China's trade surplus swells to $877.6 billion as exports grow

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China's trade surplus swelled to a record USD 877.6 billion in 2022 as exports rose 7 per cent despite weakening US and European demand and anti-virus controls that temporarily shut down Shanghai and other industrial centres.

Exports increased to USD 3.95 trillion, decelerating from 2021's explosive 29.9per cent gain, customs data showed Friday. Imports edged up 1.1 per cent to 2.7 trillion, cooling from the previous year's 30.1 per cent rise as growth in the world's second-largest economy slowed.

The country's politically sensitive trade surplus expanded by 29.7 per cent 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.