for an absolute share of the economy was Saudi Arabia and other oil exporters during the price boom of the 1970s, but total imports were smaller in the Middle East. It undermines the ability to manage the exchange rate, which has pushed the US dollar to multi-year highs as money flows into China,” Reuters reported.
"The People's Bank of China has responded by ordering banks to keep exchange rates stable and limiting traders' ability to speculate on currency movements," predicting a direct impact on the future exchange rate market.
South Korea had a current account deficit in November of last year, a current account deficit of $620 million, a decrease of $7.44 billion compared to the same month last year.
The trade deficit is on the rise again, from a record high of $9.39 billion in August last year to $3.78 billion in September, $6.7 billion in October, and $7.01 billion in November.
In November of last year, exports decreased by 7.31 billion dollars (-12.3%) to 52.32 billion dollars from the same month last year, a decrease for three consecutive months following the previous month.
In Korea, the value of the strong won has risen abnormally in the twin deficit system.
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