China trade surplus reached record in 2021 despite trade war
Recovering demand in U.S. and Europe plus ASEAN supply woes boosted exports
BEIJING -- China's trade surplus in 2021 reached $676.4 billion, the largest ever and up about 30% from the previous year, the country's General Administration of Customs said on Friday.
The second-largest global economy's previous record was set in 2015. With demand for Chinese personal computers and toys recovering in major markets such as the U.S. and Europe, total exports increased by 29.9% to $3.36 tillion.
China also saw the first expansion in total imports in the last three years, which increased by 30.1% to $2.68 trillion.
Despite a trade war with Washington and its allies, vaccination drives in the U.S. and Europe helped consumer spending recover, which resulted in boosts for Chinese exporters.
Trade was also helped by disruptions in supply chains among members of the Association of Southeast Asian Nations, the economic bloc competing with China, where COVID-19 hit hard last year.