China's exports in December increased 20.9% year-on-year, slightly above expectations.Beijing-China's exports were slightly higher than expected in December, but imports were lower than expected, according to tariff data released on Friday.
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| China's exports in December increased 20.9% year-on-year, slightly above expectations. |
Exports in the US dollar increased 20.9% year-on-year, exceeding 20% growth forecasts, according to a Reuters survey.Imports increased 19.5% against the US dollar, falling below growth expectations of 26.3%.
December figures show a sharp recession since November, when imports increased 31.7% year-on-year. Exports in November increased 22% year-on-year.
"We expect China's exports to remain strong in the first quarter due to the recovery in global demand and the spread of epidemics in many developing countries," said Zhiwei Zhang, Chief Economist at Pinpoint Asset Management. I am saying.
"Currently, strong exports are the only driving force that can help the Chinese economy. We expect infrastructure investment to be the second driving force in the coming months," he said.
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Zhang said the outbreak of Covid in more cities added even worse risks to China's economic outlook for the first quarter.
China will release 2021 GDP, retail sales and other data on Monday.
US trade with China has increased
The United States was China's largest trading partner on a single-country basis. As the data show, only two regions, the Association of Southeast Asian Nations and the European Union, are increasing trade with China in 2021.
According to customs data, exports to the United States increased 27.5% to $ 576.11 billion and imports increased 32.7% to $ 179.53 billion.
This means that China's trade surplus with the United States in 2021 was $ 396.58 billion, the second consecutive year since the trade friction with the United States decreased from 2018 to 2019.
Despite tensions between the two countries, China's trade with Australia has increased over the past year. China's exports to Australia increased by 24.2% and imports increased by 40%.
China's crude oil imports increased 19.9% year-on-year to 46.14 million tonnes in December, but declined for the full year.
Coal imports in December plummeted to 30.95 million tonnes, down 20.6% year-on-year due to a reduction in electricity shortages. Natural gas imports in December increased 3.8% year-on-year to 11.75 million tonnes.
China's soybean imports increased by 8.87 million tonnes in December, an increase of about 18% year-on-year.
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