BEIJING (AP) — China’s trade surplus swelled to a record $877.6 billion in 2022 as exports rose 7% despite weakening U.S. and European demand and anti-virus controls that temporarily shut down Shanghai and other industrial centers.
Exports increased to $3.95 trillion, decelerating from 2021′s explosive 29.9% gain, customs data showed Friday. Imports edged up 1.1% to 2.7 trillion, cooling from the previous year’s 30.1% rise as growth in the world’s second-largest economy slowed.
The country’s politically sensitive trade surplus expanded by 29.7% from 2021′s record, already the highest ever for any economy.
“China’s foreign trade and exports showed strong resilience in the face of many difficulties and challenges,” said a customs agency spokesperson, Lu Daliang, at a news conference. Lu warned “downward pressure on the world economy is increasing” and exports would face “many difficulties and challenges.”