Korean Media: China's Trade Surplus First Exceeds $1 Trillion!

On December 25, the Korean media "Gyeongyang Sinmun" published an article stating that this year, China's annual trade surplus has exceeded the $1 trillion mark for the first time. Despite a decline in exports to the United States, China's trade surplus still maintained growth due to increased exports to Southeast Asia, Africa, the European Union, and South America.

Data released by China's General Administration of Customs showed that China's foreign exports in November reached $330.35 billion, an increase of 5.9% compared to the previous year. This figure exceeded the predictions of experts from Reuters (3.8%) and Bloomberg (4%).

At the same time, the import volume in the previous month reached $218.67 billion, an increase of 1.9% year-on-year, lower than the market's expected 2.8%. Therefore, China's trade surplus in the previous month reached $111.68 billion, making the cumulative trade surplus from January to November this year reach $1.08 trillion.

The New York Times analysis pointed out, "A trade surplus of $1 trillion is a scale that no country has ever reached." Last year, China's annual trade surplus was $992 billion.

Last month, China's exports to the United States decreased by 28.6% to $33.7891 billion. The goods imported from the United States decreased by 19.1% to $10.0533 billion. From January to November this year, China's exports to the United States decreased by 18.9%, and imports decreased by 13.2%, with the total trade volume decreasing by 17.5%.

Although exports to its largest market, the United States, have declined, China can still expand its trade surplus, which is interpreted as being due to growth in trade with Southeast Asia, Europe, and Africa. From January to November this year, China's exports to ASEAN countries increased by 13.7%, and exports to the EU increased by 8.1%. Trade volume with Africa increased by 17.8%.

Experts said it is still too early to determine whether global demand for Chinese products has rebounded. However, according to Associated Press, they expect China to basically achieve its 5% economic growth target this year.

Original: toutiao.com/article/1852466428793866/

Statement: This article represents the views of the author.