China’s trade surplus reached the highest level on record in 2021, thanks to a boom in exports that helped overcome a drop in momentum across the wider economy, reports the Financial Times. Official data released on Friday showed that China’s trade surplus was $676 billion for 2021, 26% higher than in 2020.
Exports were 30% higher at $3.36 trillion for the full year, with December’s year-on-year growth of 21% adding to a streak of double-digit gains in every single month in 2021.
The data highlighted China’s dominance of global trade during the coronavirus era, during which its manufacturing industry has benefited from a shift around the world from services to goods consumption.