Scaling new milestone? China's trade surplus reaches $676.4 billion in 2021

In 2021, politically volatile global trade surplus of China has increased to $676.4 billion.   

The milestone seems to be the highest ever recorded by any country. This comes as exports of the country jumped 29.9% over a year earlier even after facing semiconductor shortages, which disrupted manufacturing.  

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On Friday, the customs data showed that the country's trade surplus in December swelled 20.8% over a year earlier to a monthly record of $94.4 billion.  

A series of monthly export surpluses were piled up by China in 2021 but attracted less criticism from the trading partners than earlier as they were focused on containing the coronavirus infections.  

Despite shortages of processor chips for smartphones and other products, the exports rose to $3.3 trillion in 2021. This happened as the global demand rebounded from the pandemic.   

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In some areas, power rationing imposed by the government also troubled the manufacturers.  

The imports of the country also rose 30.1% to $2.7 trillion in 2021.  

In the second half of the year, economic growth weakened as the country carried out a campaign to reduce its high debt in the real estate industry. But the consumer spending was still above pre-pandemic levels.  

(With inputs from agencies)