China’s foreign goods trade surges despite global slump
Print Edition
China’s total goods imports and exports expanded 1.9 percent year on year to 32.16 trillion yuan (US$5 trillion) in 2020, hitting a record high despite a worldwide slump in shipments, official data showed yesterday.
Exports rose 4 percent, while imports went down 0.7 percent, according to the General Administration of Customs. In December alone, exports surged by 10.9 percent year on year in yuan terms.
China emerged from the global economic and trade challenges in 2020 as the world’s only major economy to have registered positive growth in foreign trade in goods, GAC spokesperson Li Kuiwen told a news conference.
During the first 10 months of last year, the country’s foreign trade and exports accounted for 12.8 percent and 14.2 percent of the world’s total, respectively, both reaching historic highs, Li said, citing data from the World Trade Organization and available national statistics.
“China’s exports are gaining global market share for two reasons,” said Alicia Garcia Herrero, chief economist for the Asia-Pacific zone of the French investment bank Natixis.
“First, it has successfully contained the spread of the virus and reopened its manufacturing capacity, while most other major economies are still grappling with production problems.
“Second, the sectoral specialization seems to have played a very resilient role despite the overall uncertain global environment,” she said, adding that China saw a pronounced recovery in major commodities, including the textile sector which is supported by the demand for medical equipment such as face masks.
China exported 224.2 billion masks between March and the end of December in 2020 to assist the international community in fighting COVID-19, GAC data showed.
“China’s foreign trade has achieved a rapid return to stability and continued to improve, displaying strong resilience and comprehensive competitiveness,” the GAC spokesman said, noting that China’s foreign trade has achieved positive growth for seven consecutive months as of June 2020.
The rebound in trade mirrored the Chinese economy’s V-shaped recovery. GDP expanded 4.9 percent year on year in the third quarter of 2020, up from a 3.2 percent rise in the second quarter and a 6.8 percent plunge in the first quarter.
“China’s recovery maintained the global supply chain. The resilience of China not only benefited itself, but also benefited the global economy,” JP Morgan’s Chief China Economist Zhu Haibin said.
“Despite the pandemic and the shutdown of international travel, China is still increasing its focus on further openness,” Zhu said.
China has made notable achievements in promoting multilateral trade in 2020, including the signing of the landmark Regional Comprehensive Economic Partnership that launched the world’s largest free trade bloc, and the conclusion of negotiations for the China-EU investment treaty.
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