China ended 2020 with a rush as it notched up two of its biggest ever trade surpluses in November and December.
The country posted a trade surplus of $US78.17 billion in December, topping the previous peak in November of $US75.40 billion in November.
December’s surplus was 67% higher than December, 2019’s $US46.79 billion.
The rise came despite China’s trade surplus with the United States falling to $US29.92 billion in December from $US37.42 billion in November.
For the full year China’s trade surplus more than doubled from 2019’s $US219 billion to a massive $US536.09 billion. However that short of 2015’s high of $US594 billion.
Exports rose 18.1% in December from a year earlier, slowing from a 21.1% jump in November. Analysts had forecast a 15% year-on-year growth rate. It was the seventh straight month of rising exports.
Imports were up 6.5% in December from a year earlier, quickening from 4.5% growth in November and 5.3% in October.
The continuing rise in the value of the Yuan has trimmed the rising US dollar cost of many commodity export such as oil, coal and iron ore (and LNG) in the closing months of 2020.
It was the 4th month in a row imports have risen, reflecting both higher domestic demand from exporters and rising commodity prices though December’s data showed falls in import volumes of copper, oil and iron ore, but a sharp rise in inbound shipments of LNG and coal.
The Association of Southeast Asian Nations, the EU, the US, Japan and South Korea remained China’s top five trading partners in 2020.
