China Exports Boom to Record Year, While Covid-19 Ravages Global Economy

BEIJING—The coronavirus dealt a blow to international commerce in 2020, however not in China, the place exports rose final 12 months to their highest stage on report, officers mentioned Thursday—positioning it as the one main world economic system to develop throughout the pandemic-scarred 12 months.

For the total 12 months, Chinese exports rose 3.6% from a 12 months earlier to a report $2.6 trillion, in accordance to information from China’s General Administration of Customs.

China’s sturdy financial restoration additionally propped up demand for imports, which fell by simply 1.1% in 2020, leading to a $535.03 billion commerce surplus for the 12 months—the most important since 2015.

Chinese exports and financial exercise plunged within the early months of the 12 months as authorities raced to include the fast-spreading virus, shutting down swaths of the nation. But by April, China’s factories had been coming again on-line and retooling themselves to churn out medical and work-from-home pc gear that filled shipping containers headed to Western countries then reeling from the pandemic.

Next, when Western nations started opening up their economies within the second half of the 12 months, Chinese factories continued producing and transport different items overseas as demand for medical and pc gear eased, defying months of market expectations that the exports growth would fade.

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