China's Trade Surplus Expanded by 25% Last Year... December Imports Saw Significant Increase

[Asia Economy Beijing=Special Correspondent Park Sun-mi] China's exports and imports both increased last year, recording a trade surplus of 2.92 trillion yuan.

According to the announcement by the General Administration of Customs of China on the 14th, China's total exports last year increased by 5% compared to 2018 based on the yuan. During the same period, imports rose by 1.6%, resulting in a trade surplus of 2.92 trillion yuan. The size of the trade surplus increased by 25.4% compared to 2018.

In the past month, export-import indicators also showed exports increased by 9% and imports rose by 17.7%, recording a trade surplus of 330 billion yuan.

Last year, China's trade volume with the United States was 3.73 trillion yuan, down 10.7% from the previous year based on the yuan. However, it is noteworthy that China's import volume turned to an increasing trend in November and December last year. In particular, as the atmosphere of the US-China trade negotiations revived, China's imports of US soybeans and pork increased, significantly raising the import growth rate in December.

Zhou Zouwu, Deputy Director of the General Administration of Customs, explained that the significant increase in China's import growth rate last month was largely due to the exemption of retaliatory tariffs imposed on US soybeans and others following progress in trade negotiations.

These export-import indicators of China came ahead of the signing of the Phase 1 trade agreement by the US-China trade negotiation delegations in Washington on the 15th.

Meanwhile, based on the US dollar, China's exports in December increased by 7.6%, improving from -1.3% in November, and the import growth rate also recorded 16.3%, significantly higher than 0.3% in November. Based on the US dollar, total exports last year increased by 0.5%, while imports decreased by 2.8%.